Automodular Corporation
TSX : AM

Automodular Corporation

November 06, 2014 14:47 ET

Automodular Corporation: Third Quarter 2014 Results

AJAX, ONTARIO--(Marketwired - Nov. 6, 2014) - Automodular Corporation ("Automodular") (TSX:AM) reports net earnings of $3.7 million or $0.19 per share for the quarter ended September 30, 2014 compared to $2.5 million or $0.12 per share in the same period in 2013. For the nine months ended September 30, 2014 and 2013, Automodular reports net earnings of $8.5 million and $6.9 million or $0.44 and $0.34 per share, respectively.

The results for the first three quarters of the year are summarized below (all figures in '000s except per share amounts):

Three months ended September 30 Nine months ended September 30
2014
$
2013
$
2014
$
2013
$
Sales 21,294 20,213 59,615 63,960
Net earnings 3,726 2,469 8,457 6,880
Per share (basic) 0.19 0.12 0.44 0.34

Automodular's interim consolidated financial statements and Management Discussion and Analysis for the period ended September 30, 2014 will be filed on SEDAR on or about November 10, 2014.

In light of the closure of the Oakville operations and ongoing diversification efforts, the Board of Directors has elected not to declare a dividend in the fourth quarter of 2014. The Company will revisit its dividend policy in conjunction with its go forward plans in the first quarter of 2015 and will communicate with its stakeholders at that time.

Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford Motor Company's Oakville Assembly Plant. The Company has two operating facilities and employs approximately 525 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 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