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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.