Allied Motion Technologies Inc., a designer, manufacturer and retailer of motion control products into applications that serve many industry sectors, recently announced that the company achieved net income of $734,000, or $0.09 per diluted share, compared to the quarter ended March 31, 2010. This gain is compared to a net loss of $730,000, or $0.10 per diluted share, for the same quarter in 2009. The company also posted a 14 percent gain in revenues for the quarter to $17.4 million compared to $15.3 million last year.
Bookings for the quarter reached $26.2 million, an increase of over 54 percent when compared to bookings of approximately $16.9 million for the same quarter of last year. Backlog orders at the end of the quarter totaled $29.1 million, an 18 percent increase from March 31, 2009. Details of the first quarter include a pretax gain of $685,000 ($436,000 after tax) for the final settlement for the business interruption losses caused by the fire in October 2008 at the company’s Chatsworth, California location.
Dick Warzala, president and chief executive officer of Allied Motion Technologies, stated, “We are pleased with the first quarter profit improvement and encouraged by the record new orders as we reported in our first quarter results. The bookings in the first quarter of 2010 exceeded the previous high achieved in the first quarter of 2006 and are a good indicator that recovery in our served markets is occurring at a faster pace than previously expected. Mr. Warzala continued, “New project activity is strong and reflects the ongoing development of our core technologies and the release of several new products in the past few years. As we move forward, we will continue with the application of our AST Lean Enterprise Tools to improve our efficiencies and eliminate waste throughout our company.”
For additional information, please visit www.alliedmotion.com.