ATS reports annual and fourth quarter fiscal 2009 results



    TSX: ATA

    CAMBRIDGE, ON, June 9, 2009 /CNW/ - ATS Automation Tooling Systems Inc.
today reported its financial results for the three and 12 months ended March
31, 2009. Annual consolidated revenue increased by 29% to $855.1 million;
consolidated earning from operations increased 641% to $66.1 million; and
earnings increased to $0.61 per share (basic) and $0.60 per share diluted
compared to a loss of $0.33 per share (basic and diluted) a year ago.

    
    Fourth Quarter Highlights

    -   Consolidated revenue increased to $201.8 million from $186.5 million
        a year ago;

    -   Consolidated earnings from operations increased to $17.7 million from
        $8.2 million a year ago;

    -   Earnings increased to $0.16 per share (basic) and $0.15 per share
        (diluted) compared to $0.10 per share (basic and diluted) a year ago;

    -   Cash net of debt improved to $118.4 million at March 31, 2009 from
        $45.8 million at December 31, 2008;

    -   On January 14, 2009, ATS completed an offering of 10 million common
        shares for gross proceeds of $50 million (net proceeds of
        approximately $47 million);

    -   The previously-announced sale of the Precision Components Group was
        completed; and

    -   Subsequent to the end of the quarter, the Company halted production
        at Photowatt France for a three-week period to manage lower demand.
    

    ASG's customers and the markets into which ASG sells continue to be
negatively impacted by the current global economic recession, the duration of
which is uncertain. ASG customers are reducing their capital spending and / or
delaying programs to varying degrees depending on the market segment and some
may experience financial difficulties. At Photowatt, tightening in the global
credit markets has reduced available funding for solar installation projects.
The resulting reduction in demand for solar modules, in addition to increased
global module capacity in the solar industry, could result in sustained
over-supply in fiscal 2010.
    "ATS has made good progress with our value creation plan even with the
global financial crisis which is now presenting our businesses with
significant challenges," said Anthony Caputo, Chief Executive Officer. "To
deal with this, we are accelerating and expanding the consolidation and
restructuring of Automation Systems operations, improvements to supply chain
and approach to market, which will cost us between $4 million and $6 million
in fiscal 2010. To keep Photowatt cost competitive, we are considering a plan
to reduce the cost structure which may cost approximately $10 million in
fiscal 2010."

    
    Financial Results

    In millions                    3 months   3 months  12 months  12 months
     of dollars,                      ended      ended      ended      ended
     except per                     Mar. 31,   Mar. 31,   Mar. 31,   Mar. 31,
     share data                        2009       2008       2009       2008
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Revenues     Automation
     from         Systems Group    $  154.3   $  125.3   $  588.5   $  465.0
     continuing  ------------------------------------------------------------
     operations  Photowatt
                  Technologies         48.2       61.3      269.8      198.6
                 ------------------------------------------------------------
                 Inter-segment         (0.7)      (0.1)      (3.2)      (0.3)
                 ------------------------------------------------------------
                 Consolidated      $  201.8   $  186.5   $  855.1   $  663.3
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    EBITDA       Automation
                  Systems Group    $   22.1   $   (2.1)  $   67.2   $    9.1
                 ------------------------------------------------------------
                 Photowatt
                  Technologies
                   - Photowatt France   5.2        6.8       36.5        6.3
                   - Other Solar       (0.3)      (0.9)      (1.5)      (6.4)
                   - Gain on sale
                      of building         -          -        3.2          -
                   - Gain on sale
                      of silicon          -       16.8        2.0       16.8
                 ------------------------------------------------------------
                 Gain on sale of
                  investments             -          -          -       31.8
                 ------------------------------------------------------------
                 Corporate and
                  Inter-segment
                  elimination          (2.7)      (6.6)     (16.5)     (26.7)
                 ------------------------------------------------------------
                 Consolidated      $   24.3   $   14.0   $   90.9   $   30.9
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Net income
     (loss) from
     continuing
     operations  Consolidated      $   14.0   $   10.3   $   57.5   $   12.2
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Earnings     From continuing
     (loss) per   operations
      share       (basic)          $   0.17   $   0.13   $   0.73   $   0.17
                 ------------------------------------------------------------
                 From continuing
                  operations
                  (diluted)        $   0.16   $   0.13   $   0.72   $   0.17
                 ------------------------------------------------------------
                 After
                  discontinued
                  operations
                  (basic)          $   0.16   $   0.10   $   0.61   $  (0.33)
                 ------------------------------------------------------------
                 After
                  discontinued
                  operations
                  (diluted)        $   0.15   $   0.10   $   0.60   $  (0.33)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    ASG Fourth Quarter Results

    -   Revenue increased 23% to $154.3 million from $125.3 million a year
        ago on strong Order Bookings in the first three quarters of fiscal
        2009;

    -   Fiscal 2009 fourth quarter EBITDA was $24.8 million compared to
        EBITDA of $6.9 million a year ago, excluding severance and
        restructuring costs of $2.7 million and $9.0 million respectively;

    -   Earnings from operations were $19.8 million, compared to an operating
        loss of $4.2 million in the same quarter a year ago;

    -   Period end ASG Order Backlog increased 10% year over year to $255
        million;

    -   Order Bookings for the fourth quarter decreased to $126 million
        compared to $137 million a year ago;

    -   Order Bookings were $64 million during the first 10 weeks of the
        first quarter.
    

    Earnings from operations, excluding restructuring charges incurred in the
quarter, improved in all geographic areas due to revenue growth, cost
reductions and better program management. Revenue increased year over year by
227% in energy and 17% in healthcare, more than offsetting 38%, 19% and 15%
declines in computer-electronics, automotive and "other" markets (primarily
consumer products) respectively.

    
    Photowatt Technologies Fourth Quarter Results

    -   Photowatt Technologies revenue decreased 21% to $48.2 million
        compared to $61.3 million a year ago.

    -   Photowatt France ("PWF", the ongoing operations of Photowatt
        Technologies) EBITDA was $5.2 million compared to $6.8 million a year
        ago;

    -   PWF operating earnings were $1.0 million (2% operating margin)
        compared to $3.3 million a year ago (5% operating margin);

    -   Total megawatts (MWs) sold at PWF decreased 29% to 9.3 from 13.1 in
        the fourth quarter of fiscal 2008 - with UMG-Si products accounting
        for 70% of revenue;

    -   Average cell efficiency for UMG-Si cells improved to approximately
        14.3% from 13.5% a year ago, while average cell efficiency for
        polysilicon decreased to 15.4% from 15.6% over the same period.
    

    The year-over-year decline in operating results reflected lower MWs sold
due to the impact on demand of tighter credit markets, which restricted
funding available for solar projects. Decreases in average selling prices per
watt also had a negative impact on total revenues. PWF increased revenue from
the sale of module Systems to approximately $12.5 million from $9.1 million in
the fourth quarter of fiscal 2008.

    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
3414.

    About ATS

    ATS Automation Tooling Systems Inc. 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 serve the sophisticated automation systems' needs
of multinational customers in industries such as healthcare,
computer/electronics, energy, automotive and consumer products. It also
leverages its many years of experience and skills to fulfill the specialized
automation product manufacturing requirements of customers. Through Photowatt
Technologies, ATS participates in the growing solar energy industry as an
integrated manufacturer of ingots, wafers, cells and modules.
Photowatt-branded products and systems serve businesses, institutions and
homeowners in established and emerging markets. ATS employs approximately
2,600 people at 17 manufacturing facilities in Canada, the United States,
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.

