-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SJrU09gnO9I8WXfe8VT0GDhUOnKzA98hylImmzSb/YD/Ep6AMJAyvDM6VxuWyb0n T0VfZ41eSYqjf1p0jmjnZg== 0001157523-07-010538.txt : 20071101 0001157523-07-010538.hdr.sgml : 20071101 20071101090020 ACCESSION NUMBER: 0001157523-07-010538 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071101 DATE AS OF CHANGE: 20071101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED MOTION TECHNOLOGIES INC CENTRAL INDEX KEY: 0000046129 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 840518115 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04041 FILM NUMBER: 071204798 BUSINESS ADDRESS: STREET 1: 23 INVERNESS WAY EAST STREET 2: STE 150 CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 3037998520 FORMER COMPANY: FORMER CONFORMED NAME: HATHAWAY CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: HATHAWAY INSTRUMENTS INC DATE OF NAME CHANGE: 19820916 8-K 1 a5534339.txt ALLIED MOTION TECHNOLOGIES, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): November 1, 2007 ALLIED MOTION TECHNOLOGIES INC. ------------------------------- (Exact Name of Registrant as Specified in its Charter) Colorado 0-04041 84-0518115 -------- ------- ---------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 23 Inverness Way East, Suite. 150, Englewood, CO, 80112 -------------------------------------------------------- (Address of Principal Executive Offices, including zip code) 303-799-8520 ------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On November 1, 2007, Allied Motion Technologies Inc. (the "Company") issued a press release reporting its results of operations for the third quarter ended September 30, 2007. A copy of the press release is attached hereto as Exhibit 99.1. The information set forth in Items 2.02 and 9.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and is not incorporated by reference into any filings of Allied Motion Technologies Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filings. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit 99.1 Allied Motion Technologies Inc. Press Release dated November 1, 2007. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 1, 2007 ALLIED MOTION TECHNOLOGIES INC. By: /s/ Richard D. Smith --------------------------------------- Richard D. Smith Chief Executive Officer and Chief Financial Officer EX-99.1 2 a5534339ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Allied Motion Reports Improved Profits for the Third Quarter DENVER--(BUSINESS WIRE)--Nov. 1, 2007--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it achieved net income for the third quarter of $686,000 or $.10 per diluted share compared to $617,000 or $.09 per diluted share for the same period last year. Revenues for the quarter ended September 30, 2007 were $20,901,000 compared to $20,308,000 last year. Backlog at September 30, 2007 was $29,878,000, a 15% increase from September 30, 2006. During the nine months ended September 30, 2007, the Company achieved net income of $1,748,000 or $.24 per diluted share compared to net income of $1,543,000 or $.22 per diluted share for the same nine months last year. Revenues for the nine months this year were $63,292,000 compared to $63,662,000 for the same period last year. "We are pleased with the improvement in sales and profits we achieved during our third quarter," commented Dick Smith, CEO of Allied Motion. "We continue to achieve improvement in sales from our industrial, electronics and aerospace and defense market segments partially offset by a downturn in vehicle and medical market segments. Our gross margins for the quarter improved slightly from last year reflecting an improved mix of higher margin sales as well as cost improvements we are realizing. We continue to realize cost savings from our increased production and sourcing of product from our contract manufacturing facility in China that is required to maintain or improve our lower margin business in some of our vehicle and industrial applications. Offsetting the improvement in gross profit margins was an increase in selling and engineering expenses that were incurred to strengthen our sales and engineering capabilities. Also contributing to our profit improvement was lower interest costs reflecting a reduction in outstanding debt and lower borrowing costs. Our year-to-date performance reflects the continued execution of our strategy which continues to build the foundation necessary to achieve our long-term goals 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, "Increased sales and earnings reflects our focus on continuous operating improvements including new customer development, new product development, AST (Allied Systematic Tools) implementation and LCR (Low Cost Region) ramp up. Consistent with our long term strategy, our emphasis is on designing new products that "Raise the Bar" of performance and add significant value for our customers. Additionally, our technical expertise and know-how is an important differentiating factor that we will continue to leverage to support and enhance our growth in the future. The growth potential provided by