Allied Motion Reports Record Profits For The Third Quarter Ended September 30, 2010
Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved net income for the quarter ended September 30, 2010 of $1,129,000 or $.14 per diluted share compared to net income of $279,000 or $.04 per diluted share for the quarter ended September 30, 2009. The net profit achieved in the quarter is the highest profit achieved in the history of the Company since the Company was restructured in 2002.
Revenues for the quarter increased 47% to $22,031,000 compared to $14,980,000 last year. Bookings for the quarter ended September 30, 2010 were $19,236,000, up 22.5% when compared to the $15,703,000 for the same quarter last year. 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 September 30, 2010 was $35,726,000, reflecting a 38% increase over the backlog at the same time last year and an increase of 70% from the backlog at the end of 2009.
During the nine months ended September 30, 2010, the Company achieved net income of $2,602,000 or $.33 per diluted share compared to a net loss of $12,566,000 or $1.67 per diluted share for the same nine months last year. Included in the current nine 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 nine months results 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 the excess and obsolete inventories recorded in the second quarter of 2009. Excluding the business interruption settlement and the non-recurring expenses, the net income for the nine months this year was $2,310,000, and excluding the impairment charge and inventory adjustment, the net loss for the nine months last year was $1,044,000.
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