    Note to Reader

    This press release and Fourth Quarter Summary for the three months ended
March 31, 2009 (fourth quarter of fiscal 2009) provide information on the
Company's operating activities of the fourth quarter of fiscal 2009 and should
be read in conjunction with the Company's audited Consolidated Financial
Statements and Management's Discussion and Analysis ("MD&A") for the years
ended March 31, 2009 and 2008 and the Company's fiscal 2009 Annual Report. The
Company assumes that the reader of this press release and Fourth Quarter
Summary has access to, and has read the audited Consolidated Financial
Statements and MD&A of the Company for fiscal 2009 and the unaudited interim
Consolidated Financial Statements and MD&A for the first, second and third
quarters of fiscal 2009. Accordingly, the purpose of this press release and
fourth quarter summary is to provide a fourth quarter update. These documents
and other information relating to the Company, including the Company's fiscal
2009 audited Consolidated Financial Statements, MD&A and Annual Information
Form, may be found on the Company's website at www.atsautomation.com or
SEDAR's website at www.sedar.com.
    The Company has two reportable segments: Automation Systems Group ("ASG")
and Photowatt Technologies ("Photowatt") which includes PWF (the ongoing
Photowatt Technologies operations), Photowatt U.S.A., a small module assembly
facility and sales operation closed during fiscal 2008 and Spheral Solar, a
halted development project that has been wound down. References to cell
''efficiency'' means the percentage of incident energy that is converted into
electrical energy in a solar cell. Solar cells and modules are sold based on
wattage output. "Silicon" refers to a variety of silicon feedstock, including
polysilicon, upgraded metallurgical silicon ("UMG-Si") and polysilicon powders
and fines. As described in Note 2 to the Consolidated Financial Statements,
the Precision Components Group ("PCG") was classified as held for sale as of
March 31, 2008 and sold during fiscal 2009. PCG results are reported in
discontinued operations.

    Non-GAAP Measures

    Throughout this document the term "operating earnings" is used to denote
earnings (loss) from operations. EBITDA is also used and is defined as
earnings (loss) from operations excluding depreciation, amortization (which
includes amortization of intangible assets) and segment and division
allocation of corporate costs. The term "margin" refers to an amount as a
percentage of revenue. The terms "earnings from operations", "operating
earnings", "margin", "operating loss", "operating margin", "EBITDA", "Order
Bookings" and "Order Backlog" do not have any standardized meaning prescribed
within GAAP and therefore may not be comparable to similar measures presented
by other companies. Operating earnings and EBITDA are some of the measures the
Company uses to evaluate the performance of its segments. ATS presents EBITDA
to show its performance before depreciation and amortization. Management
believes that ATS shareholders and potential investors in ATS use non-GAAP
financial measures such as operating earnings and EBITDA in making investment
decisions about the Company and measuring its operational results. A
reconciliation of EBITDA to earnings from operations for the three and twelve
month periods ending March 31, 2009 and 2008 is contained in the MD&A. EBITDA
should not be construed as a substitute for net income determined in
accordance with GAAP. Order Bookings represent new orders for the supply of
automation systems that management believes are firm. Order Backlog is the
estimated unearned portion of ASG revenue on customer contracts that are in
process and have not been completed at the specified date.

    
    Fourth Quarter Summary

    ASG Segment

    ASG Revenue (in millions of dollars)

    Revenue by industry                                   Q4 2009    Q4 2008
    -------------------------------------------------------------------------
    Healthcare                                           $   46.5   $   39.7
    Computer-Electronics                                     18.3       29.4
    Automotive                                               23.9       29.4
    Energy                                                   57.9       17.7
    Other                                                     7.7        9.1
    -------------------------------------------------------------------------
    Total Revenue                                        $  154.3   $  125.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Fourth quarter ASG revenue increased 23% or $29.0 million compared to the
same quarter a year ago. This improvement was due to increased Order Bookings
and Order Backlog in the first three quarters of fiscal 2009.
    By industrial market, healthcare revenue increased 17% year over year on
strong Order Bookings in the third and fourth quarters of the fiscal year.
Computer-electronics revenue decreased 38%, primarily on lower Order Bookings
in the third and fourth quarters in Asia and the U.S. Automotive revenue
decreased 19%, reflecting lower automotive revenue in Europe as existing
programs were completed. ASG revenue from the energy market increased 227%,
primarily from activity in the solar and nuclear industries. Revenue from
"other" markets decreased 15% due primarily to lower revenues in the consumer
products industry.
    On a regional basis, growth in programs installed in Asia and the U.S.
more than offset lower revenues from installations in Europe and Canada.
Automation Products ("APG") revenue increased 297% to $50.8 million in the
fourth quarter of fiscal 2009, compared to $12.8 million a year ago, primarily
reflecting two new APG customer programs.
    Quarter-over-quarter foreign exchange rate changes positively impacted
ASG revenues by an estimated $15.7 million for the fourth quarter, compared to
a year ago, primarily reflecting a stronger U.S. dollar and Euro relative to
the Canadian dollar.

