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The sometimes value of little-known names rears up once again...
Simclar, Inc/SIMC Announces Record Fiscal 2004 Profits
Simclar, a multi-plant electronics contract manufacturer, reported its results for the year ended December 31, 2004. Revenue for 2004 was $53,582,487, up 48 percent from $36,187,105 in 2003. Slightly more than half (57.3%) of the increase in revenue was attributable to the acquisition in July of 2003 of our Mexican facility, and the balance was attributable to "organic" sales growth. Pre-tax income increased by 134% to $3,435,621 in 2004, versus $1,463,528 in 2003. Net income for the year was $2,341,780 or $.36 per share, compared to $1,106,321 or $.17 per share, in 2003.
Simclar Chairman, Sam Russell commented: "The progress in the area of cost containment made in previous years flowed through to the realization of record earnings in 2004. We were able to make some adjustments in the second half of the year even as raw materials costs were on the increase. We will continue to be vigilant in the area of cost containment, and we initiated programs in the latter part of 2004 to partner with suppliers who will work with us to decrease delivered materials costs.
"Our expanded facility in Matamoros, Mexico went on line in January of this year, and we are already supplying sheet metal to both new and existing customers. We continue to search for acquisitions which bring value to our Company and supplement the organic growth we have enjoyed through our ongoing Customer Cross-Fertilization Program."
Simclar, Inc., with five North American manufacturing locations, has been engaged in contract manufacturing of electronic and electro-mechanical products for OEMs for 29 years. Visit Simclar, Inc. at its website for more information about the Company.
The shares last traded in pre-opening trades at $6, +$1.60, or almost 50% from yesterday's close. Wow!
Simclar, Inc/SIMC Announces Record Fiscal 2004 Profits
Simclar, a multi-plant electronics contract manufacturer, reported its results for the year ended December 31, 2004. Revenue for 2004 was $53,582,487, up 48 percent from $36,187,105 in 2003. Slightly more than half (57.3%) of the increase in revenue was attributable to the acquisition in July of 2003 of our Mexican facility, and the balance was attributable to "organic" sales growth. Pre-tax income increased by 134% to $3,435,621 in 2004, versus $1,463,528 in 2003. Net income for the year was $2,341,780 or $.36 per share, compared to $1,106,321 or $.17 per share, in 2003.
Simclar Chairman, Sam Russell commented: "The progress in the area of cost containment made in previous years flowed through to the realization of record earnings in 2004. We were able to make some adjustments in the second half of the year even as raw materials costs were on the increase. We will continue to be vigilant in the area of cost containment, and we initiated programs in the latter part of 2004 to partner with suppliers who will work with us to decrease delivered materials costs.
"Our expanded facility in Matamoros, Mexico went on line in January of this year, and we are already supplying sheet metal to both new and existing customers. We continue to search for acquisitions which bring value to our Company and supplement the organic growth we have enjoyed through our ongoing Customer Cross-Fertilization Program."
Simclar, Inc., with five North American manufacturing locations, has been engaged in contract manufacturing of electronic and electro-mechanical products for OEMs for 29 years. Visit Simclar, Inc. at its website for more information about the Company.
The shares last traded in pre-opening trades at $6, +$1.60, or almost 50% from yesterday's close. Wow!
posted by David M Gordon | 6:19 AM
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