Allied Devices Announces Record Sales and Earnings for Fiscal 2000.Business Editors HICKSVILLE Hicksville, uninc. city (1990 pop. 40,174), Nassau co., SE N.Y., on Long Island; founded 1648. It is chiefly residential, with electronic and metal products manufacturing and some nearby truck farming. Hicksville also has a major retail shopping complex. , NY--(BUSINESS WIRE)--Jan. 16, 2001 Allied Devices Corporation (Nasdaq:ALDV), in releasing its year end results, reported new records in both sales and earnings. Sales for its fiscal year ended September 30, 2000, were $32,281,423, an increase of 41.4% over fiscal 1999, with net income of $1,474,696, as compared to $494,994 in fiscal 1999. 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, earnings per share were $0.27 for fiscal 2000, up from $0.10 for fiscal 1999. 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, "These excellent results reflect the tireless efforts of everybody in our Company in capitalizing on some of the growth opportunities that abound in the industries we serve. We have done well in forging strong partnering relationships with key customers. Strength in the semiconductor equipment and medical equipment sectors has stimulated much of this growth, and we have been aggressively pursuing diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. to heighten height·en v. height·ened, height·en·ing, height·ens v.tr. 1. To raise or increase the quantity or degree of; intensify. 2. To make high or higher; raise. v.intr. our profile in other markets. Our strategies for growth seem to be working well, and we intend to continue building on these successful experiences. Our projections for fiscal 2001 show a continuation of the growth trend seen in the year just ended, even without allowing for the benefit of potential acquisitions." 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 instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , 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 and operations, 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-KSB.
Summary of Financial Results
Year ended September 30,
2000 1999
OPERATIONS DATA:
Net sales $32,281,423 $22,827,298
Net income $ 1,474,696 $ 424,994
Earnings per share $ 0.27 $ 0.10
Weighted average number
of shares outstanding 4,847,592 4,913,255
BALANCE SHEET DATA:
Total assets $31,563,773 $ 24,858,026
Working capital $ 7,844,790 $ 9,398,931
Long-term debt $11,257,491 $ 10,931,435
Stockholders' equity $10,956,620 $ 9,481,924
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