Allied Devices reports 1st quarter revenues of $3,196,945, up from $2,578,305 in the first quarter of fiscal 1994.

BALDWIN, N.Y.--(BUSINESS WIRE)--Feb. 16, 1995--Allied Devices Corp. (NASDAQ:ALDV), a broad-line manufacturer and distributor of high precision mechanical components used in the manufacture of industrial equipment, reported record revenue for its 1st quarter ended Dec. 31, 1994.

For the quarter ended Dec. 31, 1994, Allied reported revenues of $3,196,945, compared to revenues of $2,578,305 for the first quarter of fiscal 1994, representing an increase of approximately 24%. Net income for the quarter was $60,905, compared to $32,768 for the first quarter of fiscal 1994, an increase of 86%. Earnings per share was $.01 for the quarter.

Mark Hopkinson, chairman of the board, comments "The first quarter of our fiscal year is typically the least attractive in both sales and earnings. But we are continuing to expand our core business through more aggressively marketing our products and through broadening our line. We attribute the increase in first quarter revenues to the combined effect of our own expansion program and healthy economic conditions."

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                  ALLIED DEVICES CORPORATION
                   STATEMENTS OF OPERATIONS
                         (unaudited)

Net Sales                 3,196,945        2,578,305
Gross Profit                972,057          786,762
E.B.I.T.                    170,704          139,040
Net Income                   60,905           32,768
Total Assets              8,866,095        8,249,065
Total Liabilities         4,926,546        5,096,900
Total Equity              3,939,549        3,152,165

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CONTACT: Allied Devices

Mark Hopkinson, 516/223-9100