Second Quarter 2007 Earnings
Toronto - August 9, 2007
Automodular Corporation ("Automodular" or "the Company") reports net earnings of $3.7 million or $0.17
per share for the six months ended June 30, 2007 compared to $1.2 million or $0.05 per share in the same
period in 2006. Net earnings for the quarter ended June 30, 2007 were $2.2 million or $0.10 per share
compared to $0.6 million or $0.03 per share in the same period in 2006.
In the current year, operating results improved as a result of earnings generated by new program launches in
Oakville and Oshawa that reached commercial production levels in Q4 2006 and Q1 2007. The current
quarter includes a $0.6 million charge related to closeout costs incurred as a result of the closure of the
Company's Lansing, Michigan-based operations. The 2006 year included a similar charge of $0.3 million (net of gains
realized on disposal of capital assets of $0.5 million) relating to the closure of Automodular's Pontiac, Michigan-based operations.
The first half results are summarized below (all figures in '000s except per share):
|
Three months ended June 30 |
Six months ended June 30 |
| |
2007
|
2006
|
2007
|
2006
|
| Sales |
$27,050 |
$17,133 |
$54,771 |
$35,023 |
| Net earnings |
$2,222 |
$591 |
$3,699 |
$1,167 |
| Earnings per share* |
$0.10 |
$0.03 |
$0.17 |
$0.05 |
| Fully diluted shares outstanding |
22,049 |
22,049 |
22,049 |
22,049 |
| *(basic and fully diluted) |
The outlook for the balance of 2007 remains positive barring any major slowdown in automotive markets.
Automodular Corporation is a supplier of sub-assembly, sequencing, transportation and logistics services to
five Original Equipment Manufacturer plants in Ontario and Ohio. The Company has five operating
facilities and employs over 900 people.
For further information, contact:
Christopher Nutt
Vice President, Finance
Automodular Corporation
(416)861-0662 x 223
c.nutt@automodular.com
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company's periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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