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ATS Reports First Quarter Fiscal 2011 Results
ATS Automation Posted 08/04/2010CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. ("ATS" or the "Company") today reported its financial results for the three months ended June 27, 2010.
First Quarter Summary
- Consolidated revenue was $151.1 million, 1% lower than $152.7 million a year ago;
- Consolidated earnings from operations increased to $9.7 million from $0.5 million a year ago;
- Earnings increased to $0.07 per share (basic and diluted) compared to $0.00 per share (basic and diluted) a year ago;
- A strong balance sheet was maintained with cash net of debt of $83.5 million at June 27, 2010.
- On June 1, 2010, the acquisition of Sortimat Group ("Sortimat") was completed.
Subsequent to the completion of the Sortimat acquisition, the Company launched its Life Sciences group. As ASG continues to build critical mass in other markets, other divisions will be organized into operational groups: Products, Services, Transportation, Energy, and Consumer Products & Electronics. This new functional-based structure, combined with ASG's strong business processes, will support the Company's organic and acquisition-based growth strategy.
The Company has initiated a formal process to separate Photowatt and has engaged advisors to assist the Company in identifying and evaluating strategic alternatives. Conditions in the solar and capital markets will be a consideration in the timing and form of separation.
ASG First Quarter Results
- Revenue increased to $106.6 million in the first quarter of fiscal 2011 compared to fiscal 2010 fourth quarter revenue of $91.5 million, but decreased from $115.2 million a year ago;
- Fiscal 2011 first quarter EBITDA was $17.7 million compared to EBITDA of $21.1 million in the fourth quarter and $16.7 million a year ago;
- Earnings from operations were $15.9 million (operating margin of 15%), compared to $19.5 million (operating margin of 21%) in the fourth quarter of fiscal 2010 and $14.8 million (operating margin of 13%) in the first quarter a year ago;
- Period end Order Backlog was up 3% to $215 million from $209 million in the fourth quarter of fiscal 2010, but 7% below the Order Backlog of $230 million a year ago;
- Order Bookings declined to $85 million compared to $105 million and $96 million in the fourth and first quarter of last year, respectively;
- Order Bookings were $48 million during the first five weeks of the second quarter.
Photowatt First Quarter Results
- Revenue was $48.8 million, consistent with fiscal 2010 fourth quarter revenue of $48.6 million and 22% higher than revenue of $40.1 million a year ago;
- EBITDA was $3.2 million compared to EBITDA of negative $38.3 million in the fourth quarter of fiscal 2010 and negative $3.4 million a year ago;
- Loss from operations was $0.1 million compared to loss from operations of $42.4 million in the fourth quarter of fiscal 2010 and loss from operations of $7.5 million in the first quarter a year ago;
- Total megawatts (MWs) sold decreased 10% to 11.4 MWs from 12.7 MWs in the fourth quarter of fiscal 2010, but were 37% higher than the 8.3 MWs sold in the first quarter of fiscal 2010.
Quarterly Conference Call
ATS's quarterly conference call begins at 10 am eastern today and can be accessed over the Internet at www.atsautomation.com or on the phone at 416 644 3422 five minutes prior.
Annual Meeting of Shareholders
ATS will hold its Annual Meeting of Shareholders on August 5, 2010 at 10:00 a.m. (eastern) at the Holiday Inn Hotel and Conference Centre, 30 Fairway Road South, Kitchener, Ontario, Canada.
ATS Automation provides innovative, custom designed, built and installed manufacturing solutions to many of the world's most successful companies. Founded in 1978, ATS uses its industry-leading knowledge and global capabilities to serve the sophisticated automation systems' needs of multinational customers in industries such as life sciences, computer/electronics, energy, automotive and consumer products. It also leverages its many years of experience and skills to fulfill the specialized automation product manufacturing requirements of customers. Through Photowatt, ATS participates in the growing solar energy industry. ATS employs approximately 2,700 people at 17 manufacturing facilities in Canada, the United States, Europe, Southeast Asia and China. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company's website at www.atsautomation.com.