Allied Motion Technologies Inc. (NASDAQ: AMOT) In connection with the closing of Allied Motion's acquisition of Globe Motors, Inc. from Safran USA, Inc., Allied Motion announced that it would disclose unaudited pro forma financial information with respect to the acquisition. Set forth below are certain pro forma financial metrics that assume that the acquisition of Globe Motors took place on the dates indicated. Allied Motion will provide certain audited financial statements for Globe Motors on or before January 3, 2014 in an Amendment to its Form 8-K reporting the completion of the acquisition of Globe Motors. Such Form 8-K Amendment will also contain pro forma consolidated financial statements. If as a result of the audit the historical financial statements of Globe Motors the financial information used to prepare the pro forma metrics set forth below changes, the pro forma financial statements contained in the Amendment to the Form 8-K may differ from the information disclosed below. The pro forma information may not be indicative of the results that actually would have occurred if the acquisition had occurred on the dates indicated or which may be obtained in the future. The transaction will be accounted for using the acquisition method of accounting which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The allocation of the purchase price in preparing the unaudited pro forma information is preliminary and is subject to change. The Globe assets and liabilities have been measured at their estimated fair values at the date of acquisition. Differences between these estimates of fair value and the final acquisition accounting may occur, and those differences could also have an impact on the unaudited pro forma financial information presented below.
The charts below summarize the unaudited pro forma calculation of Revenue, Net Income, Earnings per share, EBITDA and Adjusted EBITDA giving effect to the acquisition as compared to the historical results for Allied Motion for the 9 months ended September 30, 2013 and December 30, 2012 is as follows (in thousands):
|Financial Results||Pro Forma|
|Nine Months||Nine Months|
|September 30,||September 30,||Increase (decrease)|
|Net income per share||$||0.30||$||0.73||$||0.43||143||%|
|Financial Results||Pro Forma|
|Year Ended||Year Ended|
|December 31,||December 31,||Increase (decrease)|
|Net income per share||$||0.63||$||0.97||$||0.34||54||%|
“As evidenced by the summary unaudited pro forma information released today, we are excited with the immediate impact the acquisition Globe Motors may have on the operating results of Allied Motion. While we previously released pro forma revenue information and mentioned that the acquisition was accretive, we feel it is important to also provide our shareholders with information relative to the magnitude of the pro forma earnings impact as a result of the Globe acquisition. We believe that Globe is a solid, well-run company and that the synergies provided by the combination of the two organizations will further facilitate the execution of our Strategy for the long term growth and development of Allied Motion. Additionally, we expect the combination to advance our ability to develop 'Motion Solutions That Change the Game' and meet the current and emerging needs of customers in our respective target market segments,” commented Dick Warzala, President and CEO of Allied Motion.