ATS Automation Tooling Systems: Q3 Results
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CAMBRIDGE - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") reported financial results for the three months ended June 28, 2015 .
First Quarter Summary
Revenues from continuing operations were $254.3 million , 33% higher than a year ago. Excluding PA, first quarter revenues were $186.3 million , 2% lower than a year ago;
Adjusted earnings from continuing operations1 were $27.4 million (11% margin), compared to $21.1 million (11% margin) a year ago. Earnings from continuing operations were $17.5 million (7% operating margin), compared to $14.4 million (8% operating margin) a year ago;
EBITDA1 was $28.7 million (11% margin) compared to $20.9 million (11% margin) a year ago. Excluding $2.2 million of restructuring and severance costs in this year's first quarter and $3.0 million of acquisition-related costs in last year's first quarter, EBITDA was $30.9 million (12% margin), up from $23.9 million (13% margin) a year ago;
Adjusted basic earnings per share from continuing operations1 increased to 18 cents from 15 cents in the first quarter a year ago;
Order Bookings1 were $222 million , 39% higher than a year ago. Excluding PA, Order Bookings were $154 million , 4% or $6 million lower than a year ago;
Period end Order Backlog1 was $590 million , up 39% from $425 million at June 29, 2014 . Higher Order Backlog primarily reflected the addition of PA as well as higher Order Bookings in life sciences and transportation;
On June 17, 2015 , the Company completed a private placement of U.S. $250 million aggregate principal amount of senior notes, due in 2023. ATS used the majority of net proceeds to repay amounts outstanding under its senior secured credit facility, with the balance to be used for general corporate purposes.
The Company's balance sheet and financial capacity to support growth remained strong, with unutilized credit facilities of $660 million and $3.1 million of credit available under letter of credit facilities.
"First quarter performance, including PA's contribution, was solid and market activity is strong," said Anthony Caputo , Chief Executive Officer. "We have a significant Order Backlog both in terms of size and quality, and our funnel is robust. Strategically, our focus is on growing our business organically and through acquisition. The completion of our private placement of U.S. $250 million senior notes, combined with our strong balance sheet and significant available funding puts us in a strong position to continue to pursue our value creation strategy."
First Quarter Summary Continuing Operations
Fiscal 2016 first quarter revenues were 33% higher than in the corresponding period a year ago primarily reflecting $68.0 million of revenues earned by PA. Excluding PA, first quarter revenues were $186.3 million , a 2% decrease from the corresponding period a year ago. Foreign exchange rate changes did not materially impact the translation of revenues earned by foreign-based subsidiaries compared to the corresponding period a year ago.
By market, fiscal first quarter revenues from consumer products and electronics decreased by 3% compared to the corresponding period a year ago, primarily on lower Order Backlog at the beginning of the first fiscal quarter. Revenues generated in energy markets increased 57% primarily due to increased activity in the nuclear energy market. Revenues generated from the life sciences market increased 35% compared to the corresponding period a year ago, primarily on revenues from PA. Transportation revenues increased 49% compared to a year ago, primarily on revenues from PA and higher Order Bookings during the first quarter compared to a year ago.
Fiscal 2016 first quarter earnings from operations were $17.5 million (7% operating margin) compared to $14.4 million (8% operating margin) in the first quarter a year ago. First quarter fiscal 2016 earnings from operations included $2.2 million of restructuring and severance costs and amortization expenses of $7.7 million related to amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK, ATW, and sortimat. Excluding these costs, first quarter fiscal 2016 adjusted earnings from operations were $27.4 million (11% operating margin), compared to adjusted earnings from operations of $21.1 million (11% margin) a year ago. Higher adjusted earnings from operations primarily reflected the inclusion of PA, lower employee incentive costs and discretionary spending reductions, which were partially offset by higher cost of revenues due to some lower margin programs which have been bid and are being executed by the Company and certain programs where costs exceeded budgets.
EBITDA was $28.7 million (11% EBITDA margin) in the first quarter of fiscal 2016 compared to $20.9 million (11% EBITDA margin) in the first quarter of fiscal 2015. Excluding restructuring and severance costs, first quarter fiscal 2016 EBITDA was $30.9 million (12% EBITDA margin). Comparably, excluding acquisition related costs, first quarter fiscal 2015 EBITDA was $23.9 million (13% EBITDA margin).
First quarter fiscal 2016 Order Bookings were $222 million , a 39% increase from the first quarter of fiscal 2015. Excluding the impact of PA, Order Bookings were $154 million , a 4% decrease from the corresponding period a year ago primarily reflecting the timing of customer decisions on various larger opportunities. By customer market, strength in transportation, consumer products and electronics, and energy markets was offset by lower Order Bookings in life sciences.
At June 28, 2015 , Order Backlog was $590 million , 39% higher than at June 29 , 2014. Higher Order Backlog primarily reflected higher Order Bookings in the life sciences and transportation markets and the addition of PA. The Company expects its Order Backlog of $590 million at the end of the first quarter of fiscal 2016 to mitigate the impact of volatile Order Bookings on revenues in the short term. Management expects that approximately 40% to 45% of its Order Backlog would typically be completed each quarter.
ATS is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services including pre-automation and after-sales services to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, chemicals, consumer products, electronics, food, beverage, transportation, energy, and oil and gas. Founded in 1978, ATS employs approximately 3,500 people at 25 manufacturing facilities and 51 offices in North America , Europe , Southeast Asia and China . The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company's website at www.atsautomation.com.