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Simclar (SIMC Quote), a contract electronics manufacturer, was surging 44% Thursday after the company said a review of its financials found that errors in its accounting were limited to its unit in Mexico.
Additionally, Simclar said revenue for the quarter ended June 30 was $30.5 million and earnings were $790,000, or 12 cents a share. Shares of Simclar were gaining $2.25 to $7.34 in premarket trading.
Because of the accounting mistakes, Simclar will restate its financials for 2005 and the quarter ended March 31. Last year's earnings will be revised down to 15 cents a share from 19 cents, and first-quarter net income will decline to 8 cents a share from 11 cents. ...
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