Allied Devices Sets Net Record in Six Month Sales.

BALDWIN, N.Y.--(BUSINESS WIRE)--April 30, 1999--

Allied Devices Corporation (NASDAQ:ALDV) reported increases of over 23% in revenues in its second quarter and six months of fiscal 1999 over the prior year. Earnings after tax for the quarter and six months of fiscal 1999 were $127,575 ($.03 per share) and $228,511 ($.05 per share), on revenues of $5,630,480 and $11,000,934, respectively, as compared to earnings of $283,126 ($.06 per share) and $541,244 ($.12 per share) in the comparable periods of fiscal 1998.

Mark Hopkinson, chairman of the board, commented, "We are pleased to see revenue growth of nearly 25%. Our ambitious growth plan is alive and well, despite the impact "Asian Flu" has had on our high tech capital goods market. The situation in East Asia now appears to have stabilized, so we are optimistic that meaningful growth in sales and earnings will return over the next two quarters. During the slack period, we have concentrated on gaining market share, positioning us for above average growth as our markets reawaken. Our Internet site (allieddevices.com) has been received favorably and represents the state-of-the-art in our industry as we continue to develop and pioneer practical e-commerce solutions. Integration of the acquisitions of fiscal 1998 continues, and their contributions to our profitability should become evident as our operating rates pick up. We are actively pursuing more acquisitions during fiscal 1999 as we continue to play out our strategy."

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, semiconductor equipment, and medical diagnostic and operating room 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.