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First Quarter Results
WHITBY - April 29, 2003
Automodular Corporation ("Automodular") reports net income of $0.8 million or $0.04 per share for the 3 months ended March 31, 2003, a decrease from $1.7 million or $0.09 per share in 2002. A sharp rise in the Canadian dollar during March resulted in a $0.8 million adverse foreign currency translation accounting charge on the corporation's U.S. assets.
Sales rose 82% to $24.7 million from $13.62 million as Automodular consolidated the newly acquired operations of Tec-Mar Distribution Services, Inc. for February and March.
The first quarter results are summarized below:
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2003
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2002
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Increase/
Decrease
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| Sales |
$24.7
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$13.6
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82%
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| Net income |
0.8
|
1.7
|
(55%) |
| Earnings per share |
$0.04 |
$0.09
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(55%)
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| Shares outstanding |
18,964,242
|
18,885,065
|
<1%
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The outlook for the balance of the year is positive. Automodular projects sales of approximately $115 million and net income between $6 and $7 million for the year as a whole, assuming industry volumes meet current forecasts and the Canadian dollar remains at current levels for the balance of the year.
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