ATS reports second quarter fiscal 2014 results

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[{"type":"text","content":"\n\n\nCAMBRIDGE, ON, Nov. 6, 2013 /CNW/ - ATS Automation Tooling Systems Inc.\n (TSX: ATA) (\"ATS\" or the \"Company\") today reported financial results for the\n three and six months ended September 29, 2013 for its continuing\n operations (Automation Systems Group or \"ASG\") and discontinued\n operations (\"Solar\"). \n\n\nSecond Quarter Summary \n\n\n\nRevenues from continuing operations were $154.6 million, 9% higher than\n fiscal 2013 second quarter revenues of $141.4 million and 3% higher\n than first quarter fiscal 2014 revenues of $150.0 million;\n\n\n\n\nEBITDA was $17.6 million, which included $0.9 million of acquisition\n related costs. Normalized for those costs, EBITDA was $18.5 million\n (12% EBITDA margin) compared to $16.7 million (12% EBITDA margin) in\n the second quarter a year ago and $18.0 million (12% EBITDA margin) in\n the first quarter of fiscal 2014;\n\n\n\n\nEarnings from continuing operations normalized to exclude acquisition\n related costs were $15.3 million (10% operating margin), compared to\n $13.8 million (10% operating margin) in the second quarter a year ago\n and $14.9 million (10% operating margin) in the first quarter of fiscal\n 2014;\n\n\n\n\nNormalized Basic Earnings Per Share (EPS) from continuing operations\n were $0.13 compared to $0.11 a year ago. Normalized Diluted EPS were\n $0.15, reflecting EPS from continuing operations of $0.12 and EPS from\n discontinued operations of $0.03, up from $0.09 a year ago;\n\n\n\n\nOrder Bookings were $110 million compared to $112 million in the second\n quarter a year ago and $165 million in the first quarter of fiscal\n 2014;\n\n\n\n\nPeriod end Order Backlog was $355 million, down 2% from $361 million in\n the second quarter a year ago and down 14% from $415 million in the\n first quarter of fiscal 2014;\n\n\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 $139.0 million at September 29, 2013, unutilized credit facilities of\n $166.7 million and $26.5 million of credit available under letter of\n credit facilities; and\n\n\n\n\nThe Company completed its acquisition of IWK Verpackungstechnik GmbH and\n OYSTAR IWK USA, Inc. (collectively \"IWK\") subsequent to the end of the\n second quarter of fiscal 2014.\n\n\n\n\n\n\nFinancial Results\n\n\n\n\nIn mil...

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