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2001 Earnings up 100%
NEWMARKET - January 29, 2002
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Automodular Corporation (formerly Algonquin Mercantile Corporation) ("Automodular") announces that it expects to report net earnings from continuing operations for the year ended December 31, 2001 of approximately $4.3 to $4.6 million ($0.29-$0.31 per share), up more than 100% from $2.1 million ($0.20 per share) in the year 2000. Including discontinued operations, prior year net income was $3.4 million.
Automodular expects to report sales of approximately $53 million, a 6% increase from $50 million last year.
Automodular has scheduled disclosure of its audited financial results for 2001 on or about April 15th, 2002.
The directors of Automodular have declared the regularly scheduled quarterly dividend of $0.07 per share payable March 29th, 2002, to shareholders of record March 14, 2002.
Automodular completed construction and commenced operations in its new 183,000 square foot facility in Whitby, Ontario on January 2, 2002.
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