ATS reports strong third quarter revenues
TSX: ATA
CAMBRIDGE, ON, Feb. 5 /CNW/ - ATS Automation Tooling Systems Inc. today
reported its financial results for the third quarter of fiscal 2003, including
a 24% increase in revenue driven by strong growth in automation systems,
precision components and solar operations.
"Our revenue performance in the third quarter was excellent and although
it's early, we appear to be following that up with a good number of automation
orders to start the fourth quarter," said ATS President and Chief Executive
Officer, Klaus Woerner. "Winning new customers and growing sales in this poor
economic environment forcefully demonstrates the power and value of our recent
new standard automation product introductions and our ongoing strategic
marketing efforts."
ATS generated net earnings of $0.4 million (1 cent per share basic and
diluted) compared to $1.1 million (2 cents basic and diluted) in the same
quarter of fiscal 2002. While net earnings were lower, ATS remained profitable
and continued to build its capabilities, industry leadership and market share,
which position the Company for a strong future.
Third Quarter Fiscal 2003 Highlights
- Consolidated revenue was $153.8 million, up 24% from $123.9 million in
the third quarter a year ago.
- At $93.4 million, new automation systems bookings were more diversified
than in the comparable period a year ago when two large automotive
orders boosted new order bookings to $110.5 million. New order bookings
increased $8.8 million sequentially compared to the second quarter.
- Quarter end automation systems backlog was $151.8 million, down from
$168.2 million at the end of the third quarter a year ago.
Revenue by Industry
($ millions)
13 weeks ended 39 weeks ended
12/31/2002 12/31/2001 12/31/2002 12/31/2001
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Automation Systems:
Automotive $ 45.1 $ 45.3 $ 132.6 $ 118.0
Computer-electronics 37.6 20.1 120.2 115.8
Healthcare 17.6 13.8 51.5 54.8
Other 6.2 6.2 20.0 18.4
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Subtotal 106.5 85.4 324.3 307.0
Precision Components:
Automotive 27.8 23.6 83.0 74.5
Computer-electronics 1.6 1.1 2.9 2.7
Solar 18.8 14.1 38.6 35.6
Other 2.3 2.7 5.8 5.4
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Subtotal 50.5 41.5 130.3 118.2
Intersegment
Elimination (3.2) (3.0) (9.5) (6.1)
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Total Consolidated
Revenue $ 153.8 $ 123.9 $ 445.1 $ 419.1
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ATS continued to capitalize on its broad customer base and expanding
global market reach. Segmented revenue shows:
- Automation Systems Group revenue was $106.5 million, 25% higher than
$85.4 million in the third quarter a year ago, reflecting backlog
entering the period and strong growth in computer-electronics and
healthcare revenue. Computer-electronics revenue grew 87% over fiscal
2002's third quarter and healthcare expanded 28%. The automotive
market, which has been the least affected by this downturn, remained
stable in the quarter and has grown solidly on a nine month basis.
- Precision Components operations, excluding solar, achieved revenue of
$31.7 million versus $27.4 million in the third quarter of fiscal 2003.
This 16% increase was primarily the result of strong growth in
automotive revenue.
- Photowatt International solar revenue increased 34% to $18.8 million
compared to $14.1 million in the same period a year ago, reflecting
appreciation in the value of the Euro compared to the Canadian dollar
and increased module shipments which offset lower selling prices. Solar
revenue grew 70% sequentially, compared to the second quarter of this
fiscal year reflecting the traditional month long summer plant shutdown
that occurred last quarter and strong module shipments into Germany as
customers accelerated purchases in advance of a 5% reduction in a
German government subsidy program in 2003.
