CORK, IRELAND – An electronics firm that has been operating in Cork for 30 years has collapsed, terminating 130 employees this week.

A receiver was appointed to Hormann Electronics last week as a result of financial issues.

Until the end of this month, 20 people will stay on payroll, the company said.

HIALEAH, FL – Contract manufacturer Simclar Inc. reported first-quarter pre-tax income was $59,101, down almost 94% compared to the first quarter 2007.

While this was partly a result of the decrease in sales, the most significant factor was the inclusion in the 2008 results of costs of approximately $797,000 in relation to the closure of Simclar’s North Carolina facility, the firm said.

First-quarter net income was $40,485, down nearly 94% year-over-year as well.

Revenue was $29.9 million, down 4.7% year-over-year. The decrease was a result of the postponement of the introduction of a key customer's new programs until later in the year.

"With the closure now complete and the transferred business now fully integrated into our Mexican facility, we look forward to the future benefits of improved profitability and cash flow. Although it is evident that the economic slowdown has affected some of our key customers, our backlog at the end of the quarter was $28 million, an increase of 6% since the end of 2007, and our forecasts indicate a stronger second quarter," said chairman Sam Russell.

LONDON – TT Electronics said its first-half results will be down against last year as result of slow economic conditions in North America. The company left its 2008 full-year guidance unchanged.

The company, which supplies EMS services and sensors, said in a published statement, “Although results for the first half will be lower than in the corresponding period in 2007, the board's outlook for the current financial year as a whole is unchanged from that communicated in our recent preliminary results announcement."

Overall, the company sees similar market conditions to 2007, North America notwithstanding.

The firm said it would continue to move production offshore, and would report losses in the first-half brought on by one-time transfer and reorganization costs.