News
ATS Reports Third Quarter Fiscal 2010 Results
Third Quarter Summary
- Consolidated revenue was $138.1 million compared to $148.2 million in
the second quarter of the fiscal year and $221.7 million in the third
quarter a year ago;
- Consolidated earnings from operations were $4.7 million compared to
$9.3 million in the second quarter of the fiscal year and
$18.4 million in the third quarter a year ago;
- Per share earnings were $0.04 (basic and diluted) compared to $0.07
(basic and diluted) in the second quarter of the fiscal year and
$0.16 (basic and diluted) in the third quarter a year ago;
- The balance sheet remained strong with cash net of debt of
$122.5 million compared to $106.5 million at March 31, 2009 and
$45.8 million at December 31, 2008;
- In December, the Company announced the establishment of Photowatt
Ontario as part of its plan to serve the Ontario solar energy market.
Photowatt Ontario has built an initial project development pipeline
and submitted a number of feed-in tariff applications to the Ontario
Power Authority.
In the Automation Systems Group segment ("ASG"), third quarter Order Bookings increased 30% compared to the second quarter, however, many of ASG's customers are continuing to push-out spending and delay investment decisions. This will continue to cause volatility in Order Bookings and put pressure on revenues in the short-term. In Photowatt Technologies, sales volumes improved in the third quarter by 21% to 12.8 megawatts ("MWs") from 10.6 MWs in the second quarter. Notwithstanding this improvement in MWs sold, recently announced reductions in solar feed-in tariffs in Germany and France, combined with tight credit markets for solar installations will put further pressure on solar module demand and average selling prices, which will continue to impact Photowatt Technologies revenue and operating margins.
"In the third quarter, we continued to experience challenging market conditions which negatively impacted Order Bookings and revenues in both ASG and Photowatt Technologies," said Anthony Caputo, Chief Executive Officer. "Despite these circumstances, we continued to operate profitably during the quarter. Based on the activity we are seeing now in ASG, I believe that the Order Bookings deterioration we have experienced has moderated and growth should slowly follow."
For further information: Maria Perrella, Chief Financial Officer; Carl Galloway, Vice-President and Treasurer, (519) 653-6500
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ATS Corporation
ATS Industrial Automation is a global leader integrator for EV battery, fixed energy storage, E-commerce packaging, electronic product assembly, and testing automation. Our customers are weary of production problems and want high-volume, high-speed capabilities so that they can deliver a quality product, on-time, and on-budget. With expertise in battery assembly, welding, vision, and process automation, ATS Industrial Automations provides the best route to scale their business. Our custom system
Discover how ATS Corporation can support your automation journey with their complete range of solutions and expertise.
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ATS Industrial Automation is a global leader integrator for EV battery, fixed energy storage, E-commerce packaging, electronic product assembly, and testing automation. Our customers are weary of production problems and want high-volume, high-speed capabilities so that they can deliver a quality product, on-time, and on-budget. With expertise in battery assembly, welding, vision, and process automation, ATS Industrial Automations provides the best route to scale their business. Our custom system