PICKERING, ONTARIO–(Marketwired – Nov. 3, 2016) – Automodular Corporation (“Automodular”) (TSX VENTURE:AM.H) reports a net loss of $(0.1) million or $(0.01) per share for the quarter ended September 30, 2016 compared to a net loss of $(0.3) million or $(0.02) per share in the same period in 2015. For the nine months ended September 30, 2016 and 2015, Automodular reports a net loss of $(0.8) million and a net loss of $(2.1) million or $(0.06) and $(0.11) per share, respectively.
The results for the nine months of the year are summarized below (all figures in ‘000s except per share amounts):
| Three months ended September 30 | Nine months ended September 30 | |||||||
| 2016 $ |
2015 $ |
2016 $ |
2015 $ |
|||||
| Sales | – | – | – | – | ||||
| Net earnings (loss) | (129) | (331) | (764) | (2,050) | ||||
| Per share (basic) | (0.01) | (0.02) | (0.06) | (0.11) | ||||
With respect to the GM litigation, counsel for the parties attended at trial scheduling court in Toronto in October. Based on the trial dates offered by the court, we have sought a transfer of this matter to the Ontario Superior Court of Justice’s Commercial List in order to seek an earlier trial date. Automodular will continue to pursue the earliest possible pre-trial and trial dates and will communicate with its stakeholders when it has something material to share. There can be no assurance that the claim will be successful or that Automodular will recover any amounts from GM.
Automodular’s interim consolidated financial statements and Management Discussion and Analysis for the period ended September 30, 2016 will be filed on SEDAR on or about November 8, 2016.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Christopher S. Nutt
President and CEO
(905) 420-0200
invest@automodular.com