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ATS Reports Second Quarter Fiscal 2011 Results
ATS Automation Posted 11/03/2010CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. ("ATS" or the "Company") today reported its financial results for the three and six months ended September 26, 2010.
Second Quarter Summary
- Consolidated revenues were $162.0 million compared to $151.1 million in the first quarter of the fiscal year and $148.2 million in the same period a year ago;
- Consolidated earnings from operations were $5.5 million compared to $9.7 million in the first quarter of the fiscal year and $9.3 million in the same period a year ago;
- Per share earnings were $0.04 (basic and diluted) compared to $0.07 (basic and diluted) in the first quarter of the fiscal year and $0.07 (basic and diluted) in the same period a year ago;
- The Company ended the period with a strong balance sheet with cash net of debt of $83.4 million at September 26, 2010.
The integration of Sortimat is proceeding on plan and is focused on applying best practices to improve overall performance. This will take several quarters and until Sortimat is fully integrated, ASG operating margins will remain below historical levels. Both ASG and Sortimat will benefit from combined supply chain efficiencies, program management processes and other shared best practices and business systems. The new management team to lead ASG's businesses in the life sciences market is now in place.
The Company, in relation to separation of Photowatt, has engaged independent advisors to assist in identifying and evaluating strategic alternatives. Conditions in the solar and capital markets will be a consideration in the timing and form of separation. In the interim, the Company will continue to take necessary actions to operate and improve the business in both France and Ontario.
ASG Second Quarter Results
- Revenues increased to $117.8 million in the second quarter of fiscal 2011 compared to first quarter revenues of $106.6 million and $97.0 million a year ago reflecting the addition of Sortimat's businesses and improved Order Bookings compared to the prior periods;
- EBITDA was $17.0 million compared to $17.7 million in the first quarter of this fiscal year and $15.3 million in the same period a year ago;
- Earnings from operations were $14.5 million (operating margin of 12%) compared to $15.9 million (operating margin of 15%) in the first quarter of this fiscal year and $13.6 million (operating margin of 14%) in the same period a year ago;
- Period end Order Backlog was $208 million, a decrease of 3% from $215 million in the first quarter of this fiscal year and up from $197 million a year ago;
- Order Bookings were 24% higher at $105 million compared to $85 million in the first quarter of fiscal 2011 and 48% higher compared to $71 million in the second quarter of fiscal 2010;
- Order Bookings were $34 million during the first five weeks of the third quarter.
Photowatt Second Quarter Results
- Revenues were $45.1 million, an 8% decrease over fiscal 2011 first quarter revenues of $48.8 million and a 12% decrease from $51.5 million a year ago;
- EBITDA was $0.9 million compared to EBITDA of $3.2 million in the first quarter of fiscal 2011 and EBITDA of $4.7 million a year ago;
- Loss from operations was $2.6 million compared to a loss from operations of $0.1 million in the first quarter of fiscal 2011 and operating earnings of $0.6 million a year ago;
- Total megawatts (MWs) sold decreased 12% to 10.0 MWs from 11.4 MWs in the first quarter of fiscal 2011, and were 6% lower than the 10.6 MWs sold a year ago.
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 3423.
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.