Automodular Corporation: Third Quarter 2013 Results

AJAX, ONTARIO -- (Marketwired) -- 11/07/13 -- Automodular Corporation ("Automodular") (TSX:AM) reports net earnings of $2.5 million or $0.12 per share for the quarter ended September 30, 2013 compared to $4.2 million or $0.21 per share in the same period in 2012. The third quarter of 2012 included earnings from Automodular's contract with Vestas. For the nine months ended September 30, 2013 and 2012, Automodular reports net earnings of $6.9 million and $12.3 million or $0.34 and $0.61 per share, respectively. The results for the first three quarters of the year are summarized below (all figures in '000s except per share amounts): Three months ended Nine months ended September 30 September 30 2013 2012 2013 2012 $ $ $ $ --------------------------------------------------------------------------- Sales 20,213 35,359 63,960 88,878 Net earnings 2,469 4,243 6,880 12,262 Per share (basic) 0.12 0.21 0.34 0.61 --------------------------------------------------------------------------- --------------------------------------------------------------------------- The Board of Directors has declared a total dividend of $0.16 composed of a regular quarterly dividend of $0.06 and a special dividend of $0.10 payable December 5, 2013 to shareholders of record November 21, 2013. Notice to U.S. shareholders of Automodular Corporation Automodular may be deemed to be classified as a Passive Foreign Investment Corporation ("PFIC") as defined in the Internal Revenue Code for the year ended December 31, 2013. The U.S. tax laws regarding PFICs are extremely complex and shareholders are advised to consult their own tax advisors concerning the overall tax consequences of their respective investment in, and ownership of shares of Automodular under United States federal, state, local and foreign law. Automodular will provide an update on this issue as part of its year-end filings. Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford Motor Company's Oakville Assembly Plant. The Company has two operating facilities and employs approximately 525 people. This press release contains forward-looking statements that involve a number of risks and uncertainties. Specific forward-looking statements included in this release are that Automodular may be deemed to be classified as a PFIC for the year ended December 31, 2013. 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. Contacts: Automodular Corporation Christopher S. Nutt President and CEO (905) 619-4202