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Gold/Mining/Energy : SMM on TSE - Simmonds Capital -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (322)	8/30/1999 8:17:00 AM
From: Brad	Respond to of 372

Friday August 27, 6:15 pm Eastern Time Company Press Release Simmonds Capital Limited : Company Announcement TORONTO, ONTARIO--Simmonds Capital Limited announced today that its second quarter financial results. For the three month period ended June 30, 1999, the Company had a loss of $265,000 on sales of $7.4 million. This compares with a loss of $654,000 on sales of $10.0 million for the same period a year ago. For the six month period ended June 30, 1999, the Company had earnings of $1,254,000 on sales of $15.4 million. This compares with a loss of $733,000 on sales of $19.1 million for the same six month period in the prior year. The basic earnings per share was $0.08 per share for the six months compared with a loss per share of $0.05 in the prior year period. Operating earnings before non cash charges and financing expense amounted to $318,000 for the three months and $2,669,000 for the six months ended June 30, 1999 compared to earnings of $807,000 and $1,888,000 in the prior year. For the six months, the decrease in sales over the prior year is the result of reduced revenues from the distribution business and the sale of the SCL Plastics manufacturing business in March 1999. The loss during the period was due to increased marketing costs associated with the addition of new product lines for the electronics distribution business and an investment in corporate growth initiatives. This offset the growth and positive earnings from the electronics manufacturing business. Both the electronics manufacturing business and the distribution business had increased sales and improved operating results in the second quarter over the first quarter of this year In addition to the current operations, the company continues with a number of business development initiatives and acquisitions in the electronics, wireless communication, and e-commerce businesses. Simmonds Capital Limited (TSE:SMM - news) is a diversified management company with strategic investments in contract manufacturing, electronics distribution, wireless communications, and internet service markets including both equity investments and wholly owned operations.