| Consolidated Statements of Cash Flows | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (Expressed in thousands of U.S. dollars) | Three months ended | Twelve months ended | |||||||||||||
| Cash provided by (used in): | January 3, 2021 | December 29, 2019 | January 3, 2021 | December 29, 2019 | |||||||||||
| Operations: | |||||||||||||||
| Net income (loss) | $ | (3,554 | ) | $ | 996 | $ | (581 | ) | $ | (5,995 | ) | ||||
| Items not involving cash: | |||||||||||||||
| Depreciation on property, plant and equipment | 1,401 | 1,646 | 6,168 | 6,548 | |||||||||||
| Amortization of acquired Intangible assets | 328 | 1,656 | 3,046 | 7,188 | |||||||||||
| Unrealized foreign exchange gain on unsettled forward | |||||||||||||||
| exchange contracts | (335 | ) | - | (1,055 | ) | - | |||||||||
| Deferred income taxes (recovery) | (14 | ) | (174 | ) | (29 | ) | (160 | ) | |||||||
| Write down of property, plant and equipment | - | (103 | ) | - | 158 | ||||||||||
| Amortization of deferred financing fees | 313 | 292 | 1,205 | 1,592 | |||||||||||
| Stock-based compensation | 286 | 237 | 761 | 775 | |||||||||||
| Change in fair value of warrant liability | 837 | 640 | 852 | (279 | ) | ||||||||||
| Change in fair value of contingent consideration | - | - | - | (3,050 | ) | ||||||||||
| Change in non-cash operating working capital: | |||||||||||||||
| Accounts receivable | 3,779 | (8,711 | ) | 292 | 3,067 | ||||||||||
| Unbilled contract assets | 3,400 | 519 | (13,065 | ) | (5,866 | ) | |||||||||
| Inventories | 1,738 | 1,709 | (1,973 | ) | 5,377 | ||||||||||
| Prepaid expensesand other assets | (1,308 | ) | 77 | (828 | ) | (1,018 | ) | ||||||||
| Income taxes payable | 77 | 421 | 14 | 305 | |||||||||||
| Accounts payable | (5,082 | ) | 7,233 | (1,404 | ) | (2,612 | ) | ||||||||
| Accrued liabilities | (1,167 | ) | (1,611 | ) | 10,800 | (1,876 | ) | ||||||||
| Restructuring liability | 2,137 | (1,139 | ) | 901 | 1,597 | ||||||||||
| Net change in operating lease right of use asset and liability | (208 | ) | (464 | ) | (24 | ) | (50 | ) | |||||||
| 2,628 | 3,224 | 5,080 | 5,701 | ||||||||||||
| Financing: | |||||||||||||||
| Advances (repayments) of revolving credit facility | 338 | (139 | ) | (7 | ) | 9,681 | |||||||||
| Repayments of long-term debt | (625 | ) | (625 | ) | (1,562 | ) | (23,250 | ) | |||||||
| Debt issuance and deferred financing fees | (378 | ) | (569 | ) | (515 | ) | (940 | ) | |||||||
| Principal repayments of finance lease obligations | (545 | ) | (366 | ) | (1,542 | ) | (1,565 | ) | |||||||
| Purchase treasury stock | (464 | ) | (74 | ) | (464 | ) | (74 | ) | |||||||
| Proceeds from issuance of common stock rights offerings | - | - | 14,044 | ||||||||||||
| Proceeds from issuance of stock options | 377 | 1 | 377 | 46 | |||||||||||
| (1,297 | ) | (1,772 | ) | (3,713 | ) | (2,058 | ) | ||||||||
| Investing: | |||||||||||||||
| Purchase of property, plant and equipment | (1,006 | ) | (685 | ) | (2,241 | ) | (3,876 | ) | |||||||
| Proceeds from sale of property, plant and equipment | 106 | - | 106 | - | |||||||||||
| (900 | ) | (685 | ) | (2,135 | ) | (3,876 | ) | ||||||||
| Decrease in cash | 431 | 767 | (768 | ) | (233 | ) | |||||||||
| Cash, beginning of period | 169 | 601 | 1,368 | 1,601 | |||||||||||
| Cash, end of the period | $ | 600 | $ | 1,368 | $ | 600 | $ | 1,368 | |||||||
SMTC Corporation Announces Fourth Quarter and Full Year 2020 Financial Results
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