Annual report pursuant to Section 13 and 15(d)

Note 1 - Nature of the Business

v3.20.1
Note 1 - Nature of the Business
12 Months Ended
Dec. 29, 2019
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
1.
Nature of the business
 
 
 
SMTC Corporation (the “Company”, “we” or “SMTC”) is a provider of end-to-end electronics manufacturing services, or EMS, including product design and sustaining engineering services, printed circuit board assembly, or PCBA, production, enclosure fabrication, cable assembly, systems integration and comprehensive testing services, configuration to order, build to order and direct order fulfilment. SMTC has manufacturing facilities in United States and Mexico with
2,805
employees of which
2,546
were full time and contract employees.
 
During the
fourth
quarter of
2019
we ceased manufacturing in China and began to relocate the equipment used at our Chinese manufacturing facility to our other North American sites (See Note
4
and
14
)
 
SMTC’s services extend over the entire electronic product life cycle from the development and introduction of new products through to growth, maturity and end of life phases. SMTC offers fully integrated contract manufacturing services to global original equipment manufacturers, or OEMs, and technology companies primarily within the test and measurement, retail and payment systems, telecom, networking and communications, medical and safety, industrial, power and clean technology, semiconductors, and avionics, aerospace and defense market segments. In addition, the Company operates an international sourcing and procurement office in Hong Kong and a supply chain center in the United States.
 
The Company’s financial reporting year is a
52
or
53
week fiscal period, ending on the Sunday nearest
December 31.
Accordingly, the consolidated statements of operations and comprehensive loss, the consolidated statements of changes in shareholders’ equity, and consolidated statements of cash flows are reported for the periods from
December 31, 2018
to
December 29, 2019 (
“year ended
December 29, 2019”),
January 1, 2018
to
December 30, 2018 (
“year ended
December 30, 2018”),
and
January 2, 2017
to
December 31, 2017 (
“year ended
December 31, 2017”).