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Automodular Corporation Third Quarter Results
WHITBY - October 25, 2002
Automodular Corporation ("Automodular") announces that it has obtained a waiver of the bank covenant breach previously reported and has negotiated revised banking arrangements.
Automodular Corporation earned $4.2 million or $0.22 per share for the nine months ended September 30, 2002, versus $3.1 million or $0.23 per share in the similar period in 2001. The lower earnings per share arise from a higher number of shares outstanding.
Sales were $41.4 million for the period compared to sales of $38.9 million for the similar period in 2001.
The Company recently received QS9000 certification at all of its facilities in Canada and the United States. QS9000 certification is a quality standard important to suppliers to automotive assembly facilities.
Automodular has declared a fourth quarter dividend of $0.07 per share payable December 27, 2002 to shareholders of record at December 13, 2002.
The third quarter results are summarized below:
|
2002 |
2001 |
| Sales |
$13.6 |
$12.5 |
| Net Income |
1.3 |
1.4 |
| Earnings per share |
$0.07 |
$0.07 |
| Shares outstanding |
18,989,206 |
18,753,950 |
Year to date results are as follows:
|
2002 |
2001 |
| Sales |
$41.4 |
$38.9 |
| Net Income |
4.2 |
3.1 |
| Earnings per share |
$0.22 |
$0.23 |
| Shares outstanding |
18,960,631 |
13,766,378 |
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