Consolidated Revenue by Region
($ millions)
13 weeks ended 39 weeks ended
12/31/2002 12/31/2001 12/31/2002 12/31/2001
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U.S. & Mexico $ 82.6 $ 72.8 $ 254.9 $ 263.0
Europe 42.1 29.6 91.4 84.6
Canada 18.4 13.0 56.5 36.2
Asia-Pacific
and other 10.7 8.5 42.3 35.3
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Total $ 153.8 $ 123.9 $ 445.1 $ 419.1
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Third Quarter Operating Results
Consolidated operating earnings were $0.6 million (0.4% operating margin)
compared to $1.7 million (1.3% operating margin) in the third quarter of
fiscal 2002, primarily reflecting the factors discussed below.
Automation Systems Group operating earnings were $2.4 million versus $4.0
million in the third quarter a year ago. The third quarter results this year
reflected a $1.1 million write-off on incomplete projects for two fiber optics
customers that went bankrupt in the period, a significantly higher number of
projects for first-time customers and applications, an intentional increase in
selling, marketing and product development, and higher third party content at
47% versus 41% a year ago. The Company acquired Magnet GmbH of Munich, Germany
for approximately $3 million late in the quarter but this had no significant
affect on revenue or earnings. ATS also acquired the remaining 49% interest in
ATS Test Systems Inc., a profitable, rapidly-growing business that provides
important capabilities to ATS. The Company made its initial investment in ATS
Test Systems in July, 1996.
Precision Components had an operating loss of $0.2 million, an
improvement over the operating loss of $0.5 million in the third quarter of
fiscal 2002 due to much improved earnings in non-solar operations. Start up
costs related to the launch of new thermal products production partially
offset these improved results.
Thermal product sales increased 129% compared to the second quarter of
this year, reflecting increased shipments under new customer orders. However,
these shipments were lower than anticipated due to weaker demand for
higher-speed processors. Weak market conditions have caused the Group to
revise its revenue estimates for thermal to $6 million for fiscal 2003 from
the $12 million originally forecast. However, ATS did receive a 30% allocation
of volumes from its primary thermal products customer rather than the 25%
originally forecast, underscoring the fact that the Group's thermal management
solutions are gaining market acceptance.
As expected, Photowatt was profitable in the quarter on significantly
higher module sales, but its operating margin was lower than a year earlier
due to a decline in market pricing for conventional solar technology, higher
spending on research and development and expense provisions established for
slow-moving accounts receivable. Photowatt remains one of the few profitable
companies in the industry due to improvements in operations and the advantages
gained from its strategic use of ATS automation.
Nine Month Highlights
ATS generated consolidated revenue for the nine months ended December 31,
2002 of $445.1 million, a 6% increase over revenue of $419.1 million in the
same period a year ago. Net earnings were $7.0 million (12 cents basic, 11
cents diluted) compared to net earnings of $12.4 million (21 cents per share
basic, 20 cents diluted) a year ago. Modest revenue growth and the reduction
in earnings reflect the prolonged downturn in capital equipment spending
globally.
Said Mr. Woerner: "ATS has used this downturn to preserve and develop its
chief asset -- our skilled workforce -- and expand its capabilities through
internal innovation and acquisition. Our strategy in this regard is certainly
contrary to that of our competitors who have reduced their capabilities and
market presence, but we believe ATS is stronger as a result and more able to
grow efficiently and quickly in the future."
Balance Sheet
ATS finished the quarter with a very strong balance sheet. Cash on hand,
net of bank indebtedness, totaled $76.8 million at December 31, 2002 versus
$93.3 million at September 30, 2002 and $81.9 million a year ago. Period end
debt to equity ratio remained a healthy 0.1 to 1, reflecting the low use of
debt.
Outlook
At December 31, 2002, automation systems order backlog was $151.8 million
versus $168.2 million a year ago and $163.0 million at September 30, 2002.
Backlog was better diversified by industry at period end this fiscal year than
last.
Automation Systems Backlog by Industry
($ millions)
12/31/2002 12/31/2001
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Computer/Electronics $ 41.1 $ 31.2
Automotive 67.0 91.1
Healthcare 30.4 34.0
Other 13.3 11.9
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Total $ 151.8 $ 168.2
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New automation systems order bookings in the third quarter were $93.4
million, 10% higher than bookings in the second quarter of this fiscal year
but off from $110.5 million in the third quarter a year ago. Bookings a year
ago included $27 million for two very large automotive orders booked at the
end of that period. By comparison, booking activity this quarter was quite
diverse. Project cancellations and scope reductions this quarter amounted to
$2.3 million compared to $15.6 million a year ago and $3.0 million for the
second quarter of this fiscal year. Order activity remained broadly based by
customer and market.
"In today's volatile political and economic climate, it's simply not
possible to get a fix on when more robust capital spending will occur," said
Mr. Woerner. "However, we remain cautiously optimistic of prospects for our
fourth quarter and we think activity will improve as the year progresses. We
know our customers are operationally ready to commit to orders, but
financially remain conservative. After two years of holding the line on
capital spending, we believe the pressure is building on them to introduce new
products, achieve better efficiencies and abandon their wait and see attitude.
So it's not a question of if but rather when this pressure will be unleashed.
When it is, we believe ATS is better positioned than ever to answer their
requirements."
To position customers for a market turnaround, Mr. Woerner said ATS is
"encouraging them to place orders now and the incentive is guaranteed rapid
deployment of cost-saving, productivity-enhancing solutions that offer fast
payback. We're gaining considerable momentum with our expanded capabilities in
new areas and the fact that we are the only company in our industry to offer
true 21st century automation is helping ATS to overpower the cautious
investing attitude of our customers."
Subsequent Events
- ATS reported it has received approximately $50 million in new
automation order bookings since the end of the third quarter,
demonstrating the Company continues to make excellent headway
in strategically marketing its capabilities and industry-leading
standard automation. These orders are diverse in terms of industries
and customers.
- ATS announced strong progress with its Spheral Solar Power initiative.
Construction has now begun on the first 20 megawatt factory, and the
first of six planned prototype SSP products, a flexible solar panel,
has now been created and is ready for marketing. Equally important,
SSP is close to completing the manufacture of its first 150x600 mm
SSP solar cell using its now operational pilot line in Cambridge.
When complete, this will be the largest multicrystalline solar cell
in the world. Further details are expected shortly.
- ATS acquired a small, fast growing and profitable precision plastic
injection moulding and tooling company in an $8.6 million transaction
that was announced Monday. Micro Precision Plastics produces annual
revenue of approximately $10 million and will complement the profitable
growth of the Precision Components Group.
"ATS is very bullish about our long-term future and we continue to invest
where we believe we will get the most value for our shareholders and
customers," said Mr. Woerner. "While it's frustrating knowing that there is a
pent up demand for our capabilities within our customer base that has
continued to build because of this prolonged downturn, it's also rewarding to
know ATS continues to make solid inroads in all markets. We are impatient for
a more stable business climate to emerge so we can demonstrate the power of
our industry leadership to all our stakeholders."
Quarterly Conference Call
ATS will hold its quarterly conference call at 5 p.m. eastern time today.
To listen to a live audio webcast of the call please visit
www.atsautomation.com.
Corporate Description
ATS Automation Tooling Systems Inc. (www.atsautomation.com) is the
industry's leading designer and producer of turn-key automated manufacturing
and test systems, which are used primarily by multinational corporations
operating in a variety of industries including: automotive,
computer/electronics, healthcare, and consumer products. The Company also
makes precision components and sub-assemblies using its own custom-built
manufacturing systems, process knowledge and automation technology. Through
Photowatt International S.A., and Spheral Solar Power Inc., ATS is an emerging
leader in the rapidly growing market for solar energy cells and modules. ATS
employs approximately 3,400 people at 28 facilities in Canada, the United
States, Europe and Asia-Pacific. The Company's shares are traded on The
Toronto Stock Exchange under the symbol ATA.
Certain forward looking statements are made in this news release,
including statements regarding possible future business. Investors
are cautioned that such forward-looking statements involve risks
and uncertainties, including, without limitation, continued acceptance
of ATS's products, technologies, customer requirements and other risks
detailed from time to time in ATS's periodic reports filed with Canadian
regulatory authorities.
ATS AUTOMATION TOOLING SYSTEMS INC.
Consolidated Statements of Earnings
(in thousands, except per share amounts - unaudited)
Thirty-nine weeks ended Thirteen weeks ended
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December 31 December 31 December 31 December 31
2002 2001 2002 2001
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Revenue $ 445,088 $ 419,121 $ 153,824 $ 123,900
Operating costs
and expenses:
Cost of revenue 363,493 330,565 128,479 99,159
Depreciation and
amortization 22,527 19,834 7,929 6,779
Selling and
administrative 48,971 49,652 16,822 16,307
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434,991 400,051 153,230 122,245
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Earnings from
operations 10,097 19,070 594 1,655
Other expenses
(income):
Interest on
long-term debt 924 1,836 295 392
Interest Income (1,634) (1,689) (411) (429)
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(710) 147 (116) (37)
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Earnings before
income taxes and
non-controlling
interest 10,807 18,923 710 1,692
Provision for
income taxes 3,503 6,329 229 548
Non-controlling
interest in earnings
of subsidiaries 337 193 72 62
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Net earnings $ 6,967 $ 12,401 $ 409 $ 1,082
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Net earnings
per share:
Basic $ 0.12 $ 0.21 $ 0.01 $ 0.02
Diluted $ 0.11 $ 0.20 $ 0.01 $ 0.02
Weighted average
number of shares:
Basic 60,466 60,245 60,538 60,307
Diluted 60,981 61,033 60,866 60,918
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See accompanying notes to interim consolidated financial statements
Consolidated Statements of Retained Earnings
(in thousands of dollars - unaudited)
Thirty-nine weeks ended Thirteen weeks ended
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December 31 December 31 December 31 December 31
2002 2001 2002 2001
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Retained earnings,
beginning of period
as restated
(note 2) $ 198,732 $ 186,139 $ 205,290 $ 197,458
Net earnings 6,967 12,401 409 1,082
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Retained earnings,
end of period $ 205,699 $ 198,540 $ 205,699 $ 198,540
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See accompanying notes to interim consolidated financial statements
ATS AUTOMATION TOOLING SYSTEMS INC.
Consolidated Balance Sheets
(in thousands of dollars - unaudited)
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December 31 March 31
2002 2002
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(as restated,
see note 2)
ASSETS
Current assets:
Cash and short-term investments $ 76,757 $ 113,281
Accounts receivable 128,445 113,704
Income taxes recoverable 7,355 11,140
Costs and earnings in excess of billings
on contracts in progress 133,237 104,320
Inventories 75,467 60,712
Other 3,689 3,114
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424,950 406,271
Fixed assets 222,304 212,009
Goodwill 61,889 57,974
Other intangibles 8,970 9,491
Other assets 32,991 27,447
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$ 751,104 $ 713,192
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Bank indebtedness $ - $ 3,108
Accounts payable and accrued liabilities 68,299 65,434
Billings in excess of costs and earnings
on contracts in progress 30,217 12,481
Future income taxes 28,424 27,455
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126,940 108,478
Long-term debt 53,049 53,860
Future income taxes 5,185 2,196
Non-controlling interest 1,056 2,957
Shareholders' equity:
Share capital 331,483 329,660
Retained earnings 205,699 198,732
Cumulative translation adjustment 27,692 17,309
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564,874 545,701
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$ 751,104 $ 713,192
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See accompanying notes to interim consolidated financial statements
ATS AUTOMATION TOOLING SYSTEMS INC.
