Allied Motion Technologies, Inc (NASDAQ:AMOT)

AMHERST, N.Y., Dec. 23, 2015 (GLOBE NEWSWIRE) -- Allied Motion Technologies Inc. (NASDAQ:AMOT), a global designer and manufacturer of motion control products, announced today that it has signed an agreement to acquire 100% of the stock of Heidrive GmbH for €20 million (approximately US$22 million). 

The transaction is expected to close early in the first quarter of 2016.  The purchase price will be partially funded with existing cash plus borrowings under the Company’s revolving credit facility, which Allied and its banks have agreed to amend to increase borrowing capacity to US$30 million from US$15 million.

Third Quarter 2015 Results

• Revenues for the quarter declined 6% to $61,534,000 compared to $65,280,000 last year.
• Net income increased 4% to $4,278,000 or $0.46 per diluted share for the quarter ended September 30, 2015 compared to $4,115,000 or $0.45 per diluted share for the quarter ended September 30, 2014.

“The strength of the U.S. dollar continues to require a more detailed explanation when comparing our reported results on a true comparative basis to reflect the real change year over year. Measured in constant currency, revenues for the third quarter of 2015 would have been consistent with the prior year, and fully diluted earnings per share would have increased 11% compared to the same quarter in 2014. Year to date, revenues would have increased 4% and fully diluted earnings per share would have increased 26% as compared to the same period in 2014, commented Dick Warzala, Chairman and CEO of Allied Motion. “For the quarter, we experienced growth in our Electronics and Medical markets. Our Aerospace and Defense, Industrial, Distribution and Vehicle markets were down. While the overall market has not met our improvement expectations during the year, we continue to focus on improving internal operations efficiencies through the utilization of our Allied Systematic Tools. With strong cash flows and a continually improving debt position, we believe we have the required resources to enhance our growth opportunities through strategic acquisitions in the future. The long term success of our Company will be further enhanced by executing our strategy and leveraging our full capabilities to design innovative “Motion Solutions That Change the Game” and meet the current and emerging needs of our customers in our served market segments.”

Q1 2015 Results

• Revenues for the quarter declined 1% to $59,580,000 compared to $60,435,000 last year with the decline resulting from the strengthening of the U.S. dollar against foreign currencies.
• Net income increased 39% to $2,976,000 or $0.32 per diluted share for the quarter ended March 31, 2015 compared to $2,148,000 or $0.24 per diluted share for the quarter ended March 31, 2014.

“Although the strengthening of the U.S dollar posed a significant hurdle, we had a good start to 2015 with net income increasing 39% and gross margin improving by 1.1% when compared to the same quarter of 2014”, commented Dick Warzala, Chairman and CEO of Allied Motion. “For the quarter, we experienced growth in our Aerospace and Defense, Medical and Electronics markets. Our Vehicle and Industrial markets were flat, while our Distribution market was down. Our pipeline of new opportunities continues to expand nicely with an increasing number offered as multi-product solutions driven through our Solution Centers. As we move forward into the future, we believe the long term success of our Company will be further enhanced by executing our strategy and leveraging our full capabilities to design innovative “Motion Solutions That Change the Game” and meet the current and emerging needs of our customers in our served market segments.”

Fourth Quarter 2014 Financial Results

• Revenues for the quarter increased 23% to $61,898,000 compared to $50,131,000 last year with sales to U.S. customers up 31% and foreign sales up 11%.
• Net income increased 266% to $4,904,000 or $0.53 per diluted share for the quarter ended December 31, 2014 compared to $1,341,000 or $0.15 per diluted share for the quarter ended December 31, 2013.

 As per the plan, Globe Motors and the core Allied Companies concentrated on growth synergies while allowing the operations to continue functioning with limited structural changes being made during the year,� commented Dick Warzala, Chairman and CEO of Allied Motion.

