Automodular Corporation

Automodular Corporation

November 03, 2006 14:26 ET

Automodular Corporation Third Quarter 2006 Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2006) - Automodular Corporation ("Automodular" or "the Company")(TSX:AM) reports net earnings of $1.4 million or $0.06 per share for the nine months ended September 30, 2006 compared to $1.7 million or $0.08 per share in the same period in 2005. Net earnings for the quarter ended September 30, 2006 were $0.2 million or $0.01 per share compared to $0.6 million or $0.03 per share in the same period in 2005.

The results are summarized below (all figures in '000s except per share):

Three months ended Nine months ended
September 30th September 30th
---------------------- -----------------------
2006 2005 2006 2005
----------- ---------- ----------- -----------
Sales $ 10,206 $ 20,680 $ 45,229 $ 59,550
Net earnings $ 199 $ 582 $ 1,369 $ 1,672
Earnings per share(i) $ 0.01 $ 0.03 $ 0.06 $ 0.08
Fully diluted shares
outstanding 22,049 22,049 22,049 20,126
(i)(basic and fully diluted)

Fourth quarter results may be volatile as new vehicles are launched both in Oshawa and in Oakville. These exciting new programs will contribute to improved results in 2007 as they achieve rated production.

Automodular Corporation is a supplier of sub-assembly, sequencing, transportation and logistics services to six Original Equipment Manufacturer plants in Ontario, Michigan and Ohio. The Company has six operating facilities and employs over 800 people.

This press release contains forward-looking statements that involve a number of risks and uncertainties. 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 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.

Contact Information

  • Automodular Corporation
    Christopher Nutt
    Vice President, Finance
    (416) 861-0662 x 223