Consolidated Statements of Cash Flows
(in thousands of dollars - unaudited)
Thirty-nine weeks ended Thirteen weeks ended
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December 31 December 31 December 31 December 31
2002 2001 2002 2001
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Cash flows from
operating activities:
Net earnings $ 6,967 $ 12,401 $ 409 $ 1,082
Items not
involving cash 28,036 24,633 10,197 8,560
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Cash flow from
operations 35,003 37,034 10,606 9,642
Change in non-cash
operating working
capital (34,254) 13,598 (6,212) 33,895
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749 50,632 4,394 43,537
Cash flows from
investing activities:
Acquisition of
interest in
subsidiaries
(note 3) (6,123) (5,317) (6,123) -
Acquisition of
fixed assets (22,097) (20,964) (12,737) (4,027)
Investments and other (7,146) (9,510) (2,149) (3,890)
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(35,366) (35,791) (21,009) (7,917)
Cash flows from
financing activities:
Bank Indebtedness (3,108) (5,572) (3,047) (3,525)
Issuance of common
shares 823 689 - 15
Other 378 26 26 16
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(1,907) (4,857) (3,021) (3,494)
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Increase (decrease) in
cash and short-term
investments (36,524) 9,984 (19,636) 32,126
Cash and short-term
investments,
beginning of period 113,281 72,949 96,393 50,807
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Cash and short-term
investments, end of
period $ 76,757 $ 82,933 $ 76,757 $ 82,933
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Supplementary
information:
Cash income taxes
paid $ 7,496 $ 5,645 $ 2,081 $ 1,192
Cash interest
paid $ 932 $ 2,131 $ 284 $ 515
See accompanying notes to interim consolidated financial statements
ATS AUTOMATION TOOLING SYSTEMS INC.
Notes to Interim Consolidated Financial Statements
(tabular amounts in thousands, except per share amounts - unaudited)
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1. Significant accounting policies:
(a) The accompanying unaudited interim consolidated financial
statements are prepared in accordance with accounting principles
generally accepted in Canada and the accounting policies are
consistent with those described in the annual consolidated
financial statements for the year ended March 31, 2002, except as
described in note 2. The unaudited interim consolidated financial
statements presented in this interim report do not conform in all
respects to the requirements of generally accepted accounting
principles for annual financial statements and should be read in
conjunction with the audited consolidated financial statements in
the Company's fiscal 2002 Annual Report.
(b) Contract revenue in the Automation Systems segment is recognized
using the percentage of completion method. The degree of
completion is determined based on costs incurred, excluding costs
that are not representative of progress to completion, as a
percentage of total costs anticipated for each contract.
Incentive awards, claims or penalty provisions are recognized
when such amounts can reasonably be determined. Complete
provision is made for losses on contracts in progress when such
losses first become known. Revisions in cost and profit
estimates, which can be significant, are reflected in the
accounting period in which the relevant facts become known.
2. Accounting policy changes:
(a) Effective April 1, 2002, the Company retroactively adopted the
new Recommendations of the Canadian Institute of Chartered
Accountants ("CICA") related to foreign currency translation. The
new Recommendations require gains and losses on the translation
of long-term monetary assets and liabilities to be included in
income. Previously, such gains and losses were deferred and
amortized over the life of the respective asset or liability.
Retroactive adoption of this policy had no material impact on net
earnings for the thirteen weeks ended December 31, 2001, the
thirty-nine weeks ended December 31, 2001 or the year ended March
31, 2002 and as such have remained as previously reported. The
retroactive changes to the consolidated balance sheet at March
31, 2002 and March 31, 2001 are as follows:
Decrease in other assets $ 4,177
Decrease in retained earnings $ 4,177
(b) Effective April 1, 2002, the Company prospectively adopted the
new Recommendations of the CICA for Stock-based Compensation and
Other Stock-based Payments. The new Recommendations establish
standards for the recognition, measurement and disclosure of
stock-based compensation and other stock-based payments. The
Company has elected to continue accounting for stock options as
capital transactions, and to disclose pro forma net earnings and
earnings per share information using the fair value based method
which is disclosed in note 4. As a result, the adoption of the
Recommendations had no effect on the Company's reported earnings
for the thirteen weeks or the thirty-nine weeks ended December
31, 2002.
