| Consolidated Statements of Cash Flows | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
| (Expressed in thousands of U.S. dollars) | ||||||||||||||||||||
| Cash provided by (used in): |
July 1,
2018 |
April 1,
2018 |
July 2,
2017 |
July 1,
2018 |
July 2,
2017 | |||||||||||||||
| Operations: | ||||||||||||||||||||
| Net income (loss) | $ | (97 | ) | $ | 8 | $ | (6,013 | ) | $ | (89 | ) | $ | (6,390 | ) | ||||||
| Items not involving cash: | ||||||||||||||||||||
| Depreciation | 769 | 774 | 971 | 1,543 | 1,950 | |||||||||||||||
| Unrealized foreign exchange loss (gain) on unsettled forward | ||||||||||||||||||||
| exchange contracts | 89 | (319 | ) | (284 | ) | (230 | ) | (1,556 | ) | |||||||||||
| Impairment of property, plant and equipment | - | - | 1,601 | - | 1,601 | |||||||||||||||
| Deferred income taxes (recovery) | 38 | (84 | ) | (14 | ) | (46 | ) | (148 | ) | |||||||||||
| Amortization of deferred financing fees | 12 | 9 | 6 | 21 | 11 | |||||||||||||||
| Stock-based compensation | 77 | 126 | (7 | ) | 203 | 196 | ||||||||||||||
| Change in non-cash operating working capital: | ||||||||||||||||||||
| Accounts receivable | (1,223 | ) | (1,793 | ) | 2,831 | (3,016 | ) | 1,084 | ||||||||||||
| Unbilled contract assets | (1,339 | ) | (1,735 | ) | - | (6,488 | ) | - | ||||||||||||
| Inventories | (4,516 | ) | (974 | ) | (2,292 | ) | (2,851 | ) | (4,421 | ) | ||||||||||
| Prepaid expenses and other assets | (1,068 | ) | (369 | ) | 520 | (1,437 | ) | 436 | ||||||||||||
| Income taxes payable/(receivable) | - | (48 | ) | 9 | (48 | ) | (151 | ) | ||||||||||||
| Accounts payable | 4,383 | 3,837 | 3,177 | 8,995 | 1,687 | |||||||||||||||
| Accrued liabilities | 177 | 1,184 | 405 | 1,361 | 821 | |||||||||||||||
| (2,698 | ) | 616 | 910 | (2,082 | ) | (4,880 | ) | |||||||||||||
| Financing: | ||||||||||||||||||||
| Net (repayment) advances of revolving credit facility | 1,940 | (2,149 | ) | 13 | (209 | ) | 2,757 | |||||||||||||
| Repayment of long-term debt | (500 | ) | (500 | ) | (500 | ) | (1,000 | ) | (1,000 | ) | ||||||||||
| Principal payment of capital lease obligations | (50 | ) | (44 | ) | (125 | ) | (94 | ) | (308 | ) | ||||||||||
| Equipment facility advance | 1,894 | - | - | 1,894 | - | |||||||||||||||
| Proceeds from issuance of common stock | 361 | - | - | 361 | - | |||||||||||||||
| Deferred financing costs | (15 | ) | (33 | ) | (51 | ) | (48 | ) | (51 | ) | ||||||||||
| 3,630 | (2,726 | ) | (663 | ) | 904 | 1,398 | ||||||||||||||
| Investing: | ||||||||||||||||||||
| Purchase of property, plant and equipment | (2,301 | ) | (104 | ) | (403 | ) | (2,405 | ) | (914 | ) | ||||||||||
| (2,301 | ) | (104 | ) | (403 | ) | (2,405 | ) | (914 | ) | |||||||||||
| Decrease in cash | (1,369 | ) | (2,214 | ) | (156 | ) | (3,583 | ) | (4,396 | ) | ||||||||||
| Cash, beginning of period | 3,322 | 5,536 | 4,263 | 5,536 | 8,503 | |||||||||||||||
| Cash, end of the period | $ | 1,953 | $ | 3,322 | $ | 4,107 | $ | 1,953 | $ | 4,107 | ||||||||||
SMTC Corporation Reports Strong Second Quarter Growth
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