ATS Reports Fourth Quarter and Annual Fiscal 2018 Results

CAMBRIDGE, ON- ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported financial results for the three and 12 months ended March 31, 2018.

第四季度and annual summary

• 第四季度revenues were $298.4 million, 12% higher than a year ago. Annual revenues were $1,114.9 million, 10% higher than the prior year.
• 第四季度earnings from operations were $25.5 million (9% operating margin), compared to $16.8 million (6% operating margin) a year ago. Annual earnings from operations were $85.5 million (8% margin) compared to $71.9 million (7% margin) for the prior year.
• 第四季度adjusted earnings from operations¹were $32.8 million (11% margin), compared to $24.5 million (9% margin) in the fourth quarter a year ago. Annual adjusted earnings from operations were $117.3 million (11% margin) compared to adjusted earnings from operations of $97.1 million (10% margin) for the prior year.
• 第四季度EBITDA¹was $34.8 million (12% margin), compared to $25.6 million (10% margin) in the fourth quarter of fiscal 2017. Annual EBITDA was $122.1 million (11% margin), compared to $106.5 million (11% margin) in fiscal 2017.
• 第四季度earnings per share were 16 cents basic and diluted compared to 8 cents basic and diluted a year ago. Fourth quarter adjusted basic earnings per share1 were 22 cents compared to 15 cents in the fourth quarter a year ago. Annual earnings per share were 50 cents basic and diluted compared to 38 cents basic and diluted for the year. Annual adjusted basic earnings per share1 were 74 cents compared to 57 cents in the prior year.
• 第四季度Order Bookings were $348 million, an 8% increase from the fourth quarter of fiscal 2017. Annual Order Bookings were $1,182 million, a 4% increase from $1,134 million in the prior year.
• Period end Order Backlog was a record $746 million, 10% higher than at March 31, 2017.
• The Company's balance sheet and financial capacity to support growth remained strong, with unutilized credit facilities of $656.3 million.

¹Non-IFRS measure: see "Notice to reader: Non-IFRS measures and additional IFRS measures".

"Our financial value drivers including Order Bookings, revenues, operating margins and Order Backlog improved in both fiscal 2018 and in the fourth quarter," said Andrew Hider, Chief Executive Officer. "During the year, ATS added new customer relationships, supported our traditionally high level of business from repeat customers and deployed the ATS Business Model – the ABM. Our record Order Backlog, the on-going development of the ABM, and our strong balance sheet provide a solid platform as we work to drive continued growth and improvement in our business, with the goal of delivering long term shareholder value."

第四季度summary
Fiscal 2018 fourth quarter revenues were 12% higher than in the corresponding period a year ago. Higher revenues primarily reflected higher Order Backlog entering the fourth quarter of fiscal 2018 compared to a year ago and higher Order Bookings in the fourth quarter. Foreign exchange rate changes positively impacted the translation of revenues earned by foreign-based subsidiaries by approximately 3% compared to the corresponding period a year ago, primarily reflecting the weakening of the Canadian dollar relative to the Euro.

通过市场,2018财年第四季度收入摇来摇去m the consumer products & electronics and energy markets increased 33% and 167% respectively, due to higher Order Backlog entering the fourth quarter of fiscal 2018. Revenues in the life sciences market increased 4%, primarily due to the timing of Order Bookings. Transportation revenues decreased 14% compared to a year ago, primarily due to lower activity compared to the previous year.

Fiscal 2018 fourth quarter earnings from operations were $25.5 million (9% operating margin) compared to $16.8 million (6% operating margin) in the fourth quarter of fiscal 2017. Fourth quarter fiscal 2018 earnings from operations included $2.2 million of restructuring costs primarily related to the previously announced closure of a U.S. facility and $5.1 million related to amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK and sortimat. Included in fourth quarter fiscal 2017 earnings from operations was a share purchase allowance of $2.9 million, which was paid to the Company's Chief Executive Officer as an inducement to join the Company, and $4.8 million related to amortization of identifiable intangible assets recorded on the acquisitions of PA, IWK and sortimat. Excluding these items, fourth quarter fiscal 2018 adjusted earnings from operations were $32.8 million (11% margin), compared to adjusted earnings from operations of $24.5 million (9% margin) a year ago. Higher adjusted earnings from operations primarily reflected higher revenues and improved gross margin, partially offset by higher selling, general and administrative expenses and increased stock compensation expenses.

Depreciation and amortization expense was $9.3 million in the fourth quarter of fiscal 2018, compared to $8.8 million a year ago. The increase primarily reflected depreciation of internal development projects.

EBITDA was $34.8 million (12% EBITDA margin) in the fourth quarter of fiscal 2018 compared to $25.6 million (10% EBITDA margin) in the fourth quarter of fiscal 2017. Higher revenues in the fourth quarter of fiscal 2018 were partially offset by higher selling, general and administrative expenses compared to a year ago. Excluding restructuring costs, fourth quarter fiscal 2018 EBITDA was $37.0 million (12% EBITDA margin). Comparably, excluding the share purchase allowance, fourth quarter fiscal 2017 EBITDA was $28.5 million (11% EBITDA margin).

Order Bookings
第四季度fiscal 2018 Order Bookings were $348 million, an 8% increase from the fourth quarter of fiscal 2017. By customer market, higher Order Bookings in the consumer products & electronics and life sciences markets were partially offset by lower Order Bookings in the energy and transportation markets. Foreign exchange rate changes positively impacted the translation of Order Bookings from foreign-based ATS subsidiaries by approximately 4% compared to the corresponding period a year ago.

Order Backlog
在2018年3月31日,订单是创纪录的746美元million, 10% higher than at March 31, 2017. Higher Order Backlog was driven primarily by higher Order Bookings in the consumer products & electronics market. Foreign exchange rate changes also positively impacted the translation of Order Backlog from foreign-based ATS subsidiaries by approximately 5% compared to fiscal 2017.

Quarterly conference call
ATS' quarterly conference call begins at 10:00 a.m. eastern on Thursday May 17, 2018, and can be accessed live at www.atsautomation.com or on the phone by dialing (647) 427-7450 five minutes prior. A replay of the conference will be available on the ATS website following the call. Alternatively, a telephone recording of the call will be available for one week by dialing (416) 849-0833 and entering passcode 7397424 followed by the number sign.

About ATS
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 3,800 people at 20 manufacturing facilities and over 50 offices in North America, Europe, Southeast Asia and China. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA.