Allied Motion Technologies Inc.
(NASDAQ: AMOT) today announced it achieved record net income for the year ended December 31, 2010 of $3,585,000 or $.45 per diluted share compared to a net loss of $12,449,000 or $1.65 per diluted share for 2009. Revenues for this year were $80,591,000 compared to $61,240,000 for last year, or a 31.6% increase.
New orders booked during 2010 were a record $92,032,000, an increase of 58.5% over the $58,047,000 of bookings for 2009. Backlog at December 31, 2010 was $37,856,000, reflecting an 80% increase over the backlog at the end of 2009 which includes the backlog of Ostergrens Elmotor AB, the Swedish company acquired on December 30, 2010 as was previously announced. Agile Systems Inc., a subsidiary that was acquired on June 3, 2010 and continues to operate as Allied Motion Canada contributed $1.6 million, or 2% of the total revenues achieved by the Company for 2010.
Excluding the non-recurring charges incurred in 2010 and 2009, net income for 2010 was $3,621,000, or $.45 per fully diluted share, and for 2009, the net loss was $742,000, or $.10 per share. The non-recurring charges included in the 2010 operating results totaled a net after tax charge of $36,000 which included a gain of $685,000 ($436,000 after tax) for the final business interruption insurance settlement for the October 2008 fire at Allied’s former encoder operation in Chatsworth, California, transaction costs of $447,000 ($331,000 after tax) incurred in the 2010 acquisitions of Agile Systems and Ostergrens and non-recurring expenses of $232,000 ($141,000 after tax) that were incurred to integrate the encoder operation into Allied’s Emoteq operation in Tulsa, Oklahoma. The 2009 operating results included total non-recurring charges of $16,865,000 ($11,707,000 after tax) including a pretax asset impairment charge of $15,986,000, inventory adjustments of $600,000 primarily for excess and obsolete inventories recorded in the second quarter of 2009, and a restructuring charge of $710,000 partially offset by net insurance recoveries of $431,000 for the fire at our Chatsworth encoder facility in 2008.