    
    ASG Operating Results (in millions of dollars)

                                                          Q4 2009    Q4 2008
    -------------------------------------------------------------------------

    Earnings (loss) from operations                      $   19.8   $   (4.2)
    Amortization                                              2.3        2.1
    -------------------------------------------------------------------------
    EBITDA                                               $   22.1   $   (2.1)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Fiscal 2009 fourth quarter earnings from operations of $19.8 million
(operating margin of 13%) included severance and restructuring costs of $2.7
million. This compares to an operating loss of $4.2 million, and severance and
restructuring costs of $9.0 million, in the same quarter a year ago. Fiscal
2009 fourth quarter restructuring charges related to workforce reductions made
primarily in ASG's Canadian operations.
    Excluding severance and restructuring costs, fiscal 2009 fourth quarter
operating earnings were $22.5 million (operating margin of 15%), compared to
$4.8 million in fiscal 2008 (operating margin of 4%). This improvement was
driven by increased revenue, cost reductions implemented during fiscal 2009,
supply chain cost reductions, and improved program management. On a regional
basis, improvements in Canadian operating results before severance and
restructuring costs were partially offset by reduced earnings in the Company's
U.S. operations compared to the same period a year ago.
    Foreign exchange rate changes positively impacted ASG operating earnings
in the fourth quarter of fiscal 2009 by an estimated $1.3 million compared to
a year ago, primarily reflecting a stronger U.S. dollar and Euro relative to
the Canadian dollar.

    
    ASG Order Bookings by Quarter (in millions of dollars)

                                                           Fiscal     Fiscal
                                                             2009       2008
    -------------------------------------------------------------------------
    Q1                                                   $    169   $    146
    Q2                                                        133        133
    Q3                                                        157        115
    Q4                                                        126        137
    -------------------------------------------------------------------------
    Total Order Bookings                                 $    585   $    531
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Fiscal 2009 Order Bookings were $585 million, 10% higher than the previous
year, driven primarily by strong Order Bookings in healthcare and energy
sectors. Order Bookings during the first 10 weeks of fiscal 2010 were
approximately $64 million.


    ASG Order Backlog by Industry (in millions of dollars)

                                                         March 31,  March 31,
                                                             2009       2008
    -------------------------------------------------------------------------
    Healthcare                                           $     92   $     58
    Computer-electronics                                       10         41
    Automotive                                                 29         41
    Energy                                                     86         68
    Other                                                      38         24
    -------------------------------------------------------------------------
    Total                                                $    255   $    232
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Order Backlog of $255 million at March 31, 2009 was 10% higher than at
March 31, 2008 primarily reflecting higher Order Bookings in the first three
quarters of fiscal 2009 compared to fiscal 2008 and the positive impact of
foreign exchange rates.
    Increased healthcare Order Backlog primarily reflected higher Order
Backlog in North America and Europe compared to the prior year. Decreased
computer-electronics Order Backlog primarily reflected lower Order Backlog in
North America and Asia, which more than offset slightly higher
computer-electronics Order Backlog in Europe compared to the prior year. Lower
automotive Order Backlog primarily reflected a decline in European automotive
Order Backlog. The increase in energy Order Backlog reflects strong Order
Bookings in both the nuclear and solar industries during fiscal 2009.

