SMTC Corporation Announces Fourth Quarter and Full Year 2020 Financial Results
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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 | | | | | | | | | | |
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