Allied Motion Technologies Inc.
(NASDAQ: AMOT) today announced it achieved net income for the quarter ended March 31, 2010 of $734,000 or $0.09 per diluted share compared to a net loss of $730,000 or $.10 per diluted share for the same quarter last year. Revenues for the quarter increased 14% to $17,422,000 compared to $15,295,000 last year. Bookings for the quarter ended March 31, 2010 were $26,229,000 up over 54% when compared to $16,970,000 for the same quarter of last year and up 115% when compared to the $12,204,000 for the quarter ended December 31, 2009. Backlog at March 31, 2010 was $29,082,000, reflecting a 18% increase from March 31, 2009 and a 38.6% increase over backlog at the end of 2009.
Included in the first quarter results was a pretax gain of $685,000 ($436,000 after tax) for the final settlement with the insurance company for the business interruption (BI) losses caused by the fire in October 2008 at Allied’s encoder operation in Chatsworth, Calif. Also included in the first quarter are $230,000 of inefficiencies and incremental non-recurring costs incurred in integrating the encoder operation into Allied’s Emoteq operation in Tulsa, Okla. Excluding the BI gain and the non-recurring costs, the net pretax profit would be $609,000 and the net income would be $438,000.
“We are pleased with the first quarter profit improvement and encouraged by the record new orders as we reported in our first quarter results,” commented Dick Warzala, President and CEO of Allied Motion. “The bookings in the first quarter of 2010 exceeded the previous high achieved in the first quarter of 2006 and are a good indicator that recovery in our served markets is occurring at a faster pace than previously expected. In addition, new project activity is strong and reflects the ongoing development of our core technologies and the release of several new products in the past few years. As we move forward, we will continue with the application of our AST Lean Enterprise Tools to improve our efficiencies and eliminate waste throughout our company.”