This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Allied Motion Reports Continued Profit Improvement And Record New Orders For The Second Quarter Ended June 30, 2010

Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved net income for the quarter ended June 30, 2010 of $739,000 or $.09 per diluted share compared to a net loss of $12,115,000 or $1.60 per diluted share for the quarter ended June 30, 2009, a quarter that included a pretax asset impairment charge of $15,986,000 ($11,105,000 after tax) and inventory adjustments of $600,000 ($417,000 after tax) primarily for excess and obsolete inventories. Excluding the impairment charge and inventory adjustment, the net loss for the second quarter last year was $593,000.

Revenues for the quarter increased 43% to $19,998,000 compared to $13,940,000 last year. Bookings for the quarter ended June 30, 2010 were $27,690,000 up 110% when compared to the $13,170,000 for the same quarter last year and up 6% when compared to $26,229,000 for the quarter ended March 31, 2010. This quarter includes the results from Agile Systems Inc., a subsidiary that was acquired on June 3, 2010 and continues to operate as Allied Motion Canada. Backlog at June 30, 2010 was $36,754,000, reflecting a 49% increase from June 30, 2009 and a 75% increase from the backlog at the end of 2009.

During the six months ended June 30, 2010, the Company achieved net income of $1,473,000 or $.19 per diluted share compared to a net loss of $12,845,000 or $1.71 per diluted share for the same six months last year. Included in the current six months results was a pretax gain of $685,000 ($436,000 after tax) for the final business interruption settlement with the insurance company for the October 2008 fire at Allied’s former encoder operation in Chatsworth, California and $230,000 of non-recurring expenses related to integrating the encoder operation into Allied’s Emoteq operation in Tulsa, Oklahoma. The prior year’s six months results included the asset impairment charge and inventory adjustments discussed in the quarterly results above. Excluding the business interruption settlement and the non-recurring expenses, the net income for the six months this year was $1,177,000, and excluding the impairment charge and inventory adjustment, the net loss for the six months last year was $1,323,000.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AMOT $18.47 0.00%
AAPL $110.38 0.00%
FB $92.07 0.00%
GOOG $626.91 0.00%
TSLA $247.57 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs