ATS Automation Tooling Systems - PV-Zulieferer und PHOTOWATT-Eigner (Seite 2)
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ATS to acquire leading global automation services and solutions provider M+W Process Automation
CAMBRIDGE, ON, July 8, 2014 /CNW/ - ATS Automation Tooling Systems Inc. (TSX:ATA) ("ATS" or the "Company") today announced it has entered into a definitive agreement to acquire all shares of M+W Process Automation GmbH and ProFocus LLC, collectively M+W PA, a leading global provider of engineering-based automation services and solutions focused on the control, performance monitoring and measurement of critical production processes.
Headquartered in Germany and established 28 years ago, M+W PA addresses the needs of a wide spectrum of manufacturing and process-based industries including automotive, pharmaceutical, biotechnology, chemicals, oil & gas and food with services that include consulting, system engineering, integration, lifecycle management, process control and manufacturing execution systems, as well as enterprise programs, where M+W PA acts as the main automation contractor ("MAC").
The acquisition is aligned with ATS's stated strategy of scaling its position in the global automation market by adding to its services and life-cycle management capabilities across several core elements of the customer value chain. The addition of M+W PA is expected to enhance growth opportunities in both new markets and with existing customers.
"M+W PA's capabilities complement ATS's solutions in strategic customer markets and open new opportunities in several attractive industries," said Anthony Caputo, ATS Chief Executive Officer. "We welcome M+W PA's highly skilled people, global and local customers, high value service offerings, scale and worldwide presence to our automation business and look forward to continued successful collaboration with M+W Group."
M+W PA's workforce of 1,000, including approximately 750 engineers, serves customers from 51 locations in 16 countries around the world, and is led by a highly experienced management team based in Europe and the U.S. As part of ATS, M+W PA is expected to continue to enhance its portfolio, serve existing M+W PA and ATS customers and build new customer relationships together with ATS.
"We are pleased that our automation business is becoming part of ATS," said Dr. Olaf Berlien, CEO of M+W Group. "ATS is ideally suited to maximize the business area's potential for further worldwide growth. As we will be focusing more on our core business the change of ownership will be very beneficial both for M+W and all employees of the automation business."
In calendar 2013, M+W PA had revenues of approximately €166 million and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of approximately €20 million. Over the past three years, M+W PA's revenues have grown organically at an average annual rate of approximately 19%. Sales by industry segment in 2013 were 41% automotive, 26% chemicals, 13% pharmaceuticals and biotechnology, 3% oil & gas and 17% other industries including food and beverage, water, wastewater, consumer care, paper, metal and semiconductor. Europe accounted for approximately 70% of global sales, North America 27% and Asia 3%. In calendar 2013, M+W PA's order bookings were €188 million, and at the end of May 2014 it had approximately €120 million of backlog.
Subsequent to the completion of the transaction, the Company expects M+W PA to benefit from the adoption of ATS best practices in approach to market, key account management, front-end-of-the-business processes, performance management and corporate strategy. M+W PA's significant capability and market position is expected to benefit ATS and its strategy to grow its business. The Company expects meaningful revenue synergies through an expanded ATS offering, which will now include M+W PA's process controls, software integration, MES, remote monitoring, lifecycle management, modeling and simulation capabilities. M+W PA provides an imbedded engineering, service and sales force, with early insight into customer preferences, developments, problems and programs, allowing M+W PA to act as first responders for post-automation services and equipment maintenance. M+W PA is expected to have increased opportunity to expand its MAC offering by utilizing ATS on a subcontractor basis to address capability gaps across a number of industries. Further, both ATS and M+W PA are expected to have opportunities to engage customers on a more comprehensive basis. Cost synergies are expected to be nominal.
The purchase price based on enterprise value of approximately €248 million (CDN $362 million at current exchange rates) is subject to net debt and working capital adjustments and will be funded from a new fully committed C$600 million credit facility underwritten by The Bank of Nova Scotia and The Toronto-Dominion Bank to be available at closing. With net assets of approximately $20 million, management expects that $342 million of the purchase price will be allocated to goodwill (approximately 60% to 65%) and intangibles (approximately 35% to 40%), subject to completion of the purchase price allocation, which may take up to one year to complete subsequent to transaction closing. Amortization of intangibles is expected to be $10 million to $14 million per annum. In addition, the first six months after acquisition will include substantially all of the amortization of acquired backlog which is expected to be in the $7 million to $10 million range.
On a pre-synergy basis, we expect the following:
Dilution at the Earnings per Share ("EPS") level in the high single digits assuming two quarters of inclusion of M+W PA's results in fiscal 2015, due to the incremental amortization of backlog which is not expected to continue beyond fiscal 2015;
In fiscal 2016, EPS accretion in the high single digits;
On a Cash Flow per Share basis, in fiscal 2015 we expect immediate accretion, in the high single digits; and
Cash Flow per Share accretion in fiscal 2016 is expected to be in the mid teens.
ATS expects to complete the acquisition by the end of September 2014, subject to customary closing conditions, including applicable antitrust approvals.
TD Securities Inc. and Joh. Berenberg, Gossler & Ko. KG Berenberg Bank are acting as financial advisors to ATS. Freshfield Bruckhaus Deringer LLP and Borden Ladner Gervais LLP are acting as legal counsel to ATS.
ATS to acquire leading global automation services and solutions provider M+W Process Automation
CAMBRIDGE, ON, July 8, 2014 /CNW/ - ATS Automation Tooling Systems Inc. (TSX:ATA) ("ATS" or the "Company") today announced it has entered into a definitive agreement to acquire all shares of M+W Process Automation GmbH and ProFocus LLC, collectively M+W PA, a leading global provider of engineering-based automation services and solutions focused on the control, performance monitoring and measurement of critical production processes.
Headquartered in Germany and established 28 years ago, M+W PA addresses the needs of a wide spectrum of manufacturing and process-based industries including automotive, pharmaceutical, biotechnology, chemicals, oil & gas and food with services that include consulting, system engineering, integration, lifecycle management, process control and manufacturing execution systems, as well as enterprise programs, where M+W PA acts as the main automation contractor ("MAC").
The acquisition is aligned with ATS's stated strategy of scaling its position in the global automation market by adding to its services and life-cycle management capabilities across several core elements of the customer value chain. The addition of M+W PA is expected to enhance growth opportunities in both new markets and with existing customers.
"M+W PA's capabilities complement ATS's solutions in strategic customer markets and open new opportunities in several attractive industries," said Anthony Caputo, ATS Chief Executive Officer. "We welcome M+W PA's highly skilled people, global and local customers, high value service offerings, scale and worldwide presence to our automation business and look forward to continued successful collaboration with M+W Group."
M+W PA's workforce of 1,000, including approximately 750 engineers, serves customers from 51 locations in 16 countries around the world, and is led by a highly experienced management team based in Europe and the U.S. As part of ATS, M+W PA is expected to continue to enhance its portfolio, serve existing M+W PA and ATS customers and build new customer relationships together with ATS.
"We are pleased that our automation business is becoming part of ATS," said Dr. Olaf Berlien, CEO of M+W Group. "ATS is ideally suited to maximize the business area's potential for further worldwide growth. As we will be focusing more on our core business the change of ownership will be very beneficial both for M+W and all employees of the automation business."
In calendar 2013, M+W PA had revenues of approximately €166 million and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of approximately €20 million. Over the past three years, M+W PA's revenues have grown organically at an average annual rate of approximately 19%. Sales by industry segment in 2013 were 41% automotive, 26% chemicals, 13% pharmaceuticals and biotechnology, 3% oil & gas and 17% other industries including food and beverage, water, wastewater, consumer care, paper, metal and semiconductor. Europe accounted for approximately 70% of global sales, North America 27% and Asia 3%. In calendar 2013, M+W PA's order bookings were €188 million, and at the end of May 2014 it had approximately €120 million of backlog.
