Third Quarter 2001 Report to Shareholders
NEWMARKET - October 26, 2001
Automodular Corporation ("Automodular") earned $3.4 million or $0.25 per share from continuing operations for the 9 months ended September 30, 2001, an increase from $2.1 million or $0.20 share for the similar period last year. Including discontinued operations, last year's net income for the period was $3.1 million. Sales were $39 million, up 10 per cent from 2000. Sales growth was limited by production cutbacks at final assembly plants served by Automodular.
Automodular has cash on hand of $21 million to fund future growth.
Work is nearing completion of Automodular's new 175,000 square foot sequencing facility in Whitby, Ontario. Operations in the new facility will commence in December of this year.
The board of directors has declared a dividend of $0.07 per share payable December 28, 2001 to shareholders of record December 14, 2001. The board approved a policy of paying regular quarterly dividends and set the rate at $0.07 per quarter.
Michael Blair, president, stated: "Automodular has sustained profitable performance through a difficult industry environment. After considering current and foreseeable capital requirements, cash availability and the business outlook, the directors have decided that Automodular is in a position to pay regular quarterly dividends without compromise to its objectives of continued growth. This marks an important stage in the development of Automodular".
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