Posted August 4, 2011
Allied Motion achieves record sales
Allied Motion Technologies Inc. announced record sales and profit for the second quarter.
Revenues increased 44% to $28.8 million compared to $19.9 million last year. 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 in June 2010 and continues to operate as Allied Motion Canada and Ostergrens Elmotor AB, a Swedish company acquired in December 2010.
Net income of $1.48 million, or 17 cents per diluted share, compared to $739,000, or 9 cents per diluted share, for the same quarter last year.
Revenues for the first six months were $55.58 million compared to $37.42 million for the same period last year, a 49% increase. Six-month net income of $2.69 million, or 32 cents per share, compared to $1.47 million, or 19 cents per share, in the same period last year.
"The record sales and profits achieved during the quarter were a result of the combined contribution of all of our operating units including our acquisitions in 2010," said Dick Warzala, president and CEO of Allied Motion. "The combination of our existing operations and acquisitions provides us with a solid foundation to grow organically and will be the primary focus within our company in the near future."
