SMTEK reports Q4 and year end

Previously reported net loss is improved by Q2 and Q3 restatement for bad debt recoverySMTEK International, Inc. (Nasdaq:SMTIC) announced results for its fourth quarter and year ended June 27, 2003. For the fourth quarter of fiscal 2003, SMTEK reported revenue of $20.2 million and net income of $1.2 million or net income per diluted share of $0.52, as compared to revenue of $16.2 million and net loss of $2.3 million or net loss per diluted share of $1.02 for its fourth quarter of fiscal 2002. SMTEK also reported fiscal year 2003 revenue from continuing operations of $70.7 million and a net loss of $4.6 million or net loss per diluted share of $2.02, as compared to revenue from continuing operations of $64.6 million and a net loss of $6.0 million or net loss per diluted share of $2.62 for its fiscal year 2002. Fiscal 2003 and 2002 revenue does not include $6.3 million and $9.7 million of revenue, respectively, from its discontinued Europe operations.Commenting on the 2003 fourth quarter results and the continued positive trend, Edward J. Smith, President and Chief Executive Officer said, "We are very pleased to report positive results for the fourth quarter and we remain encouraged by the momentum that this provides us as we enter our new fiscal year. Although fiscal year 2003 was challenging, our management group and employees stayed the course in successfully implementing our new business strategies and initiatives."He further added, "We now embark on a year where our expectations are shifting from ensuring viability to further improving operating performances, fiscal prudence, and increasing revenue levels. We believe we are positioned to benefit when the uncertain economic conditions in our market improve".SECOND AND THIRD QUARTER RESTATEMENTThe Company has restated its operating results for the 2 nd quarter of fiscal year 2003 due to a revision at the settlement date of its estimate of fair value of certain restricted common stock that it received in settlement of a bad debt from a former customer. As reported in SMTEK's report on Form 10-K filed on September 25, 2003, net losses were restated to $3,542,000 and $4,745,000 or net loss per diluted share of $1.55 and $2.08, for the three and six month periods ended December 31, 2002, respectively, thereby improving net losses previously reported as $3,878,000 and $5,081,000 or net loss per diluted share of $1.70 and $2.23, for the same periods. The Company will be filing amended quarterly reports on form 10-Q for both the 2nd and 3rd quarter of fiscal 2003 as soon as possible.Source: PCBnewsline