ATS REPORTS ANNUAL AND FOURTH QUARTER FISCAL 2011 RESULTS
CAMBRIDGE - ATS Automation Tooling Systems Inc. reported its financial results for the three and 12 months ended March 31, 2011.
Fourth Quarter Summary
* Consolidated revenue was $198.9 million compared to $192.5 million in the third quarter of the fiscal year and $138.8 million in the fourth quarter a year ago;
* Consolidated loss from operations was $14.4 million compared to a consolidated loss from operations of $8.5 million in the third quarter of fiscal 2011 and a consolidated loss from operations of $26.0 million in the fourth quarter a year ago;
* Included in the fourth quarter loss from operations were expenses for the write-down of inventories at Photowatt France ("PWF") of $7.1 million, $2.3 million in incremental restructuring charges related to the finalization of the restructuring plan at PWF and a related $9.1 million asset impairment charge following the decision to outsource production of PWF modules;
* Per share loss was $0.18 (basic and diluted) compared to earnings per share of $0.03 (basic and diluted) a year ago;
* ASG recorded record Order Bookings of $206 million in the fourth quarter of fiscal 2011, reflecting contributions from acquired businesses and organic growth in ASG's other businesses;
* On January 5, 2011, the Company completed its acquisition of the majority of Assembly & Test Worldwide, Inc.'s U.S.-based and German automation and test systems businesses (collectively "ATW"); and
* Subsequent to the end of the fourth quarter of fiscal 2011, Photowatt Ontario signed two customer agreements for the manufacture and supply of customer branded modules. See "PWO Customer Agreements" below.
"Our Automation Systems Group performance remained strong through the fourth quarter," said Anthony Caputo, Chief Executive Officer. "We generated record Order Bookings, continued to grow ASG revenues, and delivered solid operating results. We significantly advanced the integration of Sortimat and drove much improved EBIT margins. We also initiated the integration of ATW. However, losses at Photowatt negatively impacted consolidated results. We are moving ahead with our separation plans via a spinoff of our Photowatt businesses, which we are targeting to complete before the end of the calendar year, unless an acceptable sale arrangement of Photowatt France is identified first."