For the year, we experienced growth in most of our served markets including Vehicle, Aerospace and Defense, Medical and Industrial, while our Electronics market was down. In the fourth quarter we began the process of aligning our combined team to begin the implementation of our long term strategy in support of our new growth and profitability objectives. As we move forward into the future, we believe the long term success of our Company will be further enhanced by executing our Strategy and leveraging our full capabilities to design innovative 'Motion Solutions That Change the Game' and meet the current and emerging needs of our customers in our served market segments.�

Second Quarter 2014 Financial Results:

• Revenue was 62.1 million, an increase of 145% from 25.4 million in the same quarter last year.
• Adjusted diluted EPS is $0.37 vs $0.10 in prior year.

“We are very pleased with the record results for the second quarter 2014 as they continue to validate our previous comments that we expect our revenues for 2014 to more than double relative to Allied’s 2013 pre-acquisition revenues and for the Globe acquisition to be accretive to earnings,” commented Dick Warzala, Chairman and CEO of Allied Motion. “When comparing the pro forma results of Allied and Globe for the six months ended June 30, 2013 to the actual results of Allied and Globe for the same period of 2014, our revenues increased from a pro forma of $104.1M in 2013 to $122.5M in 2014 and our earnings per share increased from a pro forma of $0.43/share in 2013 to $0.53/share in 2014. Also, on a year to date basis, we experienced growth in our served markets of Medical, Vehicle and Aerospace and Defense, while our Industrial and Electronics markets were flat. The Allied/Globe integration process, in which we have focused primarily on leveraging growth opportunities for the combined entity, is proceeding well. In September of 2014, we will take the process to the next level when we update our long term strategy and establish the goals and objectives for our company for the next three to five years. While we consider 2014 to be a transformative year for Allied Motion, our long term success will be further enhanced by leveraging the capabilities of both companies to design innovative “Motion Solutions That Change the Game” and meet the current and emerging needs of our customers in our served market segments.”

First Quarter 2014 Results

• Revenues for the quarter increased 140% to $60,435,000 compared to $25,143,000 last year with sales
• Net income increased 124% to $2,148,000 or $0.24 per diluted share for the quarter ended March 31, 2014 compared to $960,000 or $0.11 per diluted share for the quarter ended March 31, 2013.

“As mentioned in our press release from the fourth quarter of 2013, we expect our revenues for 2014 to more than double relative to Allied’s 2013 pre-acquisition revenues and for the Globe acquisition to be accretive to earnings. The record results for the first quarter 2014 are in line with these expectations," commented Dick Warzala, Chairman and CEO of Allied Motion. “While Globe continues to operate in substantially the same manner as it was prior to the acquisition, the integration process has begun and will continue throughout 2014 as we follow a structured approach that we believe will lead to success in the process. Additionally, we are encouraged with our first quarter results as we experienced growth in almost all of our served markets and converted several new potential opportunities into design-in wins. With a continued focus on the Globe Motors integration, we expect the year to be transformative and will put us in a position to leverage the capabilities of both companies to create 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.”

Bookings for the quarter ended March 31, 2014 were $64.4 million compared to $21.0 million for the first quarter of 2013. Backlog as of March 31, 2014 was $79.7 million compared to $28.0 million as of March 31, 2013, a 184% increase over the prior year.

Fourth Quarter 2013 Results

• 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%.
• 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.

“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.”

Beginning in 2013, the Company no longer included the full value of blanket purchase orders when received from customers and only reported them as bookings when they were actually released to production. To ensure an accurate comparison, we presented bookings and backlog throughout 2013 using our new method as well as presenting them in the same manner as the prior year. Bookings for the quarter ended December 31, 2013 were $52.0 million. Using the prior year method, bookings would have been $53.7 million for the fourth quarter 2013 compared to $23.4 million for the fourth quarter of 2012. Backlog as of December 31, 2013 was $75.6 million. Using the prior year method, backlog would have been $83.7 million as of December 31, 2013 compared to $32.9 million as of December 31, 2012, a 154% increase over the prior year. Bookings for the year ended December 31, 2013 were $121.1 million. Using the prior year method, bookings would have been $135.3 million compared to last year’s bookings of $90.4 million, a 50% increase over the same period last year.

