SMTEK 4th-Quarter Revenues Rise 14%

SMTEK International in Thousand Oaks reported revenues of $15.3 million for the fourth quarter ended June 30, a 14% increase over the $13.4 million reported a year earlier.

For fiscal year 1999, revenues rose 12% to $59.4 million, from $53.2 million the previous year.

Despite the increase in revenues, the company reported a net loss of just over $3 million or $1.53 per share for the fourth quarter and $2.5 million or $1.41 per share for the year. A year earlier, SMTEK showed a loss of $497,000 or 34 cents per share for the quarter, and net income of $493,000 or 34 cents per share for the year.

The company said the most recent losses were principally due to a ruling by the Internal Revenue Service that disallowed income tax refunds received by SMTEK four years ago. That ruling cost the company $1.8 million, which broke down to $1.1 million in taxes and accrued interest of $725,000.

Also contributing to the losses were increased inventory reserves of approximately $500,000 as a result of contract reductions, cancellations and delays by certain customers, the company said.

SMTEK provides electronics manufacturing services and multilayer circuit boards for the computer, telecommunications, instrumentation, medical, industrial and aerospace industries.