Subsequent to the completion of the transaction, the Company expects M+W PA to benefit from the adoption of ATS best practices in approach to market, key account management, front-end-of-the-business processes, performance management and corporate strategy. M+W PA's significant capability and market position is expected to benefit ATS and its strategy to grow its business. The Company expects meaningful revenue synergies through an expanded ATS offering, which will now include M+W PA's process controls, software integration, MES, remote monitoring, lifecycle management, modeling and simulation capabilities. M+W PA provides an imbedded engineering, service and sales force, with early insight into customer preferences, developments, problems and programs, allowing M+W PA to act as first responders for post-automation services and equipment maintenance. M+W PA is expected to have increased opportunity to expand its MAC offering by utilizing ATS on a subcontractor basis to address capability gaps across a number of industries. Further, both ATS and M+W PA are expected to have opportunities to engage customers on a more comprehensive basis. Cost synergies are expected to be nominal.
The purchase price based on enterprise value of approximately €248 million (CDN $362 million at current exchange rates) is subject to net debt and working capital adjustments and will be funded from a new fully committed C$600 million credit facility underwritten by The Bank of Nova Scotia and The Toronto-Dominion Bank to be available at closing. With net assets of approximately $20 million, management expects that $342 million of the purchase price will be allocated to goodwill (approximately 60% to 65%) and intangibles (approximately 35% to 40%), subject to completion of the purchase price allocation, which may take up to one year to complete subsequent to transaction closing. Amortization of intangibles is expected to be $10 million to $14 million per annum. In addition, the first six months after acquisition will include substantially all of the amortization of acquired backlog which is expected to be in the $7 million to $10 million range.
On a pre-synergy basis, we expect the following:
Dilution at the Earnings per Share ("EPS") level in the high single digits assuming two quarters of inclusion of M+W PA's results in fiscal 2015, due to the incremental amortization of backlog which is not expected to continue beyond fiscal 2015;
In fiscal 2016, EPS accretion in the high single digits;
On a Cash Flow per Share basis, in fiscal 2015 we expect immediate accretion, in the high single digits; and
Cash Flow per Share accretion in fiscal 2016 is expected to be in the mid teens.
ATS expects to complete the acquisition by the end of September 2014, subject to customary closing conditions, including applicable antitrust approvals.
TD Securities Inc. and Joh. Berenberg, Gossler & Ko. KG Berenberg Bank are acting as financial advisors to ATS. Freshfield Bruckhaus Deringer LLP and Borden Ladner Gervais LLP are acting as legal counsel to ATS.
ATS Automation to acquire a leading pharmaceutical and personal care tube filling and cartoning machinery group
CAMBRIDGE, ON, Sept. 1, 2013 /CNW/ - ATS Automation Tooling Systems Inc. (TSX:ATA) ("ATS" or the "Company") today announced that it has entered into a definitive agreement to acquire all shares of IWK Verpackungstecknik GmbH as well as OYSTAR IWK USA, Inc. ("IWK"), a leader in technology driven high performance tube filling and cartoning machinery for the pharmaceutical and personal care industries.
The acquisition of IWK aligns with ATS's stated strategy of scaling its leading position in the global automation market and enhancing growth opportunities, particularly in strategic customer segments and with technology leadership. IWK is expected to add core capability in primary packaging (tube fillers) and secondary packaging (cartoners), which management expects can be leveraged into other markets ATS currently serves. IWK brings new relationships with key pharmaceutical and personal care customers, which management expects will improve ATS's position in the Life Sciences and Consumer Products sectors. IWK also allows ATS to consider future acquisition possibilities that would be a strategic fit with IWK to provide the Company with deep capabilities across several core elements of the customer value chain.
"We welcome the addition of IWK's highly skilled people, customers, complementary technologies, scale and worldwide presence to our world leading automation business," said Anthony Caputo, ATS Chief Executive Officer. "This acquisition significantly enhances our capability, and deepens our involvement with two attractive customer segments, pharmaceuticals and consumer products."
Headquartered in Germany, and established 120 years ago, IWK engineers, assembles and markets primary packaging and secondary packaging machinery and provides services, for blue-chip companies and local customers around the world. As part of ATS, IWK will continue to enhance its portfolio and serve customers under its own brand.
IWK's approximately 420 employees are based at production facilities near Karlsruhe, Germany and Bangkok, Thailand, and at sales/services centres in the US, Europe and Southeast Asia.
In calendar 2012, IWK had revenues of approximately €82 million and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of approximately €11 million. Sales to customers in the pharmaceuticals and personal care sectors evenly account for over 90% of IWK worldwide revenues. New equipment systems and standard automation each account for approximately 30% of total revenues, with services activity accounting for the remaining 40% of total revenues. European and North American markets each account for approximately a third of revenues, Asia 25%, and the balance largely represented by South America.
The purchase price is approximately €103 million (CDN $144 million at current exchange rates), subject to net debt and working capital adjustments which is expected to result in net cash paid of approximately €95 million, funded substantially from the Company's cash on hand. For its first full year within ATS, IWK is expected to contribute approximately $120 million in revenues and approximately $18 million in EBITDA. The Company expects approximately 50% of the purchase price will be allocated to goodwill. ATS expects to complete the acquisition in the third quarter of fiscal 2014, subject to customary closing conditions, including applicable antitrust approvals. The acquisition is expected to be immediately accretive to Earnings Per Share (EPS) and Cash Flow Per Share (CFPS). Based on current financial results and near term expectations, the Company expects the transaction to contribute approximately 7 cents per share to EPS and approximately 19 cents per share to CFPS for FY2015.
CAMBRIDGE, ON, Sept. 1, 2013 /CNW/ - ATS Automation Tooling Systems Inc. (TSX:ATA) ("ATS" or the "Company") today announced that it has entered into a definitive agreement to acquire all shares of IWK Verpackungstecknik GmbH as well as OYSTAR IWK USA, Inc. ("IWK"), a leader in technology driven high performance tube filling and cartoning machinery for the pharmaceutical and personal care industries.
The acquisition of IWK aligns with ATS's stated strategy of scaling its leading position in the global automation market and enhancing growth opportunities, particularly in strategic customer segments and with technology leadership. IWK is expected to add core capability in primary packaging (tube fillers) and secondary packaging (cartoners), which management expects can be leveraged into other markets ATS currently serves. IWK brings new relationships with key pharmaceutical and personal care customers, which management expects will improve ATS's position in the Life Sciences and Consumer Products sectors. IWK also allows ATS to consider future acquisition possibilities that would be a strategic fit with IWK to provide the Company with deep capabilities across several core elements of the customer value chain.
"We welcome the addition of IWK's highly skilled people, customers, complementary technologies, scale and worldwide presence to our world leading automation business," said Anthony Caputo, ATS Chief Executive Officer. "This acquisition significantly enhances our capability, and deepens our involvement with two attractive customer segments, pharmaceuticals and consumer products."
Headquartered in Germany, and established 120 years ago, IWK engineers, assembles and markets primary packaging and secondary packaging machinery and provides services, for blue-chip companies and local customers around the world. As part of ATS, IWK will continue to enhance its portfolio and serve customers under its own brand.
IWK's approximately 420 employees are based at production facilities near Karlsruhe, Germany and Bangkok, Thailand, and at sales/services centres in the US, Europe and Southeast Asia.
In calendar 2012, IWK had revenues of approximately €82 million and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of approximately €11 million. Sales to customers in the pharmaceuticals and personal care sectors evenly account for over 90% of IWK worldwide revenues. New equipment systems and standard automation each account for approximately 30% of total revenues, with services activity accounting for the remaining 40% of total revenues. European and North American markets each account for approximately a third of revenues, Asia 25%, and the balance largely represented by South America.