AMHERST, N.Y.--(BUSINESS WIRE)--Allied Motion Technologies Inc. (NASDAQ: AMOT) On October 18, 2013, Allied Motion completed the acquisition of Globe Motors and filed a Form 8-K announcing the acquisition within four business days of the completion of the acquisition, as required by the SEC. On November 12, 2013 Allied Motion issued a Press Release to disclose unaudited pro forma financial information with respect to Allied Motion’s acquisition of Globe Motors, Inc. from Safran USA, Inc. The pro forma financial information was released at that time to provide the readers with an overview of the past performance of the combined entity for the year ended December 31, 2012 and the nine months ended September 30, 2013. Also within the Press Release, the readers were reminded that the unaudited pro forma financial information reported at that time was preliminary and subject to change pending the completion of the audits by Allied Motion’s outside audit firm of the Globe Motors results for both periods, as required by SEC regulations.

On January 3, 2014, Allied Motion filed an amendment to the Form 8-K to include audited financial statements for Globe Motors for the year ended December 31, 2012 and the nine month period ended September 30, 2013, as well as certain unaudited pro forma Allied Motion and Globe Motors combined consolidated financial statements. The pro forma financials were based on Globe Motors’ audited report for each period presented while Allied Motion’s results for the year ended December 31, 2012 were audited and its interim results for the nine months ended September 30, 2013 were unaudited as filed with Allied’s most recent quarterly report on Form 10-Q. As a result of the audit of Globe Motors, Allied Motion is updating the previously disclosed summary pro forma information to (i) revise the revenue of Globe Motors (ii) revise certain expenses, including interest expense, depreciation expense and provision for income tax for Globe Motors (iii) correct the pro forma adjustment for certain litigation-related expenses of Globe Motors and (iv) revise corporate allocations.

“The completion of the outside audit of Globe Motors and the reporting of the pro forma financial results of the combined entity within the amended Form 8-K, confirms that the Globe Motors acquisition is accretive to Allied Motion,” commented Dick Warzala, CEO and President of Allied Motion. “At this point we can report that the integration process is moving forward as planned and we continue to be excited about the opportunity to leverage the combined resources of the two organizations to facilitate the execution of our Strategy and enhance the continued long term growth and development of our Company.”  Link for pro forma results. 

Third Quarter 2013 Results

• Revenues for the quarter increased 2.3% to $24,876,000 compared to $24,316,000 last year.
• The company reported non-GAAP EPS of $0.14, compared with $0.15 for the same quarter 2012.

“We believe our markets have stabilized as the third quarter 2013 results were in line with our expectations and provided us with a slight revenue improvement when compared to the third quarter of 2012”, commented Dick Warzala, President and CEO of Allied Motion. “Comparing the third quarter of 2013 to the same quarter in 2012, our served markets in Medical, Industrial, and Distribution were up, while Vehicle and Aerospace and Defense were down and Electronics was flat. In this quarter, we did incur significant new business development expenses in conjunction with the acquisition of Globe Motors completed on October 18, 2013. In a separate release, we will be disclosing unaudited pro forma financial information reflecting the Globe Motors acquisition for the year ended December 31, 2012 and the nine months ended September 30, 2013. With our new acquisition, we have put ourselves in the 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.”

AMHERST, N.Y.--(BUSINESS WIRE)--Allied Motion Technologies Inc. (NASDAQ: AMOT) announced today that, effective Friday, October 18, 2013, it completed the acquisition of Globe Motors, Inc. from Safran USA, Inc., on a cash free, debt free basis, for approximately $90 million in cash.

Founded in 1940, Globe Motors employs more than 500 employees worldwide and is headquartered in Dayton, Ohio with additional operations in Dothan, Alabama, Reynosa, Mexico and Oporto, Portugal. Globe Motors has a well-established and strong industry reputation as a high quality provider of customized and innovative motion solutions to meet the needs of its customers in selected target market segments. Globe Motors recorded revenues of approximately $106 million for the year ended December 31, 2012 and approximately $114 million for the trailing twelve month period ended September 30, 2013. Allied Motion expects to provide unaudited pro-forma earnings for Globe Motors with the release of its 2013 third quarter results currently planned for Tuesday, November 12, 2013. Allied Motion will file audited consolidated financial statements of Globe and its subsidiaries in an amendment to Form 8-K to be filed no later than January 3, 2014.

