Simclar Announces June Quarter Sales
Published: 12 October 2006
by Mike Buetow
The company will restate its 2005 and March quarter 2006 financials due to accounting errors in the company's Mexico subsidiary during 2005.
"We recognize the seriousness of this matter relative to internal controls and the integrity of our financial statements," said Sam Russell, chairman and chief executive. "However, these errors do not impact our basic business operations and there is no evidence of fraudulent activity on the part of any employee."
"We have re-examined our accounting practices and taken swift action to establish better controls," said Marshall W. Griffin, Jr., chief financial officer. "The restatement only involves accounting errors relating to our Simclar (Mexico), Inc. subsidiary. We have reviewed our other business units and found no similar errors."