The purchase price is approximately €103 million (CDN $144 million at current exchange rates), subject to net debt and working capital adjustments which is expected to result in net cash paid of approximately €95 million, funded substantially from the Company's cash on hand. For its first full year within ATS, IWK is expected to contribute approximately $120 million in revenues and approximately $18 million in EBITDA. The Company expects approximately 50% of the purchase price will be allocated to goodwill. ATS expects to complete the acquisition in the third quarter of fiscal 2014, subject to customary closing conditions, including applicable antitrust approvals. The acquisition is expected to be immediately accretive to Earnings Per Share (EPS) and Cash Flow Per Share (CFPS). Based on current financial results and near term expectations, the Company expects the transaction to contribute approximately 7 cents per share to EPS and approximately 19 cents per share to CFPS for FY2015.
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ATS Reports Second Quarter Fiscal 2012 Results
CAMBRIDGE, ON, Nov. 9, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported its financial results for the three and six months ended October 2, 2011 for its continuing operations (Automation Systems Group or "ASG") and discontinued operations ("Photowatt").
Financial Results
In millions of Canadian dollars,
except per share data 3 months
ended
October 2,
2011 3 months
ended
September 26,
2010 6 months
ended
October 2,
2011 6 months
ended
September 26,
2010
Revenues Continuing Operations $ 145.9 $ 114.3 $ 272.8 $ 216.1
Discontinued Operations $ 33.9 $ 45.1 $ 96.7 $ 93.9
EBITDA Continuing Operations $ 16.2 $ 9.5 $ 29.8 $ 20.1
Net income
(loss) Continuing Operations $ 9.3 $ 4.8 $ 15.5 $ 10.4
Discontinued Operations $ (76.4) $ (2.9) $ (87.6) $ (3.3)
Earnings per
share From continuing operations
(basic & diluted) $ 0.11 $ 0.05 $ 0.18 $ 0.12
From discontinued operations
(basic & diluted) $ (0.87) $ (0.04) $ (1.00) $ (0.04)
"ASG delivered strong performance from the base business as well as Sortimat and ATW," said Anthony Caputo, Chief Executive Officer. "We have record ASG Order Backlog and turned the corner on separation. We will now focus on growth."
Second Quarter Summary of Continuing Operations
Consolidated revenues from continuing operations were $145.9 million, 28% higher than the corresponding period a year ago, and 15% higher than the first quarter of fiscal 2012;
Earnings from continuing operations for the second quarter of fiscal 2012 were $13.3 million (9% operating margin) compared to $6.6 million (6% operating margin) in the corresponding period a year ago and $10.5 million (8% operating margin) in the first quarter of this fiscal year, reflecting higher revenues and gross margins;
Order Bookings increased 5% to $165.0 million from $157.0 million in the first quarter of fiscal 2012 and increased 57% year over year from $105.0 million in the second quarter of fiscal 2011, reflecting higher activity levels in transportation and life sciences;
Period end Order Backlog was a record $363.0 million, an increase of 11% from $328.0 million in the first quarter of this fiscal year and up from $208.0 million a year ago; and
The Company's balance sheet was strong with cash net of debt of $60.0 million and unutilized credit facilities of $58.2 million were available under existing operating and long-term credit facilities and another $26.6 million of credit was available under letter of credit facilities.
By industrial market, revenues from life sciences decreased 6% year over year despite higher Order Backlog entering the second quarter compared to a year ago, reflecting longer performance periods on certain programs. The 30% decrease in computer-electronics revenues reflected lower activity compared to a year ago. Revenues generated in the energy market decreased 38% on lower Order Backlog entering the second quarter compared to a year ago, reflecting lower activity primarily in the solar energy market. The 418% increase in transportation revenues compared to a year ago primarily reflected higher Order Backlog entering the second quarter compared to a year ago and the inclusion of ATW. "Other" revenues decreased 27% year over year primarily due to decreased revenues in the consumer products market. Order Bookings were $47 million during the first 5 weeks of the third quarter of fiscal 2012.
Second Quarter Summary of Discontinued Operations
The Company's solar operations were classified as "Assets / Liabilities associated with discontinued operations" on the balance sheet and as "discontinued operations" on the income statement.
Discontinued Operations Summary
Photowatt's fiscal 2012 second quarter revenues of $33.9 million were 46% lower than in the first quarter of fiscal 2012, primarily reflecting the decrease in average selling prices, and declined 25% from $45.1 million a year ago;
Photowatt fiscal 2012 second quarter loss from operations was $71.3 million compared to a loss from operations of $2.6 million a year ago and included:
$18.1 million of non-cash charges related to the write-down of inventory to its net realizable value, following declines in market average selling prices due to declining demand and excess module supply in the European solar industry;
$24.1 million of charges related to the termination of certain silicon and wafer supply contracts, including non-cash asset impairment charges of $19.9 million;
A further $8.8 million in non-cash charges related to silicon deposits that the Company does not expect to utilize;
$3.1 million of write-downs to receivables that are not expected to be recovered; and
Non-cash fixed asset and goodwill impairment charges of $4.3 million and $5.5 million respectively to write down assets to their expected recoverable amounts.
Excluding the charges taken in the second fiscal quarter of 2012, the quarter-over-quarter decrease in operating results reflected lower average selling prices which were partially offset by lower direct manufacturing costs-per-watt. Second quarter fiscal 2012 operating results were also negatively impacted by higher spending on costs related to the separation of Photowatt.
Included in fiscal 2012 income tax expenses was the write-off of deferred tax assets of $4.4 million as the Company no longer expects to realize the benefit of those deferred tax assets.
Photowatt Separation
During the year ended March 31, 2011, the Company's Board of Directors approved a plan designed to implement the separation of Photowatt from ATS via a dual-track process involving either a spinoff of the Company's combined solar businesses or a sale of Photowatt France ("PWF") and/or Photowatt Ontario ("PWO"). Subsequent to the end of the second quarter, discussions with parties in regards to a sale of PWF concluded without producing an acceptable transaction. As announced on November 4, 2011, the deterioration of economic conditions and the solar market in Europe (and in particular increased Asian competition and lower demand for solar products in France), have severely impacted PWF. The Company re-examined the spinoff alternative and concluded it was not viable. Other options in relation to PWF have been exhausted and given the aforementioned conditions, PWF's filing for bankruptcy became necessary. On November 4, 2011, PWF filed an application with French bankruptcy courts for the opening of bankruptcy proceedings.
On November 8, 2011, a hearing was held at which time the bankruptcy court placed PWF into a "recovery" proceeding ("redressement judiciaire") under the supervision of a court appointed trustee. The objective of such a recovery process is to explore opportunities for PWF's operations in an effort to preserve jobs and maximize value. During the recovery process, ATS expects to provide funding for a period of three months. ATS notes that the French bankruptcy process is different from the North American process and requires a more collaborative approach. There may be a number of matters that will require due consideration throughout the course of the process, and which could give rise to additional expenditures. The Company is engaged with experienced external advisors who have significant subject matter expertise to assist with this process.
ATS 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 the other solar assets. These opportunities are expected to positively impact cash during the next six months. Specifically,
ATS has initiated a formal sale process for PWO.
ATS has received a non-binding letter of intent for the purchase of an ATS-owned building in France that formerly housed PWF module assembly.
Management expects that, if completed, the proceeds from these opportunities will offset the go-forward losses and cash outflows that will result from the bankruptcy process.
CAMBRIDGE, ON, Nov. 9, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported its financial results for the three and six months ended October 2, 2011 for its continuing operations (Automation Systems Group or "ASG") and discontinued operations ("Photowatt").
