Allied Devices Corp. Hits New Record for Sales in Fiscal 1999.Business Editors BALDWIN, N.Y.--(BUSINESS WIRE)--Jan. 14, 1999 Allied Devices Corp. (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), releasing its results for fiscal 1999, reported record revenues for the year. For the fiscal year ended September 30, 1999, Allied reported revenues of $22,827,298, an increase of almost 24% over fiscal 1998, with net income of $494,994, as compared to $1,030,673 in fiscal 1998. Earnings per share were $.10 for fiscal 1999, as compared to $.22 for fiscal 1998. 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 and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allied Devices, commented, "Fiscal 1999 was a very tough year. The microelectronic The miniaturization of electronic circuits. See chip. equipment market effectively stopped taking deliveries for the whole year, with signs of an upturn appearing in the last two weeks of the year. Given the dismal dis·mal adj. 1. Causing gloom or depression; dreary: dismal weather; took a dismal view of the economy. 2. market we had to weather, we are pleased with our profitability. The new fiscal year has started on a strong note. Not only has the semiconductor sector recovered, but we have gained a number of large new accounts. The first quarter of the new year will reflect this: sales and earnings should show robust growth." 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.
Year ended September 30,
1999 1998
OPERATIONS DATA:
Net sales $22,827,298 $18,448,483
Net income $ 494,994 $ 1,030,673
Earnings per share $ 0.10 $ 0.22
Weighted average
number of shares
outstanding 4,947,942 4,763,404
BALANCE SHEET DATA:
Total assets $24,858,026 $22,973,619
Working capital $ 9,398,931 $ 9,594,752
Long-term debt $10,931,435 $11,031,687
Stockholders' equity $ 9,481,924 $ 9,116,101
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