ATS Automation Tooling Systems Inc. (ATA.TO: Quote) posted fourth-quarter profit from continuing operations of C$10.9 million or C$0.13 per share, lower than C$14.4 million or C$0.17 per share last year.
Loss per share from discontinued operations narrowed to C$0.09 from a year ago.
Revenues from continuing operations was C$173.5 million, 17% higher than the prior-year quarter. The higher revenue was mainly attributable to increased Order Backlog entering the fourth quarter compared to a year ago.
"Strong fourth quarter results in our core ASG business reflected our approach to market, solid operating foundation and the integration of acquired businesses," said Anthony Caputo, Chief Executive Officer. "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. It has the demonstrated ability to engage customers on an enterprise basis, select and integrate acquisitions and remain resilient during macro-economic downturns. Our plan is to continue to grow organically, expand our offering, and scale our business through acquisitions."
ATS noted that it remains committed to the separation of its entire Solar business from its core automation business. To complete this goal, ATS is advancing opportunities related to its other Solar assets. These opportunities are expected to positively impact cash during the next six months.
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by RTT Staff Writer
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