Financial Results
In millions of Canadian dollars,
except per share data 3 months
ended
October 2,
2011 3 months
ended
September 26,
2010 6 months
ended
October 2,
2011 6 months
ended
September 26,
2010
Revenues Continuing Operations $ 145.9 $ 114.3 $ 272.8 $ 216.1
Discontinued Operations $ 33.9 $ 45.1 $ 96.7 $ 93.9
EBITDA Continuing Operations $ 16.2 $ 9.5 $ 29.8 $ 20.1
Net income
(loss) Continuing Operations $ 9.3 $ 4.8 $ 15.5 $ 10.4
Discontinued Operations $ (76.4) $ (2.9) $ (87.6) $ (3.3)
Earnings per
share From continuing operations
(basic & diluted) $ 0.11 $ 0.05 $ 0.18 $ 0.12
From discontinued operations
(basic & diluted) $ (0.87) $ (0.04) $ (1.00) $ (0.04)
"ASG delivered strong performance from the base business as well as Sortimat and ATW," said Anthony Caputo, Chief Executive Officer. "We have record ASG Order Backlog and turned the corner on separation. We will now focus on growth."
Second Quarter Summary of Continuing Operations
Consolidated revenues from continuing operations were $145.9 million, 28% higher than the corresponding period a year ago, and 15% higher than the first quarter of fiscal 2012;
Earnings from continuing operations for the second quarter of fiscal 2012 were $13.3 million (9% operating margin) compared to $6.6 million (6% operating margin) in the corresponding period a year ago and $10.5 million (8% operating margin) in the first quarter of this fiscal year, reflecting higher revenues and gross margins;
Order Bookings increased 5% to $165.0 million from $157.0 million in the first quarter of fiscal 2012 and increased 57% year over year from $105.0 million in the second quarter of fiscal 2011, reflecting higher activity levels in transportation and life sciences;
Period end Order Backlog was a record $363.0 million, an increase of 11% from $328.0 million in the first quarter of this fiscal year and up from $208.0 million a year ago; and
The Company's balance sheet was strong with cash net of debt of $60.0 million and unutilized credit facilities of $58.2 million were available under existing operating and long-term credit facilities and another $26.6 million of credit was available under letter of credit facilities.
By industrial market, revenues from life sciences decreased 6% year over year despite higher Order Backlog entering the second quarter compared to a year ago, reflecting longer performance periods on certain programs. The 30% decrease in computer-electronics revenues reflected lower activity compared to a year ago. Revenues generated in the energy market decreased 38% on lower Order Backlog entering the second quarter compared to a year ago, reflecting lower activity primarily in the solar energy market. The 418% increase in transportation revenues compared to a year ago primarily reflected higher Order Backlog entering the second quarter compared to a year ago and the inclusion of ATW. "Other" revenues decreased 27% year over year primarily due to decreased revenues in the consumer products market. Order Bookings were $47 million during the first 5 weeks of the third quarter of fiscal 2012.
Second Quarter Summary of Discontinued Operations
The Company's solar operations were classified as "Assets / Liabilities associated with discontinued operations" on the balance sheet and as "discontinued operations" on the income statement.
Discontinued Operations Summary
Photowatt's fiscal 2012 second quarter revenues of $33.9 million were 46% lower than in the first quarter of fiscal 2012, primarily reflecting the decrease in average selling prices, and declined 25% from $45.1 million a year ago;
Photowatt fiscal 2012 second quarter loss from operations was $71.3 million compared to a loss from operations of $2.6 million a year ago and included:
$18.1 million of non-cash charges related to the write-down of inventory to its net realizable value, following declines in market average selling prices due to declining demand and excess module supply in the European solar industry;
$24.1 million of charges related to the termination of certain silicon and wafer supply contracts, including non-cash asset impairment charges of $19.9 million;
A further $8.8 million in non-cash charges related to silicon deposits that the Company does not expect to utilize;
$3.1 million of write-downs to receivables that are not expected to be recovered; and
Non-cash fixed asset and goodwill impairment charges of $4.3 million and $5.5 million respectively to write down assets to their expected recoverable amounts.
Excluding the charges taken in the second fiscal quarter of 2012, the quarter-over-quarter decrease in operating results reflected lower average selling prices which were partially offset by lower direct manufacturing costs-per-watt. Second quarter fiscal 2012 operating results were also negatively impacted by higher spending on costs related to the separation of Photowatt.
Included in fiscal 2012 income tax expenses was the write-off of deferred tax assets of $4.4 million as the Company no longer expects to realize the benefit of those deferred tax assets.
Photowatt Separation
During the year ended March 31, 2011, the Company's Board of Directors approved a plan designed to implement the separation of Photowatt from ATS via a dual-track process involving either a spinoff of the Company's combined solar businesses or a sale of Photowatt France ("PWF") and/or Photowatt Ontario ("PWO"). Subsequent to the end of the second quarter, discussions with parties in regards to a sale of PWF concluded without producing an acceptable transaction. As announced on November 4, 2011, the deterioration of economic conditions and the solar market in Europe (and in particular increased Asian competition and lower demand for solar products in France), have severely impacted PWF. The Company re-examined the spinoff alternative and concluded it was not viable. Other options in relation to PWF have been exhausted and given the aforementioned conditions, PWF's filing for bankruptcy became necessary. On November 4, 2011, PWF filed an application with French bankruptcy courts for the opening of bankruptcy proceedings.
On November 8, 2011, a hearing was held at which time the bankruptcy court placed PWF into a "recovery" proceeding ("redressement judiciaire") under the supervision of a court appointed trustee. The objective of such a recovery process is to explore opportunities for PWF's operations in an effort to preserve jobs and maximize value. During the recovery process, ATS expects to provide funding for a period of three months. ATS notes that the French bankruptcy process is different from the North American process and requires a more collaborative approach. There may be a number of matters that will require due consideration throughout the course of the process, and which could give rise to additional expenditures. The Company is engaged with experienced external advisors who have significant subject matter expertise to assist with this process.
ATS 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 the other solar assets. These opportunities are expected to positively impact cash during the next six months. Specifically,
ATS has initiated a formal sale process for PWO.
ATS has received a non-binding letter of intent for the purchase of an ATS-owned building in France that formerly housed PWF module assembly.
Management expects that, if completed, the proceeds from these opportunities will offset the go-forward losses and cash outflows that will result from the bankruptcy process.
Antwort auf Beitrag Nr.: 42.249.581 von R-BgO am 24.10.11 12:26:45bumm!:
Photowatt France Engages Works Council Regarding Bankruptcy Proceedings
CAMBRIDGE, ON, Nov. 4, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced that, as required under French Law, its Photowatt International S.A.S subsidiary in Bourgoin-Jallieu, France ("PWF") has initiated an information/consultation process with its employee works council regarding the filing of an application with French Courts for the opening of bankruptcy proceedings with a view to asking for the protection of the bankruptcy Courts. PWF expects to pursue a "recovery" proceeding ("redressement judiciaire") under the supervision of a court appointed trustee. The objective of such a recovery process is to explore opportunities for PWF's operations in an effort to preserve jobs and maximize value.
For over a year ATS has considered a broad range of options for the separation of its solar business from its automation business, including a process involving a spinoff of the Company's combined solar businesses or a sale of PWF and/or Photowatt Ontario ("PWO"). The sale process for PWF recently concluded without producing an acceptable transaction. The deterioration of economic conditions and the solar market in Europe (and in particular increased Asian competition and lower demand for solar products in France), have severely impacted PWF. The Company re-examined the spinoff alternative and has concluded it is not viable. Other options in relation to PWF have been exhausted and given the aforementioned conditions, taking steps towards a bankruptcy filing has become necessary.
"Having explored all separation avenues, ATS will support PWF and its employees through a potential recovery process," said Anthony Caputo, ATS Chief Executive Officer. "We plan to separate the PWO solar assets within the next six months. Looking forward, in terms of creating value, we have a solid core business, we are growing organically and through acquisition and are positioned to continue to execute our strategy."
In order to support PWF and its employees, ATS intends to offer funding for three months during a recovery period. ATS notes that the French bankruptcy process is different from the North American process, and requires a more collaborative approach. ATS has identified a number of matters that will be given due consideration throughout the course of the process, and which could give rise to additional expenditures. The Company is engaged with experienced external advisors, who have significant subject matter expertise, to assist with this process.