As stated when the acquisition was announced, “Globe Motors has a solid financial track record that will be accretive to our earnings and will also more than double the size of Allied Motion in terms of revenues,” commented Dick Warzala, President and Chief Executive Officer of Allied Motion. “Strategically, Globe fits very well with our company, as it creates critical mass and expands our global reach while providing the opportunity for us to leverage the combined technology/know-how, sales and marketing channels, material sourcing and production capabilities/footprint of both companies. While there is some overlap in technology and in the customer base, the companies are very complementary to each other and will provide additional market diversification and cross-selling opportunities for the combined entity in the future. We are enthusiastic about the prospects of our company and confident that the utilization of Allied Systematic Tools will lead us to continuous improvements in Quality, Delivery, Cost and Innovation and will create significant value in the future for all stakeholders of both Globe and Allied. Last but not least, we at Allied Motion are excited to have the very professional and experienced management team and employees of Globe join the Allied Team as we continue our journey in providing Motion Solutions That Change the Game and create significant value for our customers in our served market segments.”

AMHERST, N.Y.--(BUSINESS WIRE)-- Allied Motion Technologies Inc. (AMOT) announced today that it has entered into a definitive agreement to acquire all of the outstanding shares of Globe Motors, Inc. from Safran USA, Inc., on a cash free, debt free basis, for approximately $90 million in cash. The transaction is expected to close within 60 days and is subject to certain customary conditions including regulatory approvals and completion of the financing documentation.

Founded in 1940, Globe Motors employs more than 500 employees worldwide and is headquartered in Dayton, Ohio with additional operations in Dothan, Alabama, Reynosa, Mexico and Oporto, Portugal. Globe has a well-established and strong industry reputation as a high quality provider of customized and innovative motion solutions to meet the needs of its customers in selected target market segments. For the year ended December 31, 2012, Globe recorded revenues of approximately $106 million.

“Globe Motors has a solid financial track record that will be accretive to our earnings and will also more than double the size of Allied Motion in terms of revenues,” commented Dick Warzala, President and Chief Executive Officer of Allied Motion. “Strategically, Globe fits very well with our company, as it creates critical mass and expands our global reach while providing the opportunity for us to leverage the combined technology/know-how, sales and marketing channels, material sourcing and production capabilities/footprint of both companies. While there is some overlap in technology and in the customer base, the companies are very complementary to each other and will provide additional market diversification and cross-selling opportunities for the combined entity in the future. We are enthusiastic about the prospects of our company and confident that the utilization of Allied Systematic Tools will lead us to continuous improvements in Quality, Delivery, Cost and Innovation and will create significant value in the future for all stakeholders of both Globe and Allied. Last but not least, we at Allied Motion are excited to have the very professional and experienced management team and employees of Globe join the Allied Team as we continue our journey in providing Motion Solutions That Change the Game and create significant value for our customers in our served market segments.”

On 1/14/2011 we added AMOT to the GeoSpecial list @ $7.74

 
Catalyst: Strong third quarter 2010 results and strong interview with management.

We are now removing AMOT from the GeoSpeicial List @ $5.91

Current road block: Second quarter in a row of subpar revenue growth; the Eurozone crisis continue to effect business.  Reference comments from the second quarter 2012 release:

"Looking out at the remainder of the year, we don’t expect market conditions to change significantly from the current uncertain economic conditions in Europe, the slowdown in Asia and the relatively flat markets in North America”, commented Dick Warzala, President and CEO of Allied Motion."

We will look to revisit the story once the mitigating issues are no longer a factor, which could be at any time.

• Peak performance: Reached a high of  $8.80 on 02/01/2011 for a maiximum potential return of 14%
• Current Price: $6.18

Second Quarter 2012 Results

• Revenues for the quarter decreased 7% to $26,836,000 compared to $28,862,000 last year, with 63% of the decrease due to the dollar strengthening against the Euro and Swedish Krona and 37% due to lower volume.
• The Company achieved net income of $1,817,000 or $.21 per diluted share compared to net income of $1,481,000 or $.17 per diluted share for the quarter ended June 30, 2011.

“Looking out at the remainder of the year, we don’t expect market conditions to change significantly from the current uncertain economic conditions in Europe, the slowdown in Asia and the relatively flat markets in North America”, commented Dick Warzala, President and CEO of Allied Motion. “Barring a complete collapse in all markets, we believe our geographic and market diversification will serve us well now and in the future during these continuing uncertain economic times. While macro-economic conditions are beyond our control, we will aggressively continue our platform product development efforts to emphasize value-added solutions and create new opportunities for 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.”

First Quarter 2012 Results

• Revenues for the quarter increased slightly to $26,847,000 compared to $26,724,000 last year.
• Net income of $1,158,000 or $.14 per diluted share compared to net income of $1,213,000 or $.14 per diluted share for the quarter ended March 31, 2011
• Included in the first quarter results for 2012 was a pretax charge of $238,000 ($178,000 after tax) 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. Excluding this charge, net income for the first quarter would have been $1,336,000 or $.16 per diluted share, an increase in net income of $123,000 or 10% over the first quarter 2011, and an increase of $0.02 in earnings per share over the first quarter of 2011.

“Sales in the first quarter of 2012 were flat compared to the first quarter of 2011 with a 9.4% increase in U.S. sales resulting from modest growth and new business developed in 2011 in our medical, vehicle and electronics markets and a decrease in our industrial and aerospace & defense markets. The increase in the U.S. was offset by an 8.4% decrease in European sales with all of our served markets either down or flat, except for medical, which was up slightly,” commented Dick Warzala, President and CEO of Allied Motion. “As previously noted, profits were impacted by the cost to rectify a component error in an electronic circuit and all costs relating to such were fully recorded in the quarter. It’s important to note, our platform product development efforts continually create new opportunities for our company by designing innovative “Motion Solutions That Change the Game” and meet the current and emerging needs of our customers in our served market segments.”

Current GeoSpecial

GeoTeam® Note: 2011 vs. 2010 Adjusted EPS

• Full Year: 0.68 vs. 0.45
• Fourth Quarter: 0.19 vs. 0.12

“Reviewing 2011, we can clearly say that it was a success with record shipments, record incoming orders, record profits and record cash flow. We rewarded our shareholders by creating a cash dividend program and we received very positive feedback from many of our shareholders during the year. Beyond the numbers, our acquisitions integrated well and they provide us with several new opportunities for continued growth in the future. Speaking of opportunities, we carefully manage and track our new opportunity pipeline and it grew steadily throughout the year with many of the opportunities requiring multiple products produced by our company,” commented Dick Warzala, President and CEO of Allied Motion. “In December 2011, we brought our global team together and focused on a 'One Company – One Team' approach to update and create the Strategic Plan for the next 3-5 years. Reviewing the aggressive Goals and Objectives established by our team, it clearly indicates that our team is ready and willing to take Allied Motion to higher levels in the future. Our strong financial condition when combined with Allied Systematic Tools (AST) to continuously improve Quality, Delivery, Cost and focus on the creation of Innovative 'Motion Solutions That Change the Game' and create value for our customers, allows us to have a positive outlook for the continued long term growth of our company.”

Current GeoSpecial

2011 Year end conference call notes:

• Ended 2011 with a record backlog of $44 million, up 16% from the end of 2010 and 6% from the end of the 2011 third quarter.
• 2011 Revenue growth from Europe was minimal, mediocre in the U.S. and high in Asia.
• Most of 2011 revenue growth came from volume increases.
• 2011 Operating cash flow, net of debt,  increased to $9 million from $2.8 million in 2010.
• Maintained its competitive advantage by pre-planning industry needs, enabling the company to quickly bid on new customer orders.
• Growth from outside the U.S. is being fueled by two acquisitions consummated in 2010, while growth from inside the U.S. is arising from existing customers.
• Medical, vehicle, industrial and electronics segments showed strong growth. Aerospace and defense segments were weak.
• Operating cash flow will fund growth and dividend program.
• Some long-term (3 to 5 years) goals involve achieving: 
  • Revenues of $250 million.  Half of this growth is expected to come from organic growth with the remaining growth resulting from acquisitions.
  • Operating margins of 15% (Non-gaap fourth quarter 2011 operating margins were8.2%)
  • 25% of sales from Asia

DENVER--(BUSINESS WIRE)--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced that the Board of Directors declared a quarterly cash dividend payment of $.025 per share payable on March 12, 2012 to shareholders of record on March 2, 2012. The dividend amount of $.025 per share represents an increase from $.02 per share that was previously being paid.

“The dividend, when annualized, represents approximately 14.7% of net income before non-recurring items achieved for the last twelve months,” commented Dick Warzala, President and CEO of Allied Motion. “The payment of a cash dividend is in keeping with management’s commitment to increase shareholder value and the 25% increase in the dividend rate demonstrates our confidence in the future of the company. As stated previously, the dividend does not affect our growth strategy as we fully intend to invest in the Company both organically and through acquisitions in the future.”

Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.

Third Quarter 2011 Results

• Revenues for the quarter increased 24% to $27,331,000 compared to $22,031,000 last year.
• Net income of $1,557,000 or $.18 per diluted share compared to net income of $1,129,000 or $.14 per diluted share for the quarter ended September 30, 2010.

Bookings for the quarter ended September 30, 2011 were a record $34,389,000 compared to $19,236,000 for the same quarter last year with $3,887,000 of the $15,153,000 increase coming from the acquired company. Backlog at September 30, 2011 was a record $41,489,000 compared to $35,726,000 and $37,856,000 for the quarter ended September 30, 2010 and year ended December 31, 2010, respectively.

“The record profits, orders and backlog achieved during the quarter demonstrates the continued progress we are making as a company and our ability to generate growth both organically and through acquisitions” commented Dick Warzala, President and CEO of Allied Motion. “The record level of bookings in the quarter reverses the decline we had experienced in the first half of 2011 and provides positive backlog growth for the year. The organic growth of 14% YTD provides a good indication that our internal growth strategies are on-track and are supported by a strong backlog of new applications and customer projects. Our acquisitions are assimilating well and have provided an expanded electronic motion control capability that allows us to increase the value of our sales through the solution selling activities of our sales force. As usual, Allied Systematic Tools (AST) will continuously be utilized throughout our company to improve Quality, Delivery and Cost and provide a focus on designing Innovative “Motion Solutions That Change the Game” and meet the needs of our served markets and customers. Looking forward, we have a positive outlook for the continued long term growth of our company.” ember 30, 2010 and year ended December 31, 2010, respectively.

DENVER--(BUSINESS WIRE)--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved record sales and profit for the second quarter ended June 30, 2011 with net income of $1,481,000 or $.17 per diluted share compared to net income of $739,000 or $.09 per diluted share for the quarter ended June 30, 2010. Revenues for the quarter increased 44% to $28,862,000 compared to $19,998,000 last year. Of this 44% increase, revenues from existing businesses increased 15% and incremental revenues achieved by companies acquired in 2010 contributed 29% of the increase. This quarter’s results include the results from Agile Systems Inc., a subsidiary that was acquired on June 3, 2010 and continues to operate as Allied Motion Canada and Ostergrens Elmotor AB, a Swedish company acquired on December 30, 2010. EBITDA increased 78% to $2,751,000 for the current quarter compared to $1,543,000 last year. Bookings for the quarter ended June 30, 2011 were $25,601,000 compared to $27,690,000 for the same quarter last year. Backlog at June 30, 2011 was $35,678,000 compared to $36,754,000 and 37,856,000 for the quarter ended June 30, 2010 and year ended December 31, 2010, respectively.

