Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced that it achieved net income for the third quarter ended September 30, 2012 of $1,321,000 or $.15 per diluted share compared to net income of $1,557,000 or $.18 per diluted share for the quarter ended September 30, 2011. Revenues for the quarter decreased 11% to $24,316,000 compared to $27,331,000 last year, with 74% of the decrease due to lower volume and 26% due to the dollar strengthening against the Euro and the Swedish Krona.
“When you eliminate the impact of the U.S. dollar strengthening, the actual Revenue decrease amounts to an 8% decrease in the third quarter of 2012 compared to the third quarter of 2011,” commented Dick Warzala, President and CEO of Allied Motion. “With all of our operating units and all of our served markets experiencing decreased levels of business, it is our opinion that the results reflect a broad-based economic decline and as a company, we were not immune to the impact of that decline. While we have experienced softness in some of our markets, looking forward we expect them to firm up and stabilize. We will continue to execute our Strategy for the long term growth and development of our Company by designing innovative ` Motion Solutions That Change the Game' and meet the current and emerging needs of customers in our served market segments.”
Backlog at September 30, 2012 was $33,166,000, reflecting a 20% decrease from September 30, 2011 and a 9.5% decrease for the quarter. The decrease in backlog compared to the same period last year is primarily the result of the current market conditions and the delay of certain blanket order placements.
During the nine months ended September 30, 2012, the Company achieved a 1% increase in net income achieving $4,296,000 or $.50 per diluted share compared to net income of $4,251,000 or $.50 per diluted share for the same nine months last year. EBITDA decreased to $7,447,000 for the first nine months of 2012 compared to $7,823,000 last year. Revenues for the first nine months this year were $77,999,000 compared to $82,917,000 for the same period last year, or a 6% decrease, with 50% of the decrease due to lower volume and 50% due to the dollar strengthening against the Euro and the Swedish Krona.