Automodular Corp. (TSX:AM) reported a sharp increase in profit last year compared with 2006, helped by investments in both in both its Oakville, Ont., and Oshawa, Ont., truck operations.
The company said Thursday it earned $7.5 million or 33 cents per share on sales of $99.6 million in 2007 compared with a profit of $1.5 million or seven cents per share on sales of $57.9 million in 2006.
Automodular said it added a second Oakville facility earlier this year for the new Ford Flex, which is scheduled to start commercial production in the second quarter of the year.
The company also said its Oshawa facility has started work on a new program to support the new Camaro vehicle with start of production to start in the first quarter of 2009.
At the same time, the company said certain contracts to sub-assemble and sequence components for General Motors's Oshawa truck and car plants will end in June and not be renewed forcing the closure of one of Automodular's Oshawa-area facilities.
These operations reported earned $35 million in revenues in 2007 and employ 275 people, the company said.
Automodular is a supplier of sub-assembly, sequencing, and transportation services to four original equipment manufacturer plants in Ontario and Ohio.