AJAX, ONTARIO--(Marketwire - Aug. 10, 2011) - Automodular Corporation ("Automodular" or "the Company") (TSX:AM) reports net earnings of $2.6 million or $0.13 per share for the three months ended June 30, 2011. For the six months ended June 30, 2011 Automodular reports net earnings of $6.1 million or $0.30 per share.
The results for the first half of the year are summarized below (all figures in '000s except per share):
| Three months ended June 30 | Six months ended June 30 | |||||||
| 2011 | 2010 | 2011 | 2010 | |||||
| Sales | $ | 18,537 | $ | 25,540 | $ | 39,297 | $ | 50,341 |
| Net earnings | $ | 2,550 | $ | 3,185 | $ | 6,097 | $ | 3,007 |
| Per share | $ | 0.13 | $ | 0.13 | $ | 0.30 | $ | 0.12 |
| Shares outstanding | 20,005 | 25,412 | 19,991 | 25,412 | ||||
Following a review of its Dividend Policy, Automodular will be resuming the payment of regular quarterly dividends at a rate of $0.05 per share. Automodular will also pay special dividends from time to time if cash surpluses grow beyond reasonably forecast needs.
The Board of Directors has declared a total dividend of $0.20, comprised of a special dividend of $0.15 and a regular quarterly dividend of $0.05 payable September 7, 2011 to shareholders of record August 24, 2011.
Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to Ford's Oakville Assembly Plant. The Company has two operating facilities and employs approximately 500 people.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Specific forward-looking statements in the document include those relating to the payment of a $0.20 dividend in September, 2011, the resumption of the payment of regular quarterly dividends and the payment of special dividends from time to time if cash surpluses grow beyond reasonably forecast needs. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company's periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Automodular does not provide financial outlooks.
Contact Information:
Christopher Nutt
President
(905) 619-4202
invest@automodular.com