SMTEK Posts Profit for Latest Quarter

SMTEK International in Thousand Oaks reported a profit for the three months that ended Sept. 30.

Last month, SMTEK changed its name from DDL Electronics Inc. to build on the reputation established by its largest subsidiary in Thousand Oaks.

First-quarter revenue posted a 5% increase to just over $14 million, compared with $13.4 million a year earlier. Net income for the quarter was $232,000, or 1 cent per share, compared with $301,000, or 1 cent per share, in the corresponding quarter a year ago.

“The company performed well despite market softness industrywide,” said Gregory L. Horton, president and CEO. “Net income was modestly ahead of plan, and we recorded our sixth profitable quarter out of the past seven. All four of our subsidiaries continue to show operating profitability.”

Horton said revenue and profits are expected to gain momentum as the year progresses. In August, the company secured a multiyear partnership agreement with machine-tool maker Haas Automation, which is expected to generate more than $10 million a year.

SMTEK provides original equipment manufacturers with design, engineering and electronics manufacturing services.