3Q 2006 ResultsHere are 3rd Quarter results which I neglected to post.
Allied Motion Third Quarter Results
Sales up 13% - Net Income up 61%
DENVER--(BUSINESS WIRE)--Nov. 3, 2006--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved a 61% increase in net income and a 13% increase in sales for its third quarter ended September 30, 2006 over the same period last year. Allied achieved net income for the third quarter of $617,000 or $.09 per diluted share compared to $383,000 or $.06 per diluted share for the same period last year. Revenues for the quarter ended September 30, 2006 were $20,308,000 compared to $18,043,000 last year. Backlog at September 30, 2006 was $25,177,000, over an 8% increase from September 30, 2005.
During the nine months ended September 30, 2006, the Company achieved net income of $1,543,000 or $.22 per diluted share compared to net income of $919,000 or $.13 per diluted share for the same nine months last year. Revenues for the nine months this year increased 15% to $63,662,000 compared to $55,411,000 for the same period last year.
"We are quite pleased with the improvement in sales and profits we have achieved during the first nine months of this year," commented Dick Smith, CEO of Allied Motion. "We continue to achieve significant improvement in sales and margins from our industrial market solutions business and are encouraged by the cost improvements we are realizing on some of our commercial motion products being produced in China. Our year-to-date performance reflects the continued execution of our strategy which continues to build the foundation necessary to achieve our long-term goals for growth in sales and profitability, as well as to facilitate our continued expansion into the motion control industry."
Dick Warzala, President of Allied Motion, added, "Our operations once again provided sales and earnings growth reflecting our focus on continuous operating improvements including new customer development, new product development, AST (Allied Systematic Tools) implementation and LCR (Low Cost Region) ramp up. The sales increase is a result of organic growth in our markets and the emphasis we place on executing our growth strategy through the implementation of the supporting critical issues to leverage our sales force and develop several new products that meet the current and emerging needs of our served market segments. While our LCR operation in China generates cost improvements and supports the needs of our customers with expansion plans in the region, the continuous improvement in our domestic operations through the implementation of AST and the emphasis on improving our areas of excellence, allows us to meet application specific requirements through design and manufacture of engineered product solutions that meet the exact needs of our customers."
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.