This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Allied Motion Announces Record Profit For The Quarter And Year Ended December 31, 2011

Stocks in this article: AMOT

Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved record revenues and net income for the year ended December 31, 2011. Net income for the year was $6,967,000 or $.81 per diluted share compared to net income of $3,585,000 or $.45 per diluted share for 2010. The results this year include an adjustment to the contingent consideration that was originally recorded as part of the purchase price for the Ostergrens Elmotor AB acquisition that was completed on December 30, 2010. The adjustment had the effect of increasing both pretax and after tax profit by $1,101,000 resulting from the final determination of the contingent payment amount. Excluding this adjustment, net income for 2011 was a record $5,866,000 or $.68 per diluted share.

Revenues for this year were a record $110,941,000 compared to $80,591,000 for last year, or a 38% increase. Of this 38% increase, revenues from existing businesses increased 12% and incremental revenues achieved by the two companies acquired in 2010, Ostergrens and Agile Systems Inc., a subsidiary acquired on June 3, 2010 and now operating as Allied Motion Canada, contributed 26% of the increase. Bookings for this year were $117,365,000 compared to $92,032,000 for last year with $22,878,000 of the $25,333,000 increase coming from the two acquired companies. Backlog at December 31, 2011 was a record $44,005,000 compared to $37,856,000 for the year ended December 31, 2010, or a 16.2% increase.

The Company also achieved record profit for the fourth quarter ended December 31, 2011 with net income of $2,716,000 or $.32 per diluted share compared to net income of $983,000 or $.12 per diluted share for the quarter ended December 31, 2010. This quarter’s pretax income and net income include the $1,101,000 reduction to the contingent consideration for the Ostergrens’ acquisition. Without this adjustment, profit for the fourth quarter ended December 31, 2011 was a record $1,615,000 or $.19 per diluted share. Revenues for the quarter increased 33% to $28,024,000 compared to $21,140,000 last year. Of the 33% increase in revenues, revenues from existing businesses increased 9% and incremental revenues achieved by Ostergrens contributed 24% of the increase. Bookings for the quarter ended December 31, 2011 were $31,001,000 compared to $18,877,000 for the same quarter last year with $7,992,000 of the $12,124,000 increase coming from Ostergrens.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs