Allied Devices Posts Record First Quarter Sales and Earnings.Business Editors BALDWIN Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. , NY--(BUSINESS WIRE)--February 2, 2000 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) announced its financial results for the first quarter of their fiscal year 2000. Revenues for the three months increased almost 25% from the prior year to record first quarter levels, while earnings increased over 150% in the first quarter of fiscal 2000, also to record levels. Sales were $6,693,487 for the quarter ended December 31st, up from $5,370,454 in the prior year, while earnings in the first quarter of fiscal 2000 were $255,535, or $.05 per share, as compared to $100,936, or $.02 per share, in the same period of 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 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. , remarked, &uot;Year 2000 has started with impressive growth. And we are expecting to meet or exceed this rate of improvement throughout this fiscal year and on into the next. Our move to expanded facilities later this year looks like it is timed just right, since it will allow us to absorb a lot of new business with no visible strain. Current growth is mostly the result of accelerated demand from existing customers in our primary markets: semiconductor equipment, medical diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , precision 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 controls, fluid metering and controls. As the year unfolds, new marketing campaigns and new products should put us on a higher growth trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. . We are also continuing to pursue acquisitions of strategically compatible growth companies in high tech markets. Our expectation is that we will complete at least one such acquisition before year end.&uot; 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, 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 quarterly report on Form 10-QSB.
Quarter ended December 31,
1999 1998
OPERATIONS DATA:
Net sales $ 6,693,487 $ 5,370,454
Net income $ 255,535 $ 100,936
Earnings per share $ 0.05 $ 0.02
Weighted average
number of shares
outstanding 5,206,778 4,965,738
BALANCE SHEET DATA:
Total assets $25,328,496 $24,858,026
Working capital $ 9,461,542 $ 9,398,931
Long-term debt $10,734,087 $10,931,435
Stockholders' equity $ 9,737,459 $ 9,481,924
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