SMTX $2.35....SEEKINGALPHA TODAY: $5 TARGET..... .NEW CEO HELPED SANM GO FROM $2 IN 2010 TO $16....PROFITABLE Q PER GUIDANCE..INSIDER BUYIY
SMTX is a growing and profitable contract electronic manufacturer poised to double according to SeekingAlpha article today. The company has a new CEO and has delivered a strong 3Q and is expected to deliver a better 4Q in a few weeks
Below is a summary of the various improvements achieved in 3Q 2013 over the prior quarter(s) results:
Revenues of $72.9 million up by 12.3% from the prior quarter.
Achieved positive adjusted EBITDA of $2.1 million versus $(1.3) million in the prior quarter.
Net income was $0.6 million (4c/share) and was negatively affected by two non-recurring legacy items totaling $0.51 million. This compares favorably to losses in the two prior quarters
Interim President and Chief Executive Officer Larry Silber commented: "We are pleased with the improvement in revenue over the prior quarter and our order book remains strong. Significant gains have been made across our business resulting in improved customer satisfaction. "
Mr. Silber continued, "Our short-term goals includes, successfully completing the CEO search and implementing a smooth transition plan, substantially reducing inventories, improving the efficiency and profitability of our sites, continuing to expand our business with existing customers and the pipeline for new customers, and continue with executing our strong order book."
On December 23, 2013 SMTX announced the appointment of Sushil Dhiman, a Senior VP with competitor Sanmina-SCI (SANM) as its President and Chief Executive Officer effective January 6, 2014.
Commenting on Mr. Dhiman's appointment, Executive Chairman Clarke Bailey stated: "we are pleased that our search resulted in Sushil joining SMTC as President and CEO. He brings a wealth of experience in operations, customer service and business development. I believe he is a great fit for our company and expect him to have a significant impact on the success of SMTC.