ATS 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 the other solar assets. These opportunities are expected to positively impact cash during the next six months. Specifically,
ATS is initiating a formal sale process for Photowatt Ontario.
ATS has received a non-binding letter of intent for the purchase of an ATS- owned building in France that formerly housed PWF module assembly.
Management expects that, if completed, the proceeds from these opportunities will offset the go-forward losses and cash outflows that will result from the bankruptcy process. Since April 1, 2011 the solar business of ATS has been reported as Discontinued Operations.
For the second quarter of fiscal 2012, ATS expects to record impairment charges and write-offs totalling $64 million related to PWF operations, including the previously announced $24 million of charges related to the termination of certain silicon and wafer supply agreements and other charges related to inventories, silicon deposits, and other PWF assets. This charge does not include the go-forward losses and cash outflows referred to above.
In fiscal 2011, ATS's continuing Automation Systems Group ("ASG") operations recorded revenues of $485.3 million and net income from continuing operations of $27.9 million. Revenues and net income in the first quarter of fiscal 2012 were $126.9 million and $6.2 million, respectively, and Order Backlog entering the second quarter of fiscal 2012 was $328 million.
Photowatt France Engages Works Council Regarding Bankruptcy Proceedings
CAMBRIDGE, ON, Nov. 4, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced that, as required under French Law, its Photowatt International S.A.S subsidiary in Bourgoin-Jallieu, France ("PWF") has initiated an information/consultation process with its employee works council regarding the filing of an application with French Courts for the opening of bankruptcy proceedings with a view to asking for the protection of the bankruptcy Courts. PWF expects to pursue a "recovery" proceeding ("redressement judiciaire") under the supervision of a court appointed trustee. The objective of such a recovery process is to explore opportunities for PWF's operations in an effort to preserve jobs and maximize value.
For over a year ATS has considered a broad range of options for the separation of its solar business from its automation business, including a process involving a spinoff of the Company's combined solar businesses or a sale of PWF and/or Photowatt Ontario ("PWO"). The sale process for PWF recently concluded without producing an acceptable transaction. The deterioration of economic conditions and the solar market in Europe (and in particular increased Asian competition and lower demand for solar products in France), have severely impacted PWF. The Company re-examined the spinoff alternative and has concluded it is not viable. Other options in relation to PWF have been exhausted and given the aforementioned conditions, taking steps towards a bankruptcy filing has become necessary.
"Having explored all separation avenues, ATS will support PWF and its employees through a potential recovery process," said Anthony Caputo, ATS Chief Executive Officer. "We plan to separate the PWO solar assets within the next six months. Looking forward, in terms of creating value, we have a solid core business, we are growing organically and through acquisition and are positioned to continue to execute our strategy."
In order to support PWF and its employees, ATS intends to offer funding for three months during a recovery period. ATS notes that the French bankruptcy process is different from the North American process, and requires a more collaborative approach. ATS has identified a number of matters that will be given due consideration throughout the course of the process, and which could give rise to additional expenditures. The Company is engaged with experienced external advisors, who have significant subject matter expertise, to assist with this process.
ATS 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 the other solar assets. These opportunities are expected to positively impact cash during the next six months. Specifically,
ATS is initiating a formal sale process for Photowatt Ontario.
ATS has received a non-binding letter of intent for the purchase of an ATS- owned building in France that formerly housed PWF module assembly.
Management expects that, if completed, the proceeds from these opportunities will offset the go-forward losses and cash outflows that will result from the bankruptcy process. Since April 1, 2011 the solar business of ATS has been reported as Discontinued Operations.
For the second quarter of fiscal 2012, ATS expects to record impairment charges and write-offs totalling $64 million related to PWF operations, including the previously announced $24 million of charges related to the termination of certain silicon and wafer supply agreements and other charges related to inventories, silicon deposits, and other PWF assets. This charge does not include the go-forward losses and cash outflows referred to above.
In fiscal 2011, ATS's continuing Automation Systems Group ("ASG") operations recorded revenues of $485.3 million and net income from continuing operations of $27.9 million. Revenues and net income in the first quarter of fiscal 2012 were $126.9 million and $6.2 million, respectively, and Order Backlog entering the second quarter of fiscal 2012 was $328 million.
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CAMBRIDGE, ON, Oct. 24, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today provided the following updates on its previously announced dual-track process involving a spinoff of the Company's combined solar businesses or a sale of Photowatt France ("PWF") and/or Photowatt Ontario ("PWO"):
Detailed discussions with parties in regards to a sale of PWF have recently concluded without producing an acceptable transaction.
The state of economic conditions in Europe and further deterioration in the demand for solar products in France, and the rest of Europe, are negatively impacting PWF and have prompted the Company to re-examine the viability of the spinoff alternative.
Given these developments and the significant reduction in off-balance sheet obligations at PWF (as previously announced), ATS is reconsidering a broader set of strategic options for both PWF and PWO.
ATS remains committed to the separation of its solar business and expects a modest delay to the previously announced timeline. The Company still expects to complete the separation without materially impacting growth plans for its core automation business.
CAMBRIDGE, ON, Oct. 24, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today provided the following updates on its previously announced dual-track process involving a spinoff of the Company's combined solar businesses or a sale of Photowatt France ("PWF") and/or Photowatt Ontario ("PWO"):
Detailed discussions with parties in regards to a sale of PWF have recently concluded without producing an acceptable transaction.
The state of economic conditions in Europe and further deterioration in the demand for solar products in France, and the rest of Europe, are negatively impacting PWF and have prompted the Company to re-examine the viability of the spinoff alternative.
Given these developments and the significant reduction in off-balance sheet obligations at PWF (as previously announced), ATS is reconsidering a broader set of strategic options for both PWF and PWO.
ATS remains committed to the separation of its solar business and expects a modest delay to the previously announced timeline. The Company still expects to complete the separation without materially impacting growth plans for its core automation business.
CAMBRIDGE, ON, Sept. 28, 2011 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced that its Photowatt France ("PWF") subsidiary has reached agreements to terminate certain of its silicon and wafer supply contracts.
As a result of the termination agreements, the Company expects that PWF will incur charges of 17.5 million Euro in the second quarter ending October 2, 2011, including asset impairment charges of 14.5 million Euro, representing previously paid deposits. The supply of silicon and wafers represented by these agreements is not required to meet current and planned manufacturing capacities. The termination agreements will eliminate commitments over the next 6 years to purchase approximately 180 million Euro of silicon and wafers at contractual prices in excess of current spot market levels.
As a result of the termination agreements, the Company expects that PWF will incur charges of 17.5 million Euro in the second quarter ending October 2, 2011, including asset impairment charges of 14.5 million Euro, representing previously paid deposits. The supply of silicon and wafers represented by these agreements is not required to meet current and planned manufacturing capacities. The termination agreements will eliminate commitments over the next 6 years to purchase approximately 180 million Euro of silicon and wafers at contractual prices in excess of current spot market levels.
CAMBRIDGE, ON, June 1, 2011 /CNW/ - ATS Automation Tooling Systems Inc. ("ATS") today announced that its subsidiary, Photowatt Ontario Inc., has entered into a supply agreement with Hanwha SolarOne (Qidong) Co. Ltd., a subsidiary of Hanwha SolarOne Co., Ltd., to produce Hanwha SolarOne photovoltaic modules for the Ontario marketplace.
The agreement is for Photowatt Ontario to produce and deliver approximately 160 megawatts of modules over four years, using cells supplied by Hanwha SolarOne with the potential for the parties to increase the volumes by up to another 160 megawatts over the four-year period. The modules, which are intended to serve demand in connection with the Ontario Feed in Tariff ("FIT") program, will be fully compliant with FIT and Micro FIT Program domestic content requirements. The agreement is subject to Photowatt Ontario satisfying itself with respect to certain technical information to be provided by Hanwha SolarOne. Shipments are currently expected to begin in October.
