Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced
the results for the quarter ended March 31, 2013 with net income of
$960,000 or $.11 per diluted share compared to net income of $1,158,000
or $.14 per diluted share for the quarter ended March 31, 2012. Revenues
for the quarter decreased 6.3% to $25,143,000 compared to $26,847,000
last year. Cash increased to $8,420,000 for the quarter compared to
$4,581,000 at the end of the same quarter of 2012.
Beginning in 2013, we are no longer including the full value of blanket
purchase orders when received from customers and will only report them
as bookings when they are released to production. To ensure an accurate
comparison, we will also present bookings and backlog throughout 2013 in
the same manner as the prior year. Bookings for the quarter ended March
31, 2013 were $25.3 million compared to last year’s bookings of $23.0
million using the prior method and $21.0 million using the new method.
Backlog as of March 31, 2013 was $28.0 million using the new method and
was $31.4 million using the prior method compared to $40.9 million as of
March 31, 2012.
“Sales in the first quarter of 2013 were down 6.3% compared to the first
quarter of 2012, with sales in Europe flat and sales in the U.S. down
11.6%. During the quarter, our served markets of medical, vehicle and
electronics were down, while the industrial and aerospace and defense
markets were up,” commented Dick Warzala, President and CEO of Allied
Motion. “On the positive side, the quarter to quarter downward sales
trend we experienced throughout 2012 was reversed in the first quarter
of this year, with sales increasing by 4.9% in the first quarter of 2013
compared to the fourth quarter of 2012. During the remainder of 2013, we
will continue to closely monitor our served markets as we expect them to
stabilize and provide growth as we move through the year. Our balance
sheet is strong which puts us in a good position to support our growth
strategy in the future. To further support our growth, 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.”
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.
The statements in this press release and in the Company’s May 10, 2013
conference call that relate to future plans, events or performance are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include, without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance, or achievements, and may
contain the word “believe,” “anticipate,” “expect,” “project,” “intend,”
“will continue,” “will likely result,” “should” or words or phrases of
similar meaning. Forward-looking statements involve known and unknown
risks and uncertainties that may cause actual results of the Company to
differ materially from the forward-looking statements. The risks and
uncertainties include those associated with the present economic
circumstances in the United States and throughout Europe, general
business and economic conditions in the Company’s motion markets,
introduction of new technologies, products and competitors, the ability
to protect the Company’s intellectual property, the ability of the
Company to sustain, manage or forecast its growth and product
acceptance, success of new corporation strategies and implementation of
defined critical issues designed for growth and improvement in profits,
the continued success of the Company’s customers to allow the Company to
realize revenues from its order backlog and to support the Company’s
expected delivery schedules, the continued viability of the Company’s
customers and their ability to adapt to changing technology and product
demand, the loss of significant customers or enforceability of the
Company’s contracts in connection with a merger, acquisition,
disposition, bankruptcy, or otherwise, the ability of the Company to
meet the technical specifications of its customers, the continued
availability of parts and components, increased competition and changes
in competitor responses to the Company’s products and services, changes
in government regulations, availability of financing, the ability of the
Company’s lenders and financial institutions to provide additional funds
if needed for operations or for making future acquisitions or the
ability of the Company to obtain alternate financing if present sources
of financing are terminated, the ability to attract and retain qualified
personnel who can design new applications and products for the motion
industry, the ability of the Company to identify and consummate
favorable acquisitions to support external growth and new technology,
the ability of the Company to successfully integrate an acquired
business into the Company’s business model without substantial costs,
delays, or problems, the ability of the Company to establish low cost
region manufacturing and component sourcing capabilities, and the
ability of the Company to control costs, including relocation costs, for
the purpose of improving profitability. The Company’s ability to compete
in this market depends upon its capacity to anticipate the need for new
products, and to continue to design and market those products to meet
customers’ needs in a competitive world. Actual results, events and
performance may differ materially. Readers are cautioned not to place
undue reliance on these forward-looking statements as a prediction of
actual results. The Company has no obligation or intent to release
publicly any revisions to any forward looking statements, whether as a
result of new information, future events, or otherwise.
ALLIED MOTION TECHNOLOGIES INC.
