Third Quarter 2001 Report to Shareholders
October 31, 2001
Sales and Net Income
Automodular Corporation ("Automodular") earned $3.4 million from continuing operations for the 9 months ended September 30, 2001, an increase from $2.1 million for the similar period in 2000. Earnings per share from continuing operations were $0.24 compared with $0.20 in the previous year.
Interest (Income) Expense
Interest expense of $184,964 compares to $360,161 in the 9 months ending September 30, 2000.
Liquidity and Capital Resources
Cash provided from operating activities of $1,616,869 for the current fiscal period compared to cash provided of $3,316,197 in the previous year.
Capital Expansion
Total expenditures in this fiscal period amounted to $637,503 compared with $1,430,544 in the same period in 2000.
Cash
At September 30, 2001, Automodular's net cash position (cash and equivalents and marketable securities less short-term bank advances) was $20,745,600 compared to net debt of $30,626 at September 30, 2000.
Dividends
Automodular paid a dividend of $0.07 on September 28, 2001. The Corporation will also pay a dividend of $0.07 on December 28, 2001 to shareholders of record at December 14, 2001. At the Board Meeting of October 26, 2001 the Directors approved a policy of paying regular quarterly dividends and set the rate at $0.07 per quarter.
Equity
Shareholders' equity totaled $39,173,074 at September 30, 2001, compared with $18,708,717 at September 30, 2000.
Outlook
The Company expects continued profitable growth.
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