    
    Photowatt Technologies Segment

    Photowatt Technologies Revenue (in millions of dollars)

                                                          Q4 2009    Q4 2008
    -------------------------------------------------------------------------
    Photowatt France                                     $   48.2   $   61.4
    Other Solar                                                 -       (0.1)
    -------------------------------------------------------------------------
      Total Revenue                                      $   48.2   $   61.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Photowatt Technologies' fourth quarter revenue of $48.2 million was 21%
lower than in the fourth quarter of fiscal 2008. Lower year-over-year revenues
primarily reflected a 29% decrease in total MWs sold at PWF to 9.3 MWs from
13.1 MWs in the fourth quarter of fiscal 2008. Lower MWs sold resulted from
lower demand due to tighter credit markets, which restricted funding available
for solar projects, and a general reluctance on the part of customers to
commit to new orders until the solar market and average selling prices
stabilize. Decreases in average selling prices per watt also had a negative
impact on total revenues, partially offset by an increase in systems sales.
PWF increased revenue from the sale of module systems to approximately $12.5
million from $9.1 million in the fourth quarter of fiscal 2008.
    Total UMG-Si products represented $33.7 million of fiscal 2009 fourth
quarter revenue compared to $36.7 million a year ago. Average cell efficiency
was improved in the fourth quarter to approximately 14.3% for UMG-Si cells,
compared to approximately 13.5% during the fourth quarter of fiscal 2008.
Revenue from polysilicon products was $13.3 million in the fourth quarter,
compared to $24.6 million in the fourth quarter of fiscal 2008. Average
polysilicon cell efficiency decreased in the fourth quarter to approximately
15.4%, compared to approximately 15.6% during the fourth quarter of fiscal
2008 due to increased purchases of externally-produced, lower-efficiency
wafers. "Other" revenue included PWF technology licensing fees from the PV
Alliance ("PVA").
    Foreign exchange rate changes positively impacted PWF fourth quarter
revenues compared to the fourth quarter a year ago by an estimated $3.7
million on translation, primarily reflecting a stronger Euro relative to the
Canadian dollar.

    
    Photowatt Technologies Operating Results (in millions of dollars)

                                                          Q4 2009    Q4 2008
    -------------------------------------------------------------------------
    Operating Earnings (Loss):
    Photowatt France                                     $    1.0   $    3.3
    Other Solar                                              (0.3)      15.9
    -------------------------------------------------------------------------
    Photowatt Technologies
    Operating Earnings (Loss)                            $    0.7   $   19.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Photowatt France EBITDA
    Operating earnings (loss)                            $    1.0   $    3.3
    Amortization                                              4.2        3.5
    -------------------------------------------------------------------------
    Photowatt France EBITDA                              $    5.2   $    6.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Photowatt Technologies had operating earnings of $0.7 million in the
fourth quarter of fiscal 2009 compared to operating earnings of $19.2 million
in the fourth quarter of 2008.
    Fiscal 2009 fourth quarter earnings from operations for PWF were $1.0
million (operating margin of 2%), compared to earnings from operations of $3.3
million (operating margin of 5%) in the fourth quarter of fiscal 2008. Fourth
quarter operating earnings in fiscal 2009 included insurance proceeds of $1.1
million associated with a claim filed in fiscal 2007, which was settled during
the quarter. The year-over-year decline in operating earnings reflected lower
MWs sold, partially offset by improved cell efficiency and manufacturing
yields.
    PWF's operating earnings included approximately $0.6 million of costs
related to its investment in PVA. PVA includes Lab-Fab, a research initiative
to improve cell efficiency.
    PWF's amortization expense increased $0.7 million in the fourth quarter
of fiscal 2009 reflecting additional depreciation and amortization from
expansion and improvement initiatives.
    The estimated effect of changes in foreign exchange rates increased
fourth quarter fiscal 2009 operating earnings by $0.7 million compared to the
fourth quarter fiscal 2008.
    "Other Solar" includes Spheral Solar, Photowatt U.S.A. and inter-solar
eliminations. During the fourth quarter of fiscal 2009, costs were incurred
related to equipment decommissioning and preparation for sale. A year ago,
fourth quarter operating earnings included a gain of $16.8 million on the sale
on non-solar grade silicon that had a nominal carrying value. This gain more
than offset costs associated with winding down these operations.

