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ATS Corporation Announces Financial Results for the Second Quarter Ended June 30, 2011

MCLEAN, Va. July 25, 2011

  • $23.1 million
  • $3.2 million
  • $2.6 million $1.6 million
  • $0.07
  • $271.1 million
  • $7.9 million June 30, 2011
  • June 30, 2011

June 30, 2011

Second Quarter Results

$23.1 million $6.1 million $29.2 million $2.1 million $1.9 million $3.7 million $18.7 million $330,000 $2.5 million

$2.6 million $1.6 million $0.07 $2.2 million $1.1 million $0.05 $3.2 million $2.8 million

June 30, 2011 $271.1 million $31.1 million $236.1 million December 31, 2010 $202.1 million June 30, 2010

June 30, 2011 $7.9 million $60.8 million

January 7, 2011

Six-Month Results

$47.9 million $11.8 million $59.8 million $3.1 million $4.3 million $8.4 million $38.1 million $268,000 $5.6 million

$2.9 million $1.7 million $0.08 $4.3 million $2.2 million $0.10 $4.2 million $5.4 million $6.0 million $5.5 million

Second Quarter Highlights and Management Comments

$72.1 million

  • $46 million
  • $30 million $20.4 million

John Hassoun $271 million June 30, 2010 $6.1 million $3.7 million $72 million

Pamela Little March 31

Conference Call

Monday, July 25, 2011 5:00 p.m. ET www.atsc.com )

About ATS Corporation

McLean, Virginia

February 17, 2011 July 25, 2011 July 25, 2011

www.atsc.com

(1) EBITDA is a non-GAAP measure that is defined as GAAP net income plus other expense, interest expense, income taxes, depreciation and amortization.  We have provided EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance an understanding of our operating results.  EBITDA is not a recognized term under U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or the cash flows from operating activities as a measure of liquidity.  Please refer to the table following the Consolidated Statements of Income in this release which reconciles GAAP net income to EBITDA.

(2) Adjusted EBITDA is defined as EBITDA adjusted (i) in 2010 for one-time other income from the adjustment of seller notes associated with the acquisition of Number Six Software and (ii) in 2011 for expenses related to severance and the Company’s strategic evaluation, neither of which are expected to be reflected in the ongoing performance of ATSC.  Please refer to the table following the Consolidated Statements of Income in this release which reconciles GAAP net income to adjusted EBITDA.

ATS Corporation

Consolidated Statements of Income (unaudited)

Three Months

Ended June 30,

Six Months

Ended June 30,

2011

(unaudited)

2010

 (unaudited)

2011

(unaudited)

2010

 (unaudited)

Revenue

$

23,104,756

$

29,246,328

$

47,933,582

$

59,758,311

Operating costs and expenses

Direct costs

16,050,520

20,503,390

33,953,487

41,919,002

Selling, general and administrative expenses

3,870,097

5,908,910

9,795,865

12,312,131

Depreciation and amortization

629,994

636,332

1,268,462

1,277,169

Total operating costs and expenses

20,550,611

27,048,632

45,017,814

55,508,302

Operating income

2,554,145

2,197,696

2,915,768

4,250,009

Other (expense) income

Interest, net

(53,381)

(356,887)

(118,045)

(1,178,042)

Other income

3,892

503,892

Income before income taxes

2,500,764

1,844,701

2,797,723

3,575,859

Income tax expense

946,012

707,675

1,060,875

1,332,265

Net income

$

1,554,752

$

1,137,026

$

1,736,848

$

2,243,594

Weighted average number of shares outstanding

–basic

22,894,660

22,472,993

22,829,843

22,504,568

–diluted

23,129,005

22,590,473

23,041,956

22,617,016

Net income per share

–basic

$

0.07

$

0.05

$

0.08

$

0.10

–diluted

$

0.07

$

0.05

$

0.08

$

0.10

Reconciliation of GAAP Net Income to EBITDA (1) and Adjusted EBITDA (2)

Net income

$

1,554,752

$

1,137,026

$

1,736,848

$

2,243,594

Adjustments

   Depreciation and amortization

629,994

636,332

1,268,462

1,277,169

   Interest

53,381

356,887

118,045

1,178,042

   Taxes

946,012

707,675

1,060,875

1,332,265

EBITDA (1)

3,184,139

2,837,920

4,184,230

6,031,070

Net Settlements

(495,000)

Severance

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