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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV