SMTEK International Posts 21% Revenue Increase
SMTEK International in Thousand Oaks reported that revenues in the second quarter ended Dec. 31 were $15.5 million, a 21% increase over the $12.8 million reported a year earlier.
Net income for the quarter was $207,000 or 1 cent per share, compared with $398,000 or 1 cent per share in last year’s second quarter.
“I am encouraged by our revenue growth, which has been spurred by the ongoing development of long-term partnership engagements with growth-oriented original equipment manufacturers,†said Gregory L. Horton, president and chief executive officer. “The ramp-up of several new contracts in fiscal 1999 has caused a decline in gross profit margins from last year. However, we anticipate that as these newer partnerships mature, we will be able to bring more of the growth in revenues to the bottom line.â€
Horton said that SMTEK has recorded its seventh profitable quarter out of the past eight, excluding costs related to the acquisition of Jolt Technology in June.
SMTEK provides electronics manufacturing services for the computer, telecommunications, instrumentation, medical, industrial and aerospace industries.
