Allied Devices' Releases Second Quarter Results.Business Editors HICKSVILLE, N.Y.--(BUSINESS WIRE)--May 15, 2002 Allied Devices Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - ALDV), in releasing its second quarter results, reported stabilized sales in the second quarter of its fiscal year, with continued losses for the period and for the year to date. Sales for the second quarter and first six months of its fiscal year ended March 31, 2002, were $4,520,406 and $8,653,928, respectively, a decrease of 52.8% and 55.0% from the comparable periods of prior year. The net losses recorded for the second quarter and first six months were $1,164,281 and $2,397,396, respectively, as compared to net earnings of $304,887 and $845,825 in the comparable periods of fiscal 2001. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, the losses per share were $0.24 and $0.48 for the two periods, respectively, of fiscal 2002, as compared to earnings per share of $0.05 and $0.15 for the comparable periods of fiscal 2001. Mark Hopkinson Mark Hopkinson (October 8, 1949 - January 22, 1992) was a convicted murderer who was executed by the U.S. state of Wyoming in 1992 for the murders of Vincent Vehar, Beverly Vehar, John Vehar, and Jeffrey Green. , Chairman of the Board, remarked, "Throughout this severe down cycle in the manufacturing sector, we have followed a basic survival strategy: cut to live within our cash flow, eliminate all unnecessary expenses, yet avoid `cutting into muscle' and losing precious, hard-won resources. The losses recorded in the most recent quarter are the expected outcome of this `cash break-even' strategy. We have been treading treading a part of a restlessness syndrome or a neurosis in ruminants or horses; the patient repeatedly changes weight from one limb to the opposite of the pair, lifting the hoof slightly at each change; the action looks as though the patient is treading grapes to make wine. water while we wait for the tide to turn, with the patience and forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. of our banks and trade creditors being central to the success of the strategy. The attendant drop in our stock price has violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. one of NASDAQ's listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , prompting them to issue a notice that in August they will review our qualifications for continued listing. "Our strategy for recovery is to grow out of the slump by building sales. The final weeks of the second quarter and the succeeding six weeks have brought steady improvement in bookings and shipments, and we believe that a turn-around has started. Customers that have been inactive for over a year are ordering, and much of the foundation selling work done during the downturn appears to be developing into new production business. Our financial condition leaves us in a weak position to respond to recovery, so we are attempting to raise additional capital and restructure our indebtedness. While an infusion of fresh capital at this point will be expensive, failure to do so would seriously erode Erode (ĕrōd`), city (1991 urban agglomeration pop. 361,755), Tamil Nadu state, S India, on the Kaveri River. The city is located in a cotton-growing region, and its industries include cotton ginning and the manufacture of transport equipment. our position with both our creditors and our customers." Allied Devices is a leading manufacturer and distributor of high precision mechanical assemblies and components used in industrial and commercial equipment. These products, manufactured to exacting tolerances, provide precision motion control in such products as factory automation, robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , aerospace and scientific instrumentation, semiconductor equipment, and medical diagnostic and operating room operating room n. Abbr. OR A room equipped for performing surgical operations. equipment. All statements contained herein that are not historical facts, including but not limited to statements regarding the Company's current business strategy and the Company's plans for future development, operations and capital raising, are based upon current expectations. For factors, which could affect the realization of those expectations, see the Company's current annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. .
Manufacturers of Standard and Custom Precision Mechanical Assemblies
and Components
Summary of Financial Results
Quarter ended March 31, Six months ended March 31,
2002 2001 2002 2001
OPERATIONS DATA:
Net sales $ 4,520,406 $ 9,576,042 $ 8,653,928 $ 19,248,520
Net (loss) income $(1,164,281) $ 304,887 (2,397,396) 845,825
Earnings/(loss)
per share $ (0.24) $ 0.05 (0.48) 0.15
Weighted average
number of shares
outstanding-diluted 4,948,392 4,948,392 4,948,392 5,733,857
BALANCE SHEET DATA:
Total assets $33,045,395 $34,756,125
Working capital $(8,193,127) $ 8,805,808
Long-term debt $ 7,784,834 $14,620,546
Stockholders' equity $ 4,799,463 $12,039,527
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion