AJAX, ONTARIO--(Marketwired - March 6, 2014) - Automodular Corporation (TSX:AM) ("Automodular") reports fourth quarter net earnings of $3.5 million or $0.18 per share compared to net earnings of $4.5 million or $0.22 per share in the same period in 2012. Earnings for the year ended December 31, 2013 totaled $10.4 million or $0.52 per share compared to 2012 net earnings of $16.8 million or $0.83 per share.
Automodular's audited consolidated financial statements, management discussion and analysis and annual information form for the year ended December 31, 2013 will be filed on SEDAR on or about March 10, 2014 and the complete annual report together with the management information circular and notice of meeting will be mailed to shareholders on or about April 14, 2014.
U.S. SHAREHOLDER INFORMATION UPDATE
Based on the results of its analysis, Automodular has concluded, for the year ended December 31, 2013, that it meets the definition of a Passive Foreign Investment Corporation ("PFIC") as defined in the Internal Revenue Code. The U.S. tax laws regarding PFICs are extremely complex and shareholders are advised to consult their own tax advisors concerning the overall tax consequences of their respective investment in, and ownership of, shares of Automodular under United States federal, state, local and foreign law. It is Automodular's intention to prepare and make available to U.S. shareholders a PFIC Annual Information Statement in order to allow U.S. shareholders to make certain tax elections. We expect that the information will be available on or about March 31, 2014 and that the information will be filed on SEDAR and posted on our website at www.automodular.com.
Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford's Oakville Assembly Plant. The Company has two operating facilities and employs approximately 525 people.