FINANCIAL SUMMARY (IN
THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31,
|
HIGHLIGHTS OF OPERATING RESULTS
|
|
|
|
2013
|
|
2012
|
Revenues
|
|
|
|
$
|
25,143
|
|
|
$
|
26,847
|
|
Cost of goods sold
|
|
|
|
|
17,620
|
|
|
|
19,210
|
|
Gross margin
|
|
|
|
|
7,523
|
|
|
|
7,637
|
|
Selling expenses
|
|
|
|
|
1,293
|
|
|
|
1,365
|
|
General and administrative expenses
|
|
|
|
|
2,992
|
|
|
|
2,947
|
|
Engineering and development expenses
|
|
|
|
|
1,747
|
|
|
|
1,553
|
|
Amortization of intangible assets
|
|
|
|
|
84
|
|
|
|
174
|
|
Total Operating Expenses
|
|
|
|
|
6,116
|
|
|
|
6,039
|
|
Operating income
|
|
|
|
|
1,407
|
|
|
|
1,598
|
|
Other income (expense), net
|
|
|
|
|
5
|
|
|
|
10
|
|
Income before income taxes
|
|
|
|
|
1,412
|
|
|
|
1,608
|
|
Provision for income taxes
|
|
|
|
|
(452
|
)
|
|
|
(450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
960
|
|
|
$
|
1,158
|
|
PER SHARE AMOUNTS:
|
|
|
|
|
|
|
Diluted income per share
|
|
|
|
$
|
0.11
|
|
|
$
|
0.14
|
|
Diluted weighted average common shares
|
|
|
|
|
8,733
|
|
|
|
8,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEETS
|
|
|
|
March 31, 2013
|
|
December 31, 2012
|
Assets
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
8,420
|
|
$
|
9,728
|
Trade receivables, net
|
|
|
|
|
12,696
|
|
|
10,806
|
Inventories, net
|
|
|
|
|
13,938
|
|
|
14,701
|
Other current assets
|
|
|
|
|
2,632
|
|
|
2,794
|
Total Current Assets
|
|
|
|
|
37,686
|
|
|
38,029
|
Property, plant and equipment, net
|
|
|
|
|
8,548
|
|
|
8,631
|
Deferred income taxes
|
|
|
|
|
4,050
|
|
|
4,103
|
Intangible assets, net
|
|
|
|
|
2,278
|
|
|
2,431
|
Other long-term assets, net
|
|
|
|
|
2,341
|
|
|
1,991
|
Goodwill
|
|
|
|
|
5,608
|
|
|
5,782
|
Total Assets
|
|
|
|
$
|
60,511
|
|
$
|
60,967
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Debt obligations
|
|
|
|
$
|
399
|
|
$
|
397
|
Accounts payable
|
|
|
|
|
5,577
|
|
|
5,748
|
Accrued Liabilities
|
|
|
|
|
4,448
|
|
|
5,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
|
|
10,424
|
|
|
12,071
|
Deferred Income Taxes
|
|
|
|
|
894
|
|
|
935
|
Other long-term liabilities
|
|
|
|
|
6,113
|
|
|
5,809
|
Total Liabilities
|
|
|
|
|
17,431
|
|
|
18,815
|
Stockholders’ Equity
|
|
|
|
|
43,080
|
|
|
42,152
|
Total Liabilities and Stockholders’ Equity
|
|
|
|
$
|
60,511
|
|
$
|
60,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
CONDENSED STATEMENTS OF CASH FLOWS
|
|
|
|
2013
|
|
2012
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
960
|
|
|
$
|
1,158
|
|
Depreciation and amortization
|
|
|
|
|
413
|
|
|
|
489
|
|
Other
|
|
|
|
|
305
|
|
|
|
325
|
|
Changes in working capital
|
|
|
|
|
(2,809
|
)
|
|
|
(4,946
|
)
|
Net cash used in operating activities
|
|
|
|
|
(1,131
|
)
|
|
|
(2,974
|
)
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Consideration paid for acquisition
|
|
|
|
|
--
|
|
|
|
(1,350
|
)
|
Purchase of property and equipment
|
|
|
|
|
(298
|
)
|
|
|
(586
|
)
|
Net cash used in investing activities
|
|
|
|
|
(298
|
)
|
|
|
(1,936
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Stock transactions under company stock plans
|
|
|
|
|
403
|
|
|
|
439
|
|
Dividends paid
|
|
|
|
|
(210
|
)
|
|
|
(216
|
)
|
Net cash provided by financing activities
|
|
|
|
|
193
|
|
|
|
223
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes on cash
|
|
|
|
|
(72
|
)
|
|
|
113
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
(1,308
|
)
|
|
|
(4,574
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
9,728
|
|
|
|
9,155
|
|
Cash and cash equivalents at March 31
|
|
|
|
$
|
8,420
|
|
|
$
|
4,581
|
|
|
|
|
|
|
|
|
|
|
|
|
<div class="copyright">
Copyright Business Wire 2013
</div>