Photowatt Ontario will produce the modules at its photovoltaic module facility in the Green Wing of the ATS campus in Cambridge, Ontario. The "Made in Ontario" production facility, designed and built by the ATS Automation Systems Group's Cambridge division, serves Ontario's rapidly growing demand for solar energy products in residential, commercial and industrial markets as well as large-scale solar fields.
Chris Waters, Vice President and General Manager of Photowatt Ontario said: "We are very pleased to be able to assist a proven international photovoltaic company such as Hanwha SolarOne to establish in Ontario. ATS's core strengths in manufacturing automation, combined with Photowatt Ontario's solar manufacturing excellence give us an advantage in serving the rapidly growing Ontario renewable energy market. For these reasons, we are the partner of choice for many global PV companies and domestic developers alike. Working closely with ATS, Photowatt Ontario has the solar and automation know-how, facilities and resources to rapidly expand module production capacity as demand from the Ontario marketplace continues to grow."
"Our new customer relationship with Hanwha SolarOne is another positive development for Photowatt Ontario and its employees in Cambridge, as Photowatt Ontario continues to grow as a leading provider of solar solutions in Ontario and beyond," said Anthony Caputo, President and CEO, ATS. "The Green Energy Act, feed-in tariff program and domestic content goals have provided an excellent foundation for both ATS and Photowatt Ontario to apply our skills and experience to serve our home market."
Dr. Peter Xie, President and Chief Executive Officer of Hanwha SolarOne, added, "We are pleased to expand our brand to the Ontario market by joining forces with two of Canada's finest local manufacturing companies, ATS and Photowatt Ontario. Ontario's commitment to long-term renewable energy investment under the Ontario Green Energy Act provides us many favorable incentives for future growth. Likewise, Hanwha SolarOne's high-quality, cost-effective PV modules are especially suited to the needs of Ontario's domestic developers. The local expertise of ATS and Photowatt Ontario, combined with our established and growing presence in North America, will allow us to offer close management of distributors and superior customer support to the province."
Bruce Ludemann, Vice President & General Manager of Hanwha SolarOne, North America said: "We will establish a regional office in Ontario, staffed with business development, technical support and administrative personnel."
About Photowatt Ontario
Photowatt Ontario has been established as part of the Photowatt group to serve the Ontario solar market. Combined with ATS, it is uniquely positioned, with over one million square feet of Ontario-based manufacturing, substantial automation and project expertise and extensive global solar capabilities and experience to be a natural domestic solar market leader. The module line is one element of Photowatt Ontario's investment in Ontario to serve the Ontario solar market with module manufacturing and turnkey solar project development and installations. Photowatt Ontario is also developing solar projects directly, including 64 megawatts of large-scale renewable energy projects in Northern Ontario with a joint venture partner and is actively pursuing partnerships with developers/building owners/operators and municipalities for roof-top solar installations.
The Photowatt group is a turnkey solar project developer and integrated manufacturer. Photowatt designs, manufactures and sells solar modules, and installation kits, and provides solar power systems design and other value-added services, principally in Western Europe and Ontario. Photowatt France has a well-established and ongoing research and development program, alliances with energy industry leaders through the PV Alliance joint venture and 30 years of experience in processing silicon and making ingots, wafers, cells and modules. Visit the Photowatt website at www.photowatt.com and the Photowatt Ontario website at www.photowattontario.com.
The agreement is for Photowatt Ontario to produce and deliver approximately 160 megawatts of modules over four years, using cells supplied by Hanwha SolarOne with the potential for the parties to increase the volumes by up to another 160 megawatts over the four-year period. The modules, which are intended to serve demand in connection with the Ontario Feed in Tariff ("FIT") program, will be fully compliant with FIT and Micro FIT Program domestic content requirements. The agreement is subject to Photowatt Ontario satisfying itself with respect to certain technical information to be provided by Hanwha SolarOne. Shipments are currently expected to begin in October.
Photowatt Ontario will produce the modules at its photovoltaic module facility in the Green Wing of the ATS campus in Cambridge, Ontario. The "Made in Ontario" production facility, designed and built by the ATS Automation Systems Group's Cambridge division, serves Ontario's rapidly growing demand for solar energy products in residential, commercial and industrial markets as well as large-scale solar fields.
Chris Waters, Vice President and General Manager of Photowatt Ontario said: "We are very pleased to be able to assist a proven international photovoltaic company such as Hanwha SolarOne to establish in Ontario. ATS's core strengths in manufacturing automation, combined with Photowatt Ontario's solar manufacturing excellence give us an advantage in serving the rapidly growing Ontario renewable energy market. For these reasons, we are the partner of choice for many global PV companies and domestic developers alike. Working closely with ATS, Photowatt Ontario has the solar and automation know-how, facilities and resources to rapidly expand module production capacity as demand from the Ontario marketplace continues to grow."
"Our new customer relationship with Hanwha SolarOne is another positive development for Photowatt Ontario and its employees in Cambridge, as Photowatt Ontario continues to grow as a leading provider of solar solutions in Ontario and beyond," said Anthony Caputo, President and CEO, ATS. "The Green Energy Act, feed-in tariff program and domestic content goals have provided an excellent foundation for both ATS and Photowatt Ontario to apply our skills and experience to serve our home market."
Dr. Peter Xie, President and Chief Executive Officer of Hanwha SolarOne, added, "We are pleased to expand our brand to the Ontario market by joining forces with two of Canada's finest local manufacturing companies, ATS and Photowatt Ontario. Ontario's commitment to long-term renewable energy investment under the Ontario Green Energy Act provides us many favorable incentives for future growth. Likewise, Hanwha SolarOne's high-quality, cost-effective PV modules are especially suited to the needs of Ontario's domestic developers. The local expertise of ATS and Photowatt Ontario, combined with our established and growing presence in North America, will allow us to offer close management of distributors and superior customer support to the province."
Bruce Ludemann, Vice President & General Manager of Hanwha SolarOne, North America said: "We will establish a regional office in Ontario, staffed with business development, technical support and administrative personnel."
About Photowatt Ontario
Photowatt Ontario has been established as part of the Photowatt group to serve the Ontario solar market. Combined with ATS, it is uniquely positioned, with over one million square feet of Ontario-based manufacturing, substantial automation and project expertise and extensive global solar capabilities and experience to be a natural domestic solar market leader. The module line is one element of Photowatt Ontario's investment in Ontario to serve the Ontario solar market with module manufacturing and turnkey solar project development and installations. Photowatt Ontario is also developing solar projects directly, including 64 megawatts of large-scale renewable energy projects in Northern Ontario with a joint venture partner and is actively pursuing partnerships with developers/building owners/operators and municipalities for roof-top solar installations.
The Photowatt group is a turnkey solar project developer and integrated manufacturer. Photowatt designs, manufactures and sells solar modules, and installation kits, and provides solar power systems design and other value-added services, principally in Western Europe and Ontario. Photowatt France has a well-established and ongoing research and development program, alliances with energy industry leaders through the PV Alliance joint venture and 30 years of experience in processing silicon and making ingots, wafers, cells and modules. Visit the Photowatt website at www.photowatt.com and the Photowatt Ontario website at www.photowattontario.com.
CAMBRIDGE, ON, Feb. 2 /CNW/ - ATS Automation Tooling Systems Inc. ("ATS" or the "Company") today reported its financial results for the three and nine months ended December 26, 2010.
