Allied Devices Posts Strong Sales for Second Quarter 2001.Business Editors HICKSVILLE, N.Y.--(BUSINESS WIRE)--May 9, 2001 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 financial results for the second quarter of fiscal 2001, reported a strong increase in sales for the quarter and six months ended March 31, 2001, along with a cautionary note that sales had softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. noticeably in the middle of the second quarter and into the third quarter. Net income for the quarter and six months was $304,887 and $749,057, respectively, as compared to $433,143 and $688,678 in the comparable periods of fiscal 2000. 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 $0.05 and $0.13 for the second quarter and six months of fiscal 2001, as compared to $0.08 and $0.13 for the comparable periods 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, "Shipments and earnings continued to show unprecedented strength well into the second quarter of the fiscal year. Since then, our customers in the cutting edge industrial sectors of the U.S. have reported a significant slowdown. This has affected our shipping levels, beginning in mid-second quarter, ultimately leading to a lay-off and other cost reduction measures in April. We have reacted quickly to these developments, but the impact of related costs will affect both second and third quarter earnings. We are using this opportunity to fine-tune our operations and prepare for the recovery: in fact, later this year, we will be consolidating two smaller locations into a new, expanded state-of-the-art facility in Sanford, Maine Sanford is a town and a census-designated place (CDP) in York County, Maine, United States. The population was 20,806 at the 2000 census. Situated on the Mousam River, Sanford includes the village of Springvale. The town features many lakes in wooded areas which attract campers. . We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects because we have a solid, well-timed strategy and an excellent product in a needy need·y adj. need·i·er, need·i·est 1. Being in need; impoverished. See Synonyms at poor. 2. Wanting or needing affection, attention, or reassurance, especially to an excessive degree. marketplace." 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 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 March 31,
2001 2000
OPERATIONS DATA:
Net sales $ 9,507,643 $ 7,734,983
Net income $ 304,887 $ 433,143
Earnings per share $ 0.05 $ 0.08
Weighted average
number of shares
outstanding 4,948,392 4,847,592
BALANCE SHEET DATA:
Total assets $34,756,125 $26,448,720
Working capital $ 8,805,808 $ 9,883,553
Long-term debt $14,620,546 $11,293,876
Stockholders' equity $12,039,527 $10,170,602
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