    
    Consolidated Fourth Quarter (in thousands of dollars, except per
    share data)

                                                          Q4 2009    Q4 2008
    -------------------------------------------------------------------------
    Revenue                                             $ 201,774  $ 186,474
    -------------------------------------------------------------------------
    Earnings (loss) from operations                     $  17,743  $   8,183
    -------------------------------------------------------------------------
    Net income (loss) from continuing operations        $  14,041  $  10,343
    -------------------------------------------------------------------------
    Net income (loss)                                   $  13,506  $   7,939
    -------------------------------------------------------------------------
    Earnings (loss) per share from continuing
     operations, basic                                  $    0.17  $    0.13
    Earnings (loss) per share from continuing
     operations, diluted                                $    0.16  $    0.10
    Earnings (loss) per share, basic                    $    0.17  $    0.13
    Earnings (loss) per share, diluted                  $    0.16  $    0.10
    -------------------------------------------------------------------------
    

    Fourth quarter fiscal 2009 revenue from continuing operations was $201.8
million, $15.3 million or 8% higher than the same period a year earlier. This
increase primarily reflected a 23% increase in ASG revenue, which was
partially offset by a 21% decrease in Photowatt revenues. Changes in effective
foreign exchange rates increased consolidated revenue by an estimated $19.4
million in the fourth quarter of fiscal 2009 compared to fiscal 2008.
    Fourth quarter consolidated earnings from operations was $17.7 million,
compared to $8.2 million in the fourth quarter of fiscal 2008. The increase
primarily reflected a $24.0 million increase in ASG earnings from operations
and a $4.0 million decrease in corporate and intersegment elimination
expenses, offset by an $18.5 million decrease in Photowatt earnings from
operations. Fourth quarter earnings from operations in fiscal 2008 included a
gain of $16.8 million on the sale of silicon not usable by PWF. Changes in
effective foreign exchange rates increased consolidated operating earnings for
the fourth quarter of fiscal 2009 compared to fiscal 2008 by an estimated $1.9
million.

    Forward-Looking Statements

    This press release and Fourth Quarter Summary relating to the financial
conditions, and results of operations of ATS for the three months and year
ended March 31, 2009 contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of ATS, or developments in ATS's business
or in its industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action.
Forward-looking statements may also include, without limitation, any statement
relating to future events, conditions or circumstances. ATS cautions you not
to place undue reliance upon any such forward-looking statements, which speak
only as of the date they are made. Forward-looking statements relate to, among
other things: acceleration and expansion of restructuring of Automation
Systems operations, improvements to supply chain and approach to market and
costs associated therewith; plan to reduce Photowatt cost structure and costs
associated therewith; and the possibility of oversupply in the solar market in
fiscal 2010. The risks and uncertainties that may affect forward-looking
statements include, among others: general market performance including capital
market conditions and availability and cost of credit; economic market
conditions; impact of factors such as health of automotive customers,
financial failure and/or bankruptcy of customers, increased pricing pressure
and possible margin compression; the success or failure of management
strategies to address the weak global economy and weakened financial condition
of actual and potential customers; foreign currency and exchange risk; the
relative strength of the Canadian dollar; performance of the market sectors
that ATS serves; extent of market demand for solar products; risk that the
implementation of restructuring, consolidation, overhead reduction and other
improvement initiatives at ASG and PWF will not result in intended outcomes
and benefits within expected timeframes and budgets; that some or all of the
trends towards automation that ATS believes are attractive dissipate or do not
result in increased demand for automation; that multinational companies
withdraw from global manufacturing for business, political, economic or other
reasons; the development of superior or alternative technologies to those
developed by ATS; the success of competitors with greater capital and
resources in exploiting their technology; market risk for developing
technologies; risks relating to legal proceedings to which ATS is or may
becomes a party; exposure to product liability claims of Photowatt
Technologies; risks associated with compliance with existing and new
legislation; risks associated with greater than anticipated tax liabilities or
expenses; and other risks detailed from time to time in ATS's filings with
Canadian provincial securities regulators. Forward-looking statements are
based on management's current plans, estimates, projections, beliefs and
opinions, and ATS does not undertake any obligation to update forward-looking
statements should assumptions related to these plans, estimates, projections,
beliefs and opinions change.





For further information:

For further information: Maria Perrella, Chief Financial Officer; Carl
Galloway, Vice-President and Treasurer, (519) 653-6500


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