The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Automodular Corporation: First Quarter 2012 Results

Thursday, May 10, 2012

Automodular Corporation: First Quarter 2012 Results13:04 EDT Thursday, May 10, 2012AJAX, ONTARIO--(Marketwire - May 10, 2012) - Automodular Corporation ("Automodular") (TSX:AM) reports net earnings of $3.6 million or $0.18 per share for the quarter ended March 31, 2012 compared to net earnings of $3.5 million or $0.18 per share in the same period in 2011.In the first quarter of 2012, Automodular began commercial sub-assembly of certain wind turbine components for the renewable energy industry following the signing of a definitive agreement with Vestas Nacelles A/S.The results for the first quarter are summarized below (all figures in '000s except per share amounts):Three months ended March 312012 $2011 $Sales23,81820,760Net earnings3,6313,546Per share (basic and diluted)0.180.18The Board of Directors has declared a quarterly dividend of $0.06 per share payable June 7, 2012 to shareholders of record May 24, 2012.Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford Motor Company's Oakville Assembly Plant - and the renewable energy industry - Vestas Nacelles A/S. The Company has three operating facilities and employs approximately 535 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 Automodular's ongoing diversification review. 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.FOR FURTHER INFORMATION PLEASE CONTACT: Christopher S. NuttAutomodular CorporationPresident and CEO(905)