3. Acquisitions:
During the quarter ended December 31, 2002, the Company acquired the
remaining 49% of outstanding equity of ATS Test Systems Inc., an
advanced test systems business; and acquired 100% of the common
shares of Magnet GmbH, a German company that specializes in
electrical controls.
These acquisitions have been accounted for using the purchase method
as follows:
Assets, at assigned value $ 4,085
Liabilities assumed (1,144)
Goodwill 4,182
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$ 7,123
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Consideration:
Cash $ 6,123
Common shares (84,674 shares) 1,000
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$ 7,123
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The consolidated interim statements of earnings include the results
of these acquired Automation Systems businesses from the date of
acquisition.
4. Stock-Based Compensation:
The following pro forma disclosures present the compensation cost for
the Company's stock option plan had compensation cost been determined
and recorded in the statement of earnings based on the fair value at
the grant date of the options awarded on or after April 1, 2002:
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Thirty-nine weeks ended Thirteen weeks ended
December 31, 2002 December 31, 2002
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Net earnings:
as reported $ 6,967 $ 409
pro forma $ 6,331 $ 203
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Earnings per share:
Basic - as reported $ 0.12 $ 0.01
- pro forma $ 0.10 $ 0.00
Diluted - as reported $ 0.11 $ 0.01
- pro forma $ 0.10 $ 0.00
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In the pro forma results above, the fair values of the Company's
stock option grants were estimated using the Black Scholes option
pricing model with the following assumptions: risk free interest rate
of 5.4%; dividend yield of 0%; expected lives of 6.0 years; and
volatility of 42%, and the estimated compensation cost of the options
granted is amortized over the five year vesting period of the
options. During the thirteen weeks ended December 31, 2002 no stock
options were granted and 6,150 of the options which were granted in
fiscal 2003 were cancelled. During the thirty-nine weeks ended
December 31, 2002, 471,495 stock options were granted at an average
exercise price of $18.61, and 6,150 of the options which were granted
in fiscal 2003 were cancelled.
5. Segmented disclosure:
The Company evaluates performance based on two reportable segments:
Automation Systems and Precision Components. The Automation Systems
segment primarily produces custom-engineered turn-key automated
manufacturing and test systems. The Precision Components segment is
primarily a high volume manufacturer of photovoltaic products,
plastic and metal components and sub-assemblies.
The Company accounts for inter-segment sales at current market rates,
negotiated between the segments.
Thirty-nine weeks ended Thirteen weeks ended
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December 31 December 31 December 31 December 31
2002 2001 2002 2001
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Revenue
Automation Systems $ 324,333 $ 306,954 $ 106,489 $ 85,353
Precision Components 130,298 118,248 50,526 41,478
Elimination of
inter-segment
revenue (9,543) (6,081) (3,191) (2,931)
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Consolidated $ 445,088 $ 419,121 $ 153,824 $ 123,900
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Earnings from
operations
Automation Systems $ 13,770 $ 25,157 $ 2,445 $ 3,953
Precision Components 2,298 (230) (202) (518)
Inter-segment
elimination and
other corporate
expenses (5,971) (5,857) (1,649) (1,780)
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Consolidated $ 10,097 $ 19,070 $ 594 $ 1,655
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6. Cyclical nature of the business:
Interim financial results are not necessarily indicative of annual or
longer term results, because many of the individual markets served by
the Company tend to be cyclical in nature. General economic trends,
product life cycles and product changes may impact Automation Systems
bookings, Precision Components volumes, and the Company's earnings in
any of its markets.
%SEDAR: 00002017E
-30-
For further information: Ron Jutras, Executive Vice President and Chief Financial Officer, (519) 653 6500