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.
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