Allied Motion Technologies Inc.
(NASDAQ:AMOT) today announced the results for the quarter ended December 31, 2013 including the results of Globe Motors which was acquired on October 18, 2013. Excluding non-recurring items, the Company achieved adjusted net income for the fourth quarter of 2013 of $1,802,000 ($.20 per diluted share) compared to $1,117,000 ($.13 per diluted share) for the same period last year. Including the one-time items, net income for the quarter ended December 31, 2013 was $1,341,000 or $.15 per diluted share compared to net income of $1,101,000 or $.13 per diluted share in the same quarter of 2012. Revenues for the quarter increased 109.1% to $50,131,000 compared to $23,969,000 last year with foreign sales up 70.3% and sales in the U.S. up 141.3%. Cash at December 31, 2013 increased to $10,171,000 compared to $9,728,000 at December 31, 2012. The results for the quarter include $678,000 ($461,000 net of tax) for new business development expenses for the Globe Motors acquisition.
“The year 2013 was certainly an exciting one for Allied Motion, highlighted by the successful completion of the Globe Motors acquisition in October. Allied’s results in the fourth quarter and the year included a little over two months of revenues and earnings from Globe Motors post-acquisition. In 2014, revenues are expected to more than double relative to Allied’s 2013 pre-acquisition revenues, and the Globe acquisition is expected to continue to be accretive to earnings. Limited one-time costs will be incurred in the first quarter of 2014, primarily in the legal, financial and tax areas, as we work to finalize and implement the benefits available to us as a result of the acquisition”, commented Dick Warzala, Chairman and CEO of Allied Motion. “While Globe is operating in substantially the same manner as it was prior to the acquisition, the integration process has started and will continue through the year as we follow a structured approach that we believe will lead to success in the process. We expect that the coming year will continue to be transformative for our company and that, with the addition of Globe Motors, we have put ourselves in a position to leverage the capabilities of both companies to create an increasing number of new opportunities by designing innovative “
Motion Solutions That Change the Game”
and meet the current and emerging needs of our customers in our served market segments.”
Including the results of Globe Motors from October 18, 2013 and excluding non-recurring items, the company generated adjusted net income for the year ended December 31, 2013 of $5,413,000 or $.61 per diluted share, compared to $5,369,000 or $.62 per diluted share for 2012. Including the one-time items, the Company achieved net income of $3,953,000 or $.45 per diluted share compared to net income of $5,397,000 or $.63 per diluted share for last year. The results for the year ended December 31, 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 $1,913,000 ($1,301,000 net of tax) of new business development expenses in conjunction with the acquisition of Globe Motors. Additionally, net income for the year ended December 31, 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 year ended December 31, 2012, included a pretax charge of $238,000 ($178,000 net of tax) in the first quarter of 2012 that was recorded to cover certain previously disclosed replacement costs. Revenues increased 23.1% to $125,502,000 compared to $101,968,000 last year with foreign sales up 20.6% and sales in the U.S. up 25.0%.