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Second Quarter 2001 Report to Shareholders
NEWMARKET - June 30, 2001
To download Financial Statements at June 30, 2001 click here (PDF)
Sales and Net Income
Automodular Corporation ("Automodular") earned $1.8 million from continuing operations for the 6 months ended June 30th, 2001, up 80% from $1.0 million in 2000. Earnings per share from continuing operations were $0.16 compared with $0.10 in the previous year.
Interest Expense
Interest expense of $290,408 compares to $461,901 in the 6 months ending June 30th, 2000 as a result of lower bank debt.
Liquidity and Capital Resources
Cash provided from operating activities of $1,391,965 for the current fiscal period compared to cash provided of $5,150,967 in the previous year.
Capital Expansion
During this quarter, Automodular completed a $22.4 million equity financing to fund future expansion and in May construction was started on a new sequencing facility in Whitby, Ontario. Total expenditures in this fiscal period total $407,412 compared with $867,927 in the same period in 2000.
Cash
At June 30th, 2001, Automodular's net cash position (cash and equivalents and marketable securities less short-term bank advances) was $20,331,471 compared to net debt of $994,272 at June 30th, 2000.
Dividends
Automodular paid a dividend of $0.07 and a special dividend of $0.25 on June 29th, 2001. As an ongoing practice Algonquin will continue to review funds available for payment of dividends on a regular basis, but will pay dividends to shareholders only when funds are available to do so which are clearly surplus to the funds required for expansion.
Equity
Shareholders' equity totaled $38,292,433 at June 30th, 2001 compared with $21,312,100 at June 30th, 2000.
Outlook
The Company expects continued profitable growth.
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