Allied Motion Technologies Inc.
(NASDAQ: AMOT) today announced the results for the quarter ended September 30, 2013. Excluding non-recurring items, the Company achieved adjusted net income for the third quarter of 2013 of $1,239,000 ($.14 per diluted share) compared to $1,321,000 ($.15 per diluted share) for the same period last year. Including the one-time items, net income for the quarter ended September 30, 2013 was $833,000 or $.09 per diluted share compared to net income of $1,321,000 or $.15 per diluted share in the same quarter of 2012. Revenues for the quarter increased 2.3% to $24,876,000 compared to $24,316,000 last year with foreign sales up 13.0% and sales in the U.S. down 5.4%. Cash at September 30, 2013 increased to $11,654,000 compared to $9,728,000 at December 31, 2012. The results for the quarter include $596,000 ($406,000 net of tax) for new business development expenses for the Globe Motors acquisition that was completed October 18, 2013.
Excluding non-recurring items, the company generated adjusted net income for the nine months ended September 30, 2013 of $3,611,000 or $.41 per diluted share, compared to $4,252,000 or $.49 per diluted share for the same period of 2012. Including the one-time items, the Company achieved net income of $2,612,000 or $.30 per diluted share compared to net income of $4,296,000 or $.50 per diluted share for the same nine months last year. The results for the nine months ended September 30, 2013 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 $1,235,000 ($840,000 net of tax) of new business development expenses in conjunction with the acquisition of Globe Motors. Additionally, net income for the nine months ended September 30, 2012 included $301,000 ($222,000 net of tax) received as a concession payment from a landlord for early termination of a building lease. In addition to the concession payment, the results for the nine months ended September 30, 2012, included a pretax charge of $238,000 ($178,000 net of tax) in the first quarter of 2012. This charge was recorded to cover the expected costs of replacing certain products in the field due to an incorrect electronic component in a printed circuit board supplied by one of the Company’s sub-contract suppliers. Revenues decreased 3.4% to $75,371,000 compared to $77,999,000 last year with foreign sales up 4.7% and sales in the U.S. down 9.6%. Of the total 3.4% decrease in sales, 4.5% is due to a decrease in sales volume, partially offset by a 1.1% favorable currency change with the dollar weakening against the Euro and the Swedish Krona.