ATS reports first quarter fiscal 2014 results

About this update from Ats Corporation

[{"type":"text","content":"\n\n\nCAMBRIDGE, ON, Aug. 14, 2013 /CNW/ - ATS Automation Tooling Systems Inc.\n (TSX: ATA) (\"ATS\" or the \"Company\") today reported financial results for the\n three months ended June 30, 2013 for its continuing operations\n (Automation Systems Group or \"ASG\") and discontinued operations\n (\"Solar\"). \n\n\nFirst Quarter Summary \n\n\n\nRevenues from continuing operations were $150.0 million, compared to\n $153.2 million in the fourth quarter of fiscal 2013 and $152.2 million\n in the first quarter a year ago;\n\n\nEarnings from continuing operations were $12.7 million, which included\n $2.2 million in restructuring charges incurred to re-balance global\n capacity and improve the Company's cost structure. Excluding\n restructuring charges, normalized earnings from continuing operations\n were $14.9 million (10% operating margin), compared to $14.0 million\n (9% operating margin) in the fourth quarter of fiscal 2013, and $15.2\n million (10% operating margin) in the first quarter a year ago;\n\n\nEBITDA normalized to exclude restructuring charges was $18.0 million\n (12% EBITDA margin) compared to $17.3 million (11% EBITDA margin) in\n the fourth quarter of fiscal 2013 and $18.1 million (12% EBITDA margin)\n in the first quarter a year ago;\n\n\nNormalized Earnings Per Share (EPS) from continuing operations was $0.12\n compared to $0.13 a year ago. Diluted EPS was $0.22, reflecting EPS\n from continuing operations of $0.10 and EPS from discontinued\n operations of $0.12, compared to $0.11 a year ago;\n\n\nOrder Bookings were $165 million compared to $170 million in the fourth\n quarter of fiscal 2013 and $168 million in the first quarter a year\n ago;\n\n\nOrder Backlog increased to a record $415 million, up 4% from $398\n million in the fourth quarter of fiscal 2013 and up 5% from $397\n million in the first quarter a year ago;\n\n\nThe Company's balance sheet and financial capacity to support growth\n remained strong, with cash net of debt in continuing operations of\n $129.4 million at June 30, 2013, unutilized credit facilities of $200.7\n million and $26.2 million of credit available under letter of credit\n facilities; and\n\n\nThe Company sold the manufacturing assets of its discontinued Ontario\n Solar business and a 75% interest in four of seven ground mount solar\n projects owned through its 50% joint operation, ...

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