Value Microcaps Motherboard

[researcher59]

michael: SIMC just issued an updated PR .... maybe the CFO made the correction based on your call .... nice catch !

HIALEAH, Fla., Aug. 15, 2007 (PRIME NEWSWIRE) -- In a release issued on August 14, 2007 under the same headline, note that in the first paragraph the results reported are for the three months ended June 30, 2007 and not March 31, 2007, and in the fifth paragraph the increase of 8.6% is for the year and not since the end of the first quarter, as previously stated. The corrected release follows:

Simclar, Inc. (Nasdaq:SIMC), a multi-plant electronics contract manufacturer, reported its results for the three months ended June 30, 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% for the year, 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."