1st Quarter Results
TORONTO - April 30, 2004
Automodular Corporation ("Automodular") reports net earnings of $1.1 million or $0.06 per share for the three months ended March 31, 2004 compared to $1.0 million or $0.05 per share in the same period in 2003. Last year's results included only two months of sales of Tec-Mar Distribution Services Inc., acquired January 31, 2003.
The first quarter results are summarized below:
|
2004
|
2003
|
| Sales |
$28,648
|
$24,734
|
| Net income |
$1,057
|
$987
|
| Earnings per share |
$0.06
|
$0.05
|
| Shares outstanding |
19,098
|
18,964
|
The outlook for the balance of the year is mixed and difficult to predict as a result of previously reported events combined with the large volume of bidding activity underway. The Company expects the year as a whole to be profitable with sales and net earnings somewhat similar to 2003.
The directors have decided to defer dividends for the time being, and will reconsider dividend policy when projected earnings and cash flows have greater predictability.
Automodular Corporation is a supplier of sub-assembly, sequencing, transportation and logistics services to seven General Motors plants in Ontario, Michigan and Delaware.The company has eight plants and employs over 1,000 people.
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