This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:ATS Automation Tooling earns $325,000 in first quarter 2009-08-12 06:28 ET - News Release Mr. Anthony Caputo reports ATS REPORTS FIRST QUARTER FISCAL 2010 RESULTS ATS Automation Tooling Systems Inc. has released its financial results for the three months ended June 28, 2009. The Automation Systems Group's (ASG) customers and the markets into which ASG sells continue to be negatively impacted by the current global economic recession. ASG customers have reduced their capital spending and/or are delaying programs to varying degrees depending on the market segment and some may experience financial difficulties. At Photowatt, tighter global credit markets have reduced available financing for solar installation projects. The resulting reduction in demand for solar modules, in addition to increased global module capacity in the solar industry, have caused average selling prices to decrease and could result in sustained oversupply in fiscal 2010. "The global economic environment has continued to present our businesses with significant challenges," said Anthony Caputo, chief executive officer. "At Photowatt, low demand has extended into the first quarter, while ASG is increasingly seeing the impact of the economic slowdown in its order bookings. To deal with this, we are continuing with our restructuring and consolidation initiatives, while seeking to offset negative market conditions through our downstream initiatives in Photowatt and our efforts to improve ASG's approach to market." The remainder is available to Stockwatch subscribers.
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