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Allied Motion Reports Results For The Second Quarter Ended June 30, 2013

Stocks in this article: AMOT

Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced the results for the quarter ended June 30, 2013 with net income of $819,000 or $.09 per diluted share compared to net income of $1,817,000 or $.21 per diluted share for the quarter ended June 30, 2012. Revenues for the quarter decreased 5.5% to $25,352,000 compared to $26,836,000 last year with foreign sales up 2.7% and sales in the U.S. down 11.6%. Cash at June 30, 2013 increased to $11,256,000 compared to $9,728,000 at December 31, 2012.

The results for the quarter include $234,000 ($159,000 net of tax) of relocation expense to move our corporate office and key employees from Denver, CO to Amherst, NY and $565,000 ($384,000 net of tax) of new business development expenses in conjunction with a potential acquisition. Additionally, net income for the quarter ended June 30, 2012 included $301,000 (or $222,000 net of tax) received as a concession payment from a landlord for early termination of a building lease. Excluding these non-recurring items, the company achieved adjusted net income for the quarter of $1,362,000 ($.15 per diluted share) compared to $1,595,000 ($.18 per diluted share) for the same period last year.

Beginning in 2013, we no longer include the full value of blanket purchase orders when received from customers and only report them as bookings when they are released to production. To ensure an accurate comparison, we will present bookings and backlog throughout 2013 in the same manner as the prior year. Bookings for the quarter ended June 30, 2013 were $26.4 million compared to last year’s bookings of $23.7 million using the prior method and $23.5 million using the new method. Backlog as of June 30, 2013 was $26.9 million using the new method and was $35.4 million using the prior method compared to $36.7 million as of June 30, 2012.

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