May 16, 2017 / 11:17 PM / in 6 months

BRIEF-SMTC qtrly loss per share $0.02

May 16 (Reuters) - SMTC Corp:

* SMTC reports first quarter 2017 results, expansion of management team, restructuring plan and strategic initiatives

* Q1 revenue $33.2 million versus $41.9 million

* Ed Smith appointed as permanent president and chief executive officer

* SMTC Corp - Ed Smith appointed as permanent president and chief executive officer

* SMTC Corp - Rich Fitzgerald joins as chief operating officer

* SMTC - global restructuring plan implemented to reduce global cost structure, expected to result in approximately $5.0 million in annualized savings

* Qtrly loss per share $0.02

* SMTC Corp - global restructuring plan implemented to align operational functions

* SMTC Corp - on May 15, 2017, board of directors of company approved a corporate restructuring plan for its manufacturing facilities

* SMTC Corp - has approved a plan to consolidate operations with closure of its suzhou facility

* SMTC - approved closure of suzhou facility in China and a reduction in labor force impacting about 210 employees

* SMTC - as a result of decision to close suzhou facility, will be transferring customers to service them with existing capacity in other facilities

* SMTC Corp - restructuring plan and wind down and closure of suzhou facility is expected to be substantially completed by end of Q2 of 2017

* SMTC Corp - has entered into twelfth amendment to its revolving credit and security agreement with pnc bank, national association

* SMTC Corp - PNC agreed to amend financial covenant requirements commencing with Q2 of 2017

* SMTC Corp - anticipates that it will continue to be in compliance with amended financial covenants in future periods Source text for Eikon: Further company coverage:

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