DENVER---Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved record sales and profit for the first quarter ended March 31, 2011 with

• net income of $1,213,000 or $.14 per diluted share compared to net income of $734,000 or $.09 per diluted share for the quarter ended March 31, 2010.
• Revenues for the quarter increased 53% to $26,724,000 compared to $17,422,000 last year. Of this 53% increase, revenues from existing businesses increased 22% and incremental revenues achieved by the companies acquired in 2010 contributed 31% of the increase. This quarter’s results include the results from Agile Systems Inc., a subsidiary that was acquired on June 3, 2010 and continues to operate as Allied Motion Canada and Ostergrens Elmotor AB, a Swedish company acquired on December 30, 2010.
• Bookings for the quarter ended March 31, 2011 were $26,374,000 compared to $26,229,000 for the same quarter last year.
• Backlog at March 31, 2011 was $38,704,000, reflecting a 33% increase from March 31, 2010 and a 2% increase over backlog at the end of 2010.

Included in the first quarter results for 2010 was a pretax gain of $685,000 ($436,000 after tax) for the final business interruption insurance settlement for the October 2008 fire at Allied’s former encoder operation in Chatsworth, California and non-recurring expenses of $230,000 ($140,000 after tax) that were incurred to integrate the encoder operation into Allied’s Emoteq operation in Tulsa, Oklahoma. Excluding the insurance settlement gain and the nonrecurring costs, the net pretax profit for the first quarter of 2010 would have been $609,000 and the net income would have been $438,000, or $.06 per diluted share, as compared to the current quarter’s pretax profit of $1,784,000 and net income of $1,213,000, or $.14 per diluted share.

"The record sales and profit achieved during the first quarter of 2011 are a result of our actions taken during 2010 to streamline our operations and to generate growth organically and through acquisitions. While our latest acquisition, Ostergrens, supplemented our top line, the majority of the earnings increase was realized through profit improvements in our existing operations," commented Dick Warzala, President and CEO of Allied Motion. "With the top line growth provided by our acquisitions, our team looks forward to increasing internal profits through the continuous implementation of Allied Systematic Tools (AST) to improve efficiencies and productivity and eliminate waste throughout our company. Our acquisitions also provide us with expanded electronic motion control products and development capabilities and we are hard at work to ensure the smooth assimilation of these capabilities to increase the value of our sales through the solution selling activities of our sales force. By designing innovative 'Motion Solutions That Change the Game' to meet the needs of our served markets and customers and our ever increasing pipeline of new projects, we continue to have a positive outlook for our continued growth in the future.

DENVER--(BUSINESS WIRE)--Allied Motion Technologies Inc. today announced it achieved:

For the year:  

• Record net income for the year ended December 31, 2010 of $3,585,000 or $.45 per diluted share compared to a net loss of $12,449,000 or $1.65 per diluted share for 2009.
• Revenues for this year were $80,591,000 compared to $61,240,000 for last year, or a 31.6% increase.

For the quarter ended December 31, 2010:

• Net income increased to $983,000 or $.12 per diluted share compared to net income of $117,000 or $.02 per diluted share for the quarter ended December 31, 2009.
• Revenues for the quarter increased 24% to $21,140,000 compared to $17,025,000 last year.

"The record profits and orders achieved for the year 2010 and the continued solid performance in the fourth quarter is a direct result of an improving economy and the restructuring and process improvements we made during the year" commented Dick Warzala, President and CEO of Allied Motion. "The financial results speak for themselves and looking beyond the numbers, we made significant progress in other areas of the business including the consolidation of our Encoder operation into Tulsa and the acquisitions of Agile and Ostergrens. We will continue to work on internal profit improvement through the continuous implementation of Allied Systematic Tools (AST) by improving efficiencies and productivity and eliminating waste throughout the company. Our acquisitions provide us with an expanded electronic motion control development and integration capability and the Ostergrens’ China facility provides us with a base for our own operations in the Asian market. Our Backlog is at an all-time high and our new project activity reflects many new high value-added applications that utilize our expanding motion solutions capabilities. The capabilities provided by our two acquisitions, combined with our internal product developments in 2010, allows Allied Motion to take the next step forward in Raising the Bar by providing Motion Solutions That Change the Game for our served markets and customers in 2011. Our strong balance sheet and cash flow also provides us with the opportunity to fund our growth prospects which bodes well for the Company in the future."