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2002 Earnings
WHITBY - March 27, 2003
Automodular Corporation ("Automodular") reports net earnings for the year ended December 31, 2002 of $4.6 million or $0.25 per share on 18.9 million shares outstanding, up from $4.4 million or $0.29 per share in 2001. The lower earnings per share resulted from more shares outstanding in 2002. Sales were $55 million, a 4% increase from $53 million in 2001.
Automodular completed the acquisition of Tec-Mar Distribution Services Inc.on January 31, 2003. On a pro forma basis, Automodular's 2002 sales and net income would have been $120 million and $6.6 million ($0.35 per share) had Tec-Mar been acquired January 1, 2002.
Automodular's annual report and financial statements will be mailed to shareholders on or about April 15, 2003.
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