Third Quarter Summary
Consolidated revenues were $192.5 million compared to $162.0 million in the second quarter of the fiscal year and $138.1 million in the same period a year ago;
Consolidated loss from operations was $8.5 million compared to earnings from operations of $5.5 million in the second quarter of the fiscal year and earnings from operations of $4.7 million in the same period a year ago;
The Company recorded a $9.0 million provision related to a restructuring project at Photowatt France ("PWF") (subject to the ongoing notification and consultation process with employee works council in accordance with French law) and related legal and advisory services. The restructuring project is intended to: grow systems sales in France; reduce factory costs; and improve the supply chain;
Third quarter loss per share was $0.14 compared to per share earnings of $0.04 (basic and diluted) in the second quarter of the fiscal year and per share earnings of $0.04 (basic and diluted) in the same period a year ago;
The Company's balance sheet was strong with cash net of debt of $95.3 million at December 26, 2010;
On January 5, 2011, the Company completed the acquisition of the majority of Assembly & Test Worldwide Inc.'s U.S. and German-based automation and test systems businesses (collectively "ATW"); and
The Company made progress on the contemplated separation of Photowatt through advancing a dual track process; a potential spinoff of the Company's solar business to shareholders or a potential sale of PWF.
"Our Automation Systems Group ("ASG") performance was strong and we saw improvements in our markets, however losses at PWF negatively impacted consolidated results," said Anthony Caputo, Chief Executive Officer. "We are beginning to see the return of larger opportunities in ASG, and with recent acquisitions, continue to expand our core business. Photowatt has initiated a restructuring project designed to recover competitiveness. The Company is pursuing a clear path to prepare for the contemplated separation of Photowatt."
Revenues increased to $124.7 million in the third quarter of fiscal 2011 compared to second quarter revenues of $117.8 million and $78.6 million a year ago reflecting the addition of Sortimat and improved Order Bookings compared to the prior periods;
EBITDA was $16.8 million compared to $17.0 million in the second quarter of this fiscal year and $10.0 million in the same period a year ago;
Earnings from operations were $14.4 million (operating margin of 12%) compared to $14.5 million (operating margin of 12%) in the second quarter of this fiscal year and $8.4 million (operating margin of 11%) in the same period a year ago;
Period end Order Backlog was $215 million, an increase of 3% from $208 million in the second quarter of this fiscal year and up 6% from $203 million a year ago;
Order Bookings were 27% higher at $133 million compared to $105 million in the second quarter of fiscal 2011 and 45% higher compared to $92 million in the third quarter of fiscal 2010;
Order Bookings were $73 million during the first five weeks of the fourth quarter.
On the 59% year-over-year increase in revenues in the third quarter, ASG's operating margin increased to 12% from 11%, despite the inclusion of Sortimat, which had lower operating margins than other ASG operations, and incremental amortization related to identifiable intangible assets recorded on the acquisition of Sortimat. Revenues increased year over year by 19% in life sciences, 1% in computer-electronics, 146% in energy, 45% in transportation, and 263% in "other" markets (primarily consumer products). Increased volumes were partially offset by year-over-year foreign exchange rate changes which negatively impacted the translation of revenues due to the strong Canadian dollar relative to the U.S. dollar and Euro.
The addition of ATW's capability in specialized automation and test systems, customer relationships, and critical mass has enabled the launch of a transportation group within ASG. Integration of ATW is underway with a focus on applying best practices. Until the integrations of ATW and Sortimat are complete, ASG operating margins will be negatively impacted. Sortimat's integration is progressing well with cost reductions made in the third quarter.
Photowatt Third Quarter Results
Revenues were $73.0 million, a 62% increase over fiscal 2011 second quarter revenues of $45.1 million and a 22% increase from $59.7 million a year ago;
EBITDA was negative $12.8 million compared to EBITDA of $0.9 million in the second quarter of fiscal 2011 and EBITDA of $5.7 million a year ago;
Loss from operations was $16.3 million compared to a loss from operations of $2.6 million in the second quarter of fiscal 2011 and operating earnings of $1.6 million a year ago;
Total megawatts (MWs) sold increased 64% to 16.4 MWs from 10.0 MWs in the second quarter of fiscal 2011, and were 28% higher than the 12.8 MWs sold a year ago.
Third quarter fiscal 2011 revenues included $17.4 million of revenues generated primarily from the sale of excess raw material inventory, which was sold for approximately its net book value. Excluding the revenues from raw material sales, the year-over-year decrease in revenues reflected lower average selling prices and the strong Canadian dollar relative to the Euro, which negatively impacted the translation of revenues earned at PWF. These decreases were partially offset by higher MWs sold and initial revenues generated at PWO in the third quarter of fiscal 2011. Revenues from the sale of systems decreased 17% to $31.8 million from $38.5 million a year ago. Photowatt's third quarter operating loss included a $9.0 million restructuring provision related to the restructuring project (subject to the ongoing notification and consultation process with employee works council in accordance with French law) and related legal and advisory services at PWF. The decline in Photowatt's operating margin also reflected incremental costs incurred at PWO as well as higher operating costs incurred at Photowatt's joint venture, PV Alliance, as activity ramped-up in advance of the fourth quarter launch of its 25 MW cell line.
Quarterly Conference Call
ATS's quarterly conference call begins at 10 am eastern today and can be accessed over the Internet at www.atsautomation.com or on the phone at 416 644 3418.
Third Quarter Summary
Consolidated revenues were $192.5 million compared to $162.0 million in the second quarter of the fiscal year and $138.1 million in the same period a year ago;
Consolidated loss from operations was $8.5 million compared to earnings from operations of $5.5 million in the second quarter of the fiscal year and earnings from operations of $4.7 million in the same period a year ago;
The Company recorded a $9.0 million provision related to a restructuring project at Photowatt France ("PWF") (subject to the ongoing notification and consultation process with employee works council in accordance with French law) and related legal and advisory services. The restructuring project is intended to: grow systems sales in France; reduce factory costs; and improve the supply chain;
Third quarter loss per share was $0.14 compared to per share earnings of $0.04 (basic and diluted) in the second quarter of the fiscal year and per share earnings of $0.04 (basic and diluted) in the same period a year ago;
The Company's balance sheet was strong with cash net of debt of $95.3 million at December 26, 2010;
On January 5, 2011, the Company completed the acquisition of the majority of Assembly & Test Worldwide Inc.'s U.S. and German-based automation and test systems businesses (collectively "ATW"); and
The Company made progress on the contemplated separation of Photowatt through advancing a dual track process; a potential spinoff of the Company's solar business to shareholders or a potential sale of PWF.
"Our Automation Systems Group ("ASG") performance was strong and we saw improvements in our markets, however losses at PWF negatively impacted consolidated results," said Anthony Caputo, Chief Executive Officer. "We are beginning to see the return of larger opportunities in ASG, and with recent acquisitions, continue to expand our core business. Photowatt has initiated a restructuring project designed to recover competitiveness. The Company is pursuing a clear path to prepare for the contemplated separation of Photowatt."
Revenues increased to $124.7 million in the third quarter of fiscal 2011 compared to second quarter revenues of $117.8 million and $78.6 million a year ago reflecting the addition of Sortimat and improved Order Bookings compared to the prior periods;
EBITDA was $16.8 million compared to $17.0 million in the second quarter of this fiscal year and $10.0 million in the same period a year ago;
Earnings from operations were $14.4 million (operating margin of 12%) compared to $14.5 million (operating margin of 12%) in the second quarter of this fiscal year and $8.4 million (operating margin of 11%) in the same period a year ago;
Period end Order Backlog was $215 million, an increase of 3% from $208 million in the second quarter of this fiscal year and up 6% from $203 million a year ago;
Order Bookings were 27% higher at $133 million compared to $105 million in the second quarter of fiscal 2011 and 45% higher compared to $92 million in the third quarter of fiscal 2010;
Order Bookings were $73 million during the first five weeks of the fourth quarter.
