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Automodular Sales in Second Quarter 2003 Approximately Double Second Quarter 2002
WHITBY - July 25, 2003
Automodular Corporation reports sales for the six months ending June 30, 2003 of $55 million, approximately double the $28 million reported for the same period last year. The 2003 results include 5 months revenues of Tec-Mar Distribution Services, Inc. ("Tec-Mar"), acquired January 31, 2003.
Net income for the current period was $3.0 million or $0.16 per share up from $2.9 million or $0.15 per share in 2002. The second quarter net income includes an after-tax gain on foreign exchange of $0.3 million. This occurred as a result of the Company's examination of the Tec-Mar operations and subsequent conclusion that they are self-sustaining.
The Directors have declared a dividend of $0.07 per share payable September 25, 2003 to shareholders of record September 11, 2003.
The second quarter results are summarized below:
|
2003
|
2002
|
Increase/
Decrease
|
| Sales |
$29.9
|
$14.2
|
110%
|
| Net income |
2.2
|
1.2
|
83%
|
| Earnings per share |
$0.12
|
$0.06
|
100%
|
Shares outstanding
(basic - wtd) |
18,894,900
|
18,834,288
|
<1%
|
Year to date results are as follows:
| 2003
|
2002
|
Increase/
Decrease
|
| Sales |
$54.6
|
$27.8
|
96%
|
| Net income |
3.0
|
2.9
|
3%
|
| Earnings per share |
$0.16
|
$0.15
|
7%
|
Shares outstanding
(basic - wtd) |
18,884,426 |
18,790,537 |
<1% |
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