November 12, 2008 / 1:11 PM / 10 years ago

UPDATE 1-ATS Automation reports quarterly profit

TORONTO, Nov 12 (Reuters) - ATS Automation Tooling Systems Inc (ATA.TO) reported a quarterly profit on Wednesday, compared with a loss in the year-prior period, helped by higher revenue in both its divisions and lower costs due to ongoing restructuring.

ATS, which makes manufacturing and other industrial equipment, reported second-quarter earnings of C$13.6 million ($11.2 million), or 12 Canadian cents a share. That compares with a loss of C$16.9 million, or 28 Canadian cents a share in the same period a year ago.

Cambridge, Ontario-based ATS said revenue rose 49 percent to C$219.5 million during the period ended Sept. 30, lifted by a stronger order backlog at its Automation Systems Group and lower operating margins in its Photowatt Technologies division.

The company said it has incurred C$19.7 million of an expected C$30 million in restructuring and severance costs. ATS said it more than offset those costs through asset sales. ($1=$1.21 Canadian) (Reporting by John McCrank, editing by Dave Zimmerman)

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