Allied Devices Posts New Quarterly Sales and Earnings Records in First Quarter 2001.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. , N.Y.--(BUSINESS WIRE)--Feb. 9, 2001 Allied Devices Corporation (Nasdaq:ALDV), in releasing its financial results for the first quarter of fiscal 2001, reported new quarterly records in both sales and earnings. Sales for the quarter ended December 31, 2000, were $9,597,119, an increase of 43.4% over the comparable period of fiscal 2000, with net income of $444,170, as compared to $255,535 in fiscal 2000, an improvement of 73.8%. 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 $0.08 for the first quarter of fiscal 2001, up from $0.05 for the comparable period of fiscal 2000. 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, "This first quarter of fiscal 2001 was our eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval quarter of sequential and profitable growth, even though the first is not usually the strongest quarter of our year. We think it speaks well for our strategy of comprehensive service and consistently high quality. While much of this pattern is an outgrowth of strength in the semiconductor equipment sector, we have been continuing to pursue 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. aggressively, to improve our penetration of other markets. Our projections for fiscal 2001 show a continuation of the strong operating rates Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. seen in the year just ended, even without allowing for the benefit of potential acquisitions. We are seeking to acquire strategically compatible growth companies servicing high tech markets. Our expectation is that we will complete at least one such acquisition before year end." 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
Period ended December 31,
2000 1999
OPERATIONS DATA:
Net sales $ 9,597,119 $ 6,693,487
Net income $ 444,170 $ 255,535
Earnings per share $ 0.08 $ 0.05
Weighted average
number of shares
outstanding 4,897,992 4,847,592
BALANCE SHEET DATA:
Total assets $ 34,677,778 $ 25,328,496
Working capital $ 6,722,819 $ 9,461,542
Long-term debt $ 13,199,151 $ 10,734,087
Stockholders' equity $ 11,734,640 $ 9,737,459
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