SIMC PR just hit the wire - backlog up sequentially .... strong 2nd half outlook.
HIALEAH, Fla., Aug. 14, 2007 (PRIME NEWSWIRE) -- Simclar, Inc. (Nasdaq:SIMC), a multi-plant electronics contract manufacturer, reported its results for the three months ended March 31, 2007.
Revenue for the three months ended June 30, 2007 was $37,118,798, up 22% from $30,399,457 in the same period in 2006. The growth was attributable to additional business from existing and new customers.
Pre-tax income for the three months ended June 30, 2007 was $2,081,379 compared to $1,284,177 for the same period in 2006. The major contributors to this were the increased sales volumes and the resultant improvement in gross margin.
Net income for the three months ended June 30, 2007 was $1,372,346 or $0.21 per share, compared to $709,033 or $0.12 per share in the same period in 2006.
"I am pleased with the progress we made in the second quarter," commented Sam Russell, Chairman. "We are beginning to realize the increased benefit of the vertical integration of our products. Our backlog at the end of the quarter was $30.6 million, an increase of 8.6% since the end of the first quarter, which put us in a strong position going into the second half of the year. The management team continues to focus on improving efficiencies, reducing costs, and controlling inventories. Our cash generation in the first half of the year has been good and has allowed us to make $1.5 million of additional bank loan repayments, over and above our scheduled repayments."
Simclar, Inc., with five North American manufacturing locations, and two regional Sales/NPI locations has been engaged in contract manufacturing of electronic and electro-mechanical products for OEMs for 31 years.
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