On the 59% year-over-year increase in revenues in the third quarter, ASG's operating margin increased to 12% from 11%, despite the inclusion of Sortimat, which had lower operating margins than other ASG operations, and incremental amortization related to identifiable intangible assets recorded on the acquisition of Sortimat. Revenues increased year over year by 19% in life sciences, 1% in computer-electronics, 146% in energy, 45% in transportation, and 263% in "other" markets (primarily consumer products). Increased volumes were partially offset by year-over-year foreign exchange rate changes which negatively impacted the translation of revenues due to the strong Canadian dollar relative to the U.S. dollar and Euro.
The addition of ATW's capability in specialized automation and test systems, customer relationships, and critical mass has enabled the launch of a transportation group within ASG. Integration of ATW is underway with a focus on applying best practices. Until the integrations of ATW and Sortimat are complete, ASG operating margins will be negatively impacted. Sortimat's integration is progressing well with cost reductions made in the third quarter.
Photowatt Third Quarter Results
Revenues were $73.0 million, a 62% increase over fiscal 2011 second quarter revenues of $45.1 million and a 22% increase from $59.7 million a year ago;
EBITDA was negative $12.8 million compared to EBITDA of $0.9 million in the second quarter of fiscal 2011 and EBITDA of $5.7 million a year ago;
Loss from operations was $16.3 million compared to a loss from operations of $2.6 million in the second quarter of fiscal 2011 and operating earnings of $1.6 million a year ago;
Total megawatts (MWs) sold increased 64% to 16.4 MWs from 10.0 MWs in the second quarter of fiscal 2011, and were 28% higher than the 12.8 MWs sold a year ago.
Third quarter fiscal 2011 revenues included $17.4 million of revenues generated primarily from the sale of excess raw material inventory, which was sold for approximately its net book value. Excluding the revenues from raw material sales, the year-over-year decrease in revenues reflected lower average selling prices and the strong Canadian dollar relative to the Euro, which negatively impacted the translation of revenues earned at PWF. These decreases were partially offset by higher MWs sold and initial revenues generated at PWO in the third quarter of fiscal 2011. Revenues from the sale of systems decreased 17% to $31.8 million from $38.5 million a year ago. Photowatt's third quarter operating loss included a $9.0 million restructuring provision related to the restructuring project (subject to the ongoing notification and consultation process with employee works council in accordance with French law) and related legal and advisory services at PWF. The decline in Photowatt's operating margin also reflected incremental costs incurred at PWO as well as higher operating costs incurred at Photowatt's joint venture, PV Alliance, as activity ramped-up in advance of the fourth quarter launch of its 25 MW cell line.
Quarterly Conference Call
ATS's quarterly conference call begins at 10 am eastern today and can be accessed over the Internet at www.atsautomation.com or on the phone at 416 644 3418.
CAMBRIDGE, ON, Nov. 25 /CNW/ - ATS Automation Tooling Systems Inc. ("ATS") today officially opened its Photowatt Ontario Green Wing production facility. The Hon. Brad Duguid, Minister of Energy and Hon. John Milloy, Member of Provincial Parliament for Kitchener Centre and Minister of Training, Colleges and Universities, were on-hand to help mark the major milestone for solar manufacturing in Ontario.
Photowatt Ontario offers turnkey solar project development, installation and solar products. Photowatt Ontario has begun production of Photovoltaic (PV) modules on a new 100MW line at the ATS campus in Cambridge Ontario. The "Made in Ontario" production will meet rapidly growing Ontario demand from residential, commercial and industrial markets as well as large-scale solar fields. The world-class line was designed and built by the ATS Cambridge Automation division.
ATS has made a significant investment to serve the Ontario solar market with module manufacturing and turnkey solar installations and has initially created 150 jobs at ATS. ATS expects to hire more as demand grows. ATS believes that overall job creation related to solar in the province will be similar to Europe, where solar industry experience and International Energy Agency analysis estimate approximately 40 jobs have been created for every megawatt of solar installed. ATS has the manufacturing automation knowhow, facilities and resources to rapidly expand beyond the initial 100MW capacity as demand from the Ontario marketplace and beyond grows.
"I'm extremely pleased to welcome the ATS Green Wing production facility to Ontario's growing clean energy economy," said Brad Duguid, provincial Energy Minister. "Photowatt Ontario is a great example of how the McGuinty government's vision for a vibrant renewable energy sector is coming to life. Our new Long-Term Energy Plan will ensure we continue on this path, and that companies like ATS remain an important part of our plan to clean up our air and create thousands of clean energy jobs for Ontarians."
"This is an important new facility for Ontario and Waterloo Region," said John Milloy, MPP for Kitchener Centre and Minister of Training, Colleges and Universities. "This investment by ATS in clean energy is helping to bring the kind of highly-skilled jobs to our province that will help fuel the knowledge economy of the future. It will contribute to a strong and competitive Ontario, and will help keep our environment clean for future generations."
"We commend Ontario for taking meaningful steps in addressing our aging electrical transmission system, green house gas emissions, outdated power generation and manufacturing jobs lost in the economic downturn of 2008," said Anthony Caputo, president and CEO, ATS Automation. "The Green Energy Act is very progressive and the feed-in tariff program accomplishes many of these multifaceted objectives."
Government support through its Green Energy Act is credited with advancing the acceptance of solar power at a crucial point in its evolution.
"The module line is one important element of ATS' Green Wing. We have started with panel manufacturing but are in numerous discussions with potential partners in many facets of the green energy industry. Industry seeks stability, predictability and steadfast application of rules and regulations. This type of environment will continue to attract investment, respect the competitive process, foster innovation and create new jobs," Caputo concluded.
Photowatt Ontario offers turnkey solar project development, installation and solar products. Photowatt Ontario has begun production of Photovoltaic (PV) modules on a new 100MW line at the ATS campus in Cambridge Ontario. The "Made in Ontario" production will meet rapidly growing Ontario demand from residential, commercial and industrial markets as well as large-scale solar fields. The world-class line was designed and built by the ATS Cambridge Automation division.
ATS has made a significant investment to serve the Ontario solar market with module manufacturing and turnkey solar installations and has initially created 150 jobs at ATS. ATS expects to hire more as demand grows. ATS believes that overall job creation related to solar in the province will be similar to Europe, where solar industry experience and International Energy Agency analysis estimate approximately 40 jobs have been created for every megawatt of solar installed. ATS has the manufacturing automation knowhow, facilities and resources to rapidly expand beyond the initial 100MW capacity as demand from the Ontario marketplace and beyond grows.
"I'm extremely pleased to welcome the ATS Green Wing production facility to Ontario's growing clean energy economy," said Brad Duguid, provincial Energy Minister. "Photowatt Ontario is a great example of how the McGuinty government's vision for a vibrant renewable energy sector is coming to life. Our new Long-Term Energy Plan will ensure we continue on this path, and that companies like ATS remain an important part of our plan to clean up our air and create thousands of clean energy jobs for Ontarians."
"This is an important new facility for Ontario and Waterloo Region," said John Milloy, MPP for Kitchener Centre and Minister of Training, Colleges and Universities. "This investment by ATS in clean energy is helping to bring the kind of highly-skilled jobs to our province that will help fuel the knowledge economy of the future. It will contribute to a strong and competitive Ontario, and will help keep our environment clean for future generations."
"We commend Ontario for taking meaningful steps in addressing our aging electrical transmission system, green house gas emissions, outdated power generation and manufacturing jobs lost in the economic downturn of 2008," said Anthony Caputo, president and CEO, ATS Automation. "The Green Energy Act is very progressive and the feed-in tariff program accomplishes many of these multifaceted objectives."
Government support through its Green Energy Act is credited with advancing the acceptance of solar power at a crucial point in its evolution.
"The module line is one important element of ATS' Green Wing. We have started with panel manufacturing but are in numerous discussions with potential partners in many facets of the green energy industry. Industry seeks stability, predictability and steadfast application of rules and regulations. This type of environment will continue to attract investment, respect the competitive process, foster innovation and create new jobs," Caputo concluded.
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ATS Automation Tooling Systems - PV-Zulieferer und PHOTOWATT-Eigner
