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ATS Reports Strong Third Quarter Revenues
February 12, 2003 |Estimated reading time: 1 minute
Cambridge, Ontario, Canada -- ATS Automation Tooling Systems Inc. has reported its financial results for the third quarter of fiscal 2003, including a 24 percent increase in revenue driven by strong growth in automation systems, precision components and solar operations.
ATS generated net earnings of $400,000 (1 cent per share basic and diluted) compared to $1.1 million (2 cents basic and diluted) in the same quarter of fiscal 2002. While net earnings were lower, ATS remained profitable and continued to build its capabilities, industry leadership and market share, which position the company for a strong future.
Automation Systems Group revenue was $106.5 million, 25 percent higher than $85.4 million in the third quarter a year ago, reflecting backlog entering the period and strong growth in computer-electronics and healthcare revenue. Computer-electronics revenue grew 87 percent over fiscal 2002's third quarter and healthcare expanded 28 percent. The automotive market, which has been the least affected by this downturn, remained stable in the quarter and has grown solidly on a nine-month basis.
Precision Components operations, excluding solar, achieved revenue of $31.7 million versus $27.4 million in the third quarter of fiscal 2003. This 16 percent increase was primarily the result of strong growth in automotive revenue.
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.