05.02.15

ATS Automation Tooling Systems: Q3 Results

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CAMBRIDGE, Ontario - ATS Automation Tooling Systems Inc. (TSX: ATA) reported financial results for the three and nine months ended December 28, 2014 .

Third Quarter Summary

    Revenues from continuing operations were $248.8 million , 40% or $70.8 million higher than a year ago. Excluding PA (see "Business Acquisition – PA"), third quarter revenues were $188.3 million , 6% higher than a year ago;
    EBITDA1 was $28.7 million (12% EBITDA margin) compared to $22.6 million (13% EBITDA margin) a year ago. Excluding $1.7 million of acquisition-related costs, EBITDA was $30.4 million (12% EBITDA margin), up from EBITDA of $22.9 million (13% EBITDA margin) a year ago which excluded: $2.1 million of acquisition-related costs; $2.5 million of restructuring charges; and, a gain of $4.3 million from the successful recovery of costs related to programs acquired in a previous acquisition. Lower margins primarily reflected higher stock-based compensation costs and the addition of PA which has slightly lower operating margins than the base ATS business;
    Adjusted earnings from continuing operations1 were $27.2 million (11% margin), compared to $20.5 million (12% margin) in the third quarter a year ago. Earnings from continuing operations were $15.9 million (6% operating margin), compared to $14.1 million (7% operating margin) in the second quarter of fiscal 2015 and $16.7 million (9% operating margin) in the third quarter a year ago;
    Adjusted basic earnings per share from continuing operations1 increased to 18 cents compared to 15 cents in the third quarter a year ago;
    Order Bookings were $287 million , a 21% increase over the corresponding period a year ago. Excluding the PA's contribution, Order Bookings were $227 million , 4% or $10 million lower than a year ago;
    Period end Order Backlog was $602 million , up 29% from $467 million in the third quarter a year ago. Higher Order Backlog primarily reflected the addition of PA as well as higher Order Bookings in life sciences and transportation; and,
    The Company's balance sheet and financial capacity to support growth remained strong, with unutilized credit facilities of $336 million and $5.5 million of credit available under letter of credit facilities.

"Third quarter performance was strong, with record Order Bookings, higher revenues and solid operating margins," said Anthony Caputo , Chief Executive Officer. "We are focused on realizing the sales synergy potential of the combined businesses having significantly advanced the administrative aspects of the integration of PA. We will continue to actively pursue our strategy to grow, expand and scale our business, both organically and through acquisition."

Third Quarter Summary Continuing Operations
Fiscal 2015 third quarter revenues were 40% higher than in the corresponding period a year ago primarily reflecting $60.5 million of revenues earned by PA. Excluding PA, third quarter revenues grew 6% year over year primarily reflecting higher Order Bookings in the second fiscal quarter of the year. Foreign exchange rate changes also positively impacted the translation of revenues earned by foreign-based subsidiaries compared to the corresponding period a year ago, primarily reflecting the weakening of the Canadian dollar relative to the U.S. dollar.

Year over year, fiscal 2015 third quarter revenues from consumer products and electronics increased by 32%, primarily on revenues from PA. Revenues generated in the energy market increased 69% compared to the corresponding period a year ago, primarily due to increased activity in the nuclear energy market. Revenues generated in the life sciences market increased 34% compared to the corresponding period a year ago, primarily on revenues from PA. Transportation revenues increased 45% compared to a year ago primarily due to PA.

Fiscal 2015 third quarter earnings from operations were $15.9 million (6% operating margin) compared to $16.7 million (9% operating margin) in the third quarter of fiscal 2014. Third quarter fiscal 2015 earnings from operations included $1.7 million of incremental costs related to the Company's acquisition activity and amortization expenses of $9.6 million related to amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK, Assembly & Test Worldwide and sortimat. Excluding these costs, third quarter fiscal 2015 adjusted earnings from operations were $27.2 million (11% margin), compared to adjusted earnings from operations of $20.5 million (12% margin) in the third quarter of fiscal 2014. Higher adjusted earnings from operations primarily reflected the inclusion of PA and improved program execution, partially offset by higher stock-based compensation costs. Operating margins, adjusted for the aforementioned items, were lower on a year-over-year basis primarily reflecting higher stock-based compensation costs and the addition of PA which has slightly lower operating margins than the base ATS business.

Depreciation and amortization expense was $12.8 million in the third quarter of fiscal 2015, compared to $5.9 million a year ago, primarily due to a $6.7 million increase in amortization as a result of the addition of identifiable intangible assets recorded on the acquisition of PA.

Third quarter fiscal 2015 EBITDA was $28.7 million (12% EBITDA margin) compared to $22.6 million (13% EBITDA margin) in the third quarter of fiscal 2014.  Excluding $1.7 million of acquisition-related costs, third quarter fiscal 2015 EBITDA was $30.4 million (12% EBITDA margin). Excluding $2.1 million of acquisition-related costs, $2.5 million of restructuring charges and a gain of $4.3 million from the successful recovery of costs related to programs acquired in a previous acquisition, third quarter fiscal 2014 EBITDA was $22.9 million (13% EBITDA margin).

Order Bookings
Third quarter fiscal 2015 Order Bookings were $287 million , a 21% year-over-year increase. Excluding the impact of PA, Order Bookings were $227 million , a 4% decrease from the previous year. Lower Order Bookings primarily reflected the timing of activity in the nuclear as well as consumer products and electronics markets, which was partially offset by higher Order Bookings in life sciences and transportation. The addition of PA improved the Company's Order Bookings in life sciences, consumer products, energy and electronics and transportation.


About ATS
ATS Automation provides innovative, custom designed, built and installed manufacturing solutions to many of the world's most successful companies. Founded in 1978, ATS uses its industry-leading knowledge and global capabilities to address the sophisticated automation systems' and service needs of multinational customers in industries such as life sciences, transportation, energy, consumer products and electronics. It also leverages its many years of experience and skills to fulfill the specialized automation product manufacturing requirements of customers. ATS employs approximately 3,500 people at 27 manufacturing facilities and 47 offices in North America , Europe , Southeast Asia and China . The Company's Solar segment is classified as discontinued operations. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company's website at www.atsautomation.com.
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