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VENTURA COUNTY BUSINESS

SMTEK International's Revenues Up in 3rd Quarter

May 25, 1999

SMTEK International in Thousand Oaks announced that revenues in the third quarter ended March 31 were $14.5 million, an increase of 7% over revenues of $13.6 million a year earlier.

Net income was $80,000, with no per-share gain, compared with $291,000 or 1 cent per share in last year's third quarter.

Despite the increase in revenues, the company experienced a decline in profitability, primarily because of changes in business mix, substantial order rescheduling by certain customers and competitive pricing pressures in the electronics manufacturing services industry and the printed circuit board fabrication industry.

SMTEK provides electronic services to manufacturers in the computer, telecommunications, instrumentation, medical, industrial and aerospace industries. The company also makes printed circuit boards for use in the computer, communications and instrumentation industries.

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