Allied Motion Technologies Inc.
(NASDAQ: AMOT) today announced it achieved record profit for the third quarter ended September 30, 2011 with net income of $1,557,000 or $.18 per diluted share compared to net income of $1,129,000 or $.14 per diluted share for the quarter ended September 30, 2010. Revenues for the quarter increased 24% to $27,331,000 compared to $22,031,000 last year.
This quarter’s results include the incremental results from Ostergrens Elmotor AB, a Swedish company acquired on December 30, 2010, that were not included in last year’s results. Of the 24% increase in revenues, revenues from existing businesses increased 4% and incremental revenues achieved by Ostergrens contributed 20% of the increase. EBITDA increased 22% to $2,722,000 for the current quarter compared to $2,234,000 last year with $264,000 of the $488,000 increase coming from the acquired company.
Bookings for the quarter ended September 30, 2011 were a record $34,389,000 compared to $19,236,000 for the same quarter last year with $3,887,000 of the $15,153,000 increase coming from the acquired company. Backlog at September 30, 2011 was a record $41,489,000 compared to $35,726,000 and $37,856,000 for the quarter ended September 30, 2010 and year ended December 31, 2010, respectively.
During the nine months ended September 30, 2011, the Company achieved net income of $4,251,000 or $.50 per diluted share compared to net income of $2,602,000 or $.33 per diluted share for the same nine months last year. The results for the current nine months include the incremental results of Ostergrens as well as the incremental results of Agile Systems Inc., a subsidiary acquired on June 3, 2010 and now operating as Allied Motion Canada. Included in the prior year 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. Excluding the insurance settlement gain and the nonrecurring costs, net income for the nine months ended September 30, 2010 would have been $2,306,000, or $.29 per diluted share. EBITDA increased 47% to $7,823,000 for the first nine months of 2011 compared to $5,340,000 last year with $1,049,000 of the $2,483,000 increase coming from the two acquired companies.