Automodular Corporation

Automodular Corporation

November 03, 2011 13:06 ET

Automodular Corporation: Third Quarter 2011 Results

AJAX, ONTARIO--(Marketwire - Nov. 3, 2011) - Automodular Corporation ("Automodular" or "the Company") (TSX:AM) reports net earnings of $2.3 million or $0.12 per share for the three months ended September 30, 2011. For the nine months ended September 30, 2011 Automodular reports net earnings of $8.4 million or $0.42 per share.

The results for the three and nine month periods ended September 30, 2011 and 2010 are summarized below (all figures in '000s except per share):

Three months ended Nine months ended
September 30 September 30
2011 2010 2011 2010
Sales $ 18,969 $ 19,062 $ 58,266 $ 69,403
Net earnings (loss) $ 2,331 $ (997 ) $ 8,429 $ 2,010
Per share $ 0.12 $ (0.04 ) $ 0.42 $ 0.08
Weighted average shares outstanding 20,005 21,547 19,996 24,109

The Board of Directors has declared a total dividend of $0.10, composed of a special dividend of $0.05 and a regular quarterly dividend of $0.05 payable December 1, 2011 to shareholders of record November 17, 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 $0.10 dividend in December, 2011. 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 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.

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