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PV module manufacturer and project developer, Photowatt Ontario, a subsidiary of ATS Automation Tooling Systems has posted revenue of $59.7 million, a 16% increase over fiscal 2010 second quarter revenues of $51.5 million. Sales volume improved in the third quarter by 21% to 12.8MW, compared to 10.6MW in the second quarter.
However, operating earnings were $1.6 million resulting in an operating margin of 3% compared to operating earnings of $0.6 million (operating margin of 1%) in the second quarter of fiscal 2010. Photowatt Ontario experienced a 25% Year-over-Year decline in revenues reflected in lower MW sold and lower average selling prices.
The company shifted production towards polysilicon products to take advantage of better raw material pricing and has filed for various PV projects within Ontario in the quarter.
ATS reported third quarter fiscal 2010 results with total revenue of $138.1 million compared to $148.2 million in the second quarter of the fiscal year and $221.7 million in the third quarter a year ago.
"In the third quarter, we continued to experience challenging market conditions which negatively impacted order bookings and revenues in both ASG and Photowatt Technologies," remarked Anthony Caputo, ATS Chief Executive Officer. "Despite these circumstances, we continued to operate profitably during the quarter. Based on the activity we are seeing now in ASG, I believe that the order bookings deterioration we have experienced has moderated and growth should slowly follow."
