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Electronics Production | May 16, 2007

Simclar`s revenue up 44% in Q1

According to Simclar company's revenue for the three months ended March 31, 2007 was $31,407,512, up 44% from $21,822,731 in the same period in 2006.
Approximately 86% of the growth was as a result of the acquisition of the Litton Interconnect backplane assembly operations in February 2006 and 14% was attributable to additional business from existing and new customers Pre-tax income for the three months ended March 31, 2007 was $967,635 compared to $892,373 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 March 31, 2007 was $638,640, compared to $505,744 in the same period in 2006.

Sam Russell, Chairman, commented, “Although the first quarter of 2007 showed a 44% increase in sales over the first quarter of 2006, our performance did not meet the internal goals we had set as a management team. Some of our plans for vertical integration of products had been delayed due to customer review and acceptance. We believe that these delays are temporary, and we will see the increased benefit of this integration throughout the rest of 2007."

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