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ATS Reports Fourth Quarter Gain in Operating Profit
May 23, 2003 |Estimated reading time: 1 minute
Cambridge, Ontario, Canada — ATS Automation Tooling Systems Inc. has reported increases in operating profitability, revenue and new automation order bookings for the three months ended March 31, 2003 as it continued to maximize the value of its industry leadership in challenging economic conditions.
ATS remained profitable for the 12 months ended March 31, 2003, despite market weakness, and a non-cash charge of $6 million ($5.6 million after tax, or 9 cents per share) in the fourth quarter reflecting impairment in the value of certain assets. Including this charge, net earnings for the fiscal year 2003 were $2.3 million (4 cents per share basic and diluted) compared to $12.6 million (21 cents basic and diluted) in fiscal 2002. Excluding this charge, fiscal 2003 net earnings would have been $7.9 million (13 cents per share). Revenue for the 12 months was $584.3 million, 6 percent ahead of $549.5 million in fiscal 2002.
Fourth quarter net loss — including the aforementioned non-cash charge — was $4.6 million (a loss of 8 cents) compared to net earnings of $200,000 (0 cents per share) in the same period a year ago. Excluding this charge, fourth quarter fiscal 2003 net earnings would have been 0.02 cents per share.
ATS Automation Tooling Systems Inc. is the industry's leading designer and producer of turn-key automated manufacturing and test systems, which are used primarily by multinational corporations operating in a variety of industries including automotive, computer/electronics, healthcare and consumer products. For more information, visit www.atsautomation.com.