Automodular Corporation: First Quarter 2005 Earnings.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Automodular Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AM) ("Automodular") reports net earnings of $0.5 million or $0.03 per share for the three months ended March 31, 2005 compared to $1.1 million or $0.06 per share in the same period in 2004. The current quarter includes an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of approximately $0.9 million on the sale of surplus real estate located in Whitby Whitby, town (1991 pop. 61,281), SE Ont., Canada, NE of Toronto, on Lake Ontario. It has a good harbor. The town's manufactures include tires and electronic equipment. . The sale closed April 29, 2005. Excluding this item, the Company would have recorded a loss of $0.4 million largely as a result of lower production levels at the plants the Company supplies. The first quarter results are summarized below:
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2005 2004
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Sales $19,306 $28,648
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Net earnings $523 $1,057
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Earnings per share $0.03 $0.06
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Shares outstanding 19,049 19,098
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The automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. is extremely volatile at the present time. Continued higher inventory levels of unsold vehicles may result in further downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. which has a negative impact on the Company's profitability. Automodular expects to see some improvement in earnings as the year continues and expects the year as a whole to be marginally profitable. Recently announced business awards will require the Company to invest approximately $20 million in capital and pre-production expenses. Discussions are underway with several financing institutions to raise the required funds. Automodular Corporation is a supplier of sub-assembly, sequencing, transportation and logistics services to plants in Ontario, Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). and Ohio. The company has several operating facilities and employs over 800 people. Automodular Corporation (TSX:AM) |
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