ATS Reports Third Quarter Fiscal 2009 Results

CAMBRIDGE, ON, Feb. 11, 2009 /CNW/ - ATS Automation Tooling Systems Inc. today announced its financial results for the three and nine months ended December 31, 2008.

Highlights

• Consolidated third quarter revenue increased 27% to $221.7 million from $174.5 million a year ago;
• Consolidated third quarter earnings from operations were $18.5 million compared to earnings from operations of $24.4 million a year ago, which included a $31.8 million gain on the sale of a portfolio investment;
• Third quarter earnings were $0.16 per share (basic and diluted) compared to a loss of $0.05 per share a year ago;
• Consolidated cash, net of debt improved by $17.8 million from the beginning of the fiscal year to $45.8 million at December 31, 2008;
• A number of smaller ASG manufacturing operations were consolidated in the United States, Europe and Asia;
• The key operating assets and liabilities of the Precision Components Group were sold;
• Subsequent to the end of the quarter, the Company issued 10 million common shares for gross proceeds of $50 million (net proceeds of approximately $47 million).

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