ATS Automation posts improvement in Q4

Canadian automation giant’s revenue ramps up 17 percent at $173.5M.

Comments Off on ATS Automation posts improvement in Q4 May 25, 2012
by Canadian Press

Cambridge, ON — ATS Automation Tooling Systems Inc. swung to a profit in its fiscal 2012 fourth quarter as revenues from continuing operations rose 17 per cent.

The Ontario-based supplier of automated manufacturing and assembly systems said net earnings in the three months ended March 31 were $3 million or four cents per share. That compared with a net loss of $79.5 million or 91 cents per share in the same year-earlier period.

Revenue rose to $173.5 million from $148.4 million, the result of an increased order backlog entering the quarter.

For the full year, ATS reported a net loss of $59.5 million or 68 cents per share on revenue of $595.4 million, compared with a net loss of 85.5 million or 98 cents per share on revenue of $485.3 million in fiscal 2011.

“Strong fourth-quarter results in our core ASG (automated systems group) business reflected our approach to market, solid operating foundation and the integration of acquired businesses,” CEO Anthony Caputo said in a statement accompanying the results. “Most importantly, we made a very significant strategic advancement. We turned the corner on solar separation and are now solely focused on our core business, which is robust and growing.”

On Feb. 27, a subsidiary of French electricity utility EDF was selected by the French bankruptcy court to purchase the assets of Photowatt International S.A.S., and ATS’s operating support of PWF concluded as of March 1.

Last December, ATS sold an ASG-owned building in France that formerly housed PWF module assembly and the company is now considering a number of offers for its Ontario Solar business.

© 2012 The Canadian Press