Allied Motion Sales and Net Income Increase Significantly for the Quarter Ended March 31, 2006.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Allied Motion Technologies Inc. (Nasdaq:AMOT AMOT Aegis Master Operability Test AMOT ATES Master Operability Test ) today announced it achieved net income for the quarter ended March 31, 2006 of $348,000 or $.05 per 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. share compared to net income of $168,000 or $.02 per diluted share for the same quarter last year, a 107%increase. Revenues for the quarter increased 15% to $21,199,000 compared to $18,455,000 last year. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at March 31, 2006 was $29,494,000, or a 17% increase from the end of last year and a 31% increase from March 31, 2005. "We are pleased with the improvement in sales and profit we achieved during the first quarter of 2006," commented Dick Smith, 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. of Allied Motion. "We achieved significant improvement in sales and margin from our industrial markets during the quarter. We also continued with the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of production at our Asian manufacturing facility and we started to realize cost improvements in some of our product lines. Our sales backlog continues to increase and we are starting to realize new business from our new product introductions. We will continue to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution our strategy that is building the foundation necessary to achieve our long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. for growth in sales and profitability, as well as to facilitate our continued expansion into the motion control industry." Dick Warzala, President of Allied Motion, added, "Our operations provided substantial sales and earnings growth in the quarter despite $249,000 of additional costs for our partially self insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. medical plan and for audit costs in the first quarter of 2006 compared to 2005 which reduced net earnings by $.02 per diluted share. While we remain focused on continuous operating improvements including new customer development, new product development, AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. implementation and LCR See least cost routing. ramp up, we are also exploring ways to reduce our insurance and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. to improve the overall performance of the company. Forward priced customer contracts and the increased raw material price increases we have experienced are being dealt with in a controlled and logical manner to ensure we realize margin improvements in the future." Headquartered in Denver, Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. motion control components and systems to a broad spectrum of customers throughout the world. The statements in this press release and in the Company's May 8, 2006 conference call that relate to future plans, events or performance are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include international, national and local general business and economic conditions in the Company's motion markets, introduction of new technologies, products and competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , the ability to protect the Company's intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, success of new corporation strategies and implementation of defined critical issues designed for growth and improvement in profits, the continued success of the Company's customers to allow the Company to realize revenues from its order backlog and to support the Company's expected delivery schedules, the continued viability of the Company's customers and their ability to adapt to changing technology and product demand, the ability of the Company to meet the technical specifications of its customers, the continued availability of parts and components, increased competition and changes in competitor responses to the Company's products and services, changes in government regulations, availability of financing, the ability of the Company's lenders and financial institutions to provide additional funds if needed for operations or for making future acquisitions or the ability of the Company to obtain alternate alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. financing if present sources of financing are terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: , the ability to attract and retain qualified personnel who can design new applications and products for the motion industry, the ability of the Company to identify and consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. acquisitions to support external growth and new technology, and the ability of the Company to control costs for the purpose of improving profitability. The Company's ability to compete in this market depends upon its capacity to anticipate the need for new products, and to continue to design and market those products to meet customers' needs in a competitive world. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction "Prediction is very difficult, especially if it's about the future." - Niels Bohr A prediction is a statement or claim that a particular event will occur in the future in more certain terms than a forecast. of actual results. The Company has no obligation or intent to release publicly any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward looking statements, whether as a result of new information, future events, or otherwise.
ALLIED MOTION TECHOLOGIES INC. FINANCIAL SUMMARY
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
For the Three Months
Ended March 31,
HIGHLIGHTS OF OPERATING RESULTS 2006 2005
----------------------------------------------------------------------
Revenues $21,199 $18,455
Cost of products sold 16,459 14,367
-----------------
Gross Margin 4,740 4,088
Operating expenses and other 4,226 3,803
-----------------
Income before income taxes 514 285
Provision for income taxes (166) (117)
-----------------
Net Income $ 348 $ 168
=================
PER SHARE AMOUNTS:
Diluted income per share $ .05 $ .02
=================
Diluted weighted average common shares 6,587 7,139
=================
March December
31, 31,
CONDENSED BALANCE SHEETS 2006 2005
----------------------------------------------------------------------
Assets
Current Assets:
Cash and cash equivalents $ 912 $ 624
Trade receivables, net 11,595 10,087
Inventories, net 10,113 9,185
Other current assets 959 979
-----------------
Total Current Assets 23,579 20,875
Property, plant and equipment, net 12,629 12,939
Deferred income taxes 557 582
Goodwill and intangible assets, net 18,760 18,941
-----------------
Total Assets $55,525 $53,337
=================
Liabilities and Stockholders' Investment
Current Liabilities:
Debt obligations $ 8,703 $ 7,335
Accounts payable and other current liabilities 11,012 10,084
-----------------
Total Current Liabilities 19,715 17,419
Long-term debt obligations 4,214 4,746
Other long-term liabilities 5,365 5,365
-----------------
Total Liabilities 29,294 27,530
Stockholders' Investment 26,231 25,807
-----------------
Total Liabilities and Stockholders' Investment $55,525 $53,337
=================
For the Three Months
ended March 31,
CONDENSED STATEMENTS OF CASH FLOWS 2006 2005
----------------------------------------------------------------------
Cash flows from operating activities:
Net income $ 348 $ 168
Depreciation and amortization 812 813
Changes in working capital balances and other (1,425) (2,483)
-----------------
Net cash used in operating activities (265) (1,502)
Cash flows from investing activities:
Purchase of property and equipment (253) (579)
Cash paid for acquisitions, net -- (158)
-----------------
Net cash used in investing activities (253) (737)
Net cash provided by financing activities 803 2,088
Effect of foreign exchange rate changes on cash 3 7
-----------------
Net increase (decrease) in cash and cash equivalents 288 (144)
Cash and cash equivalents at beginning of period 624 456
-----------------
Cash and cash equivalents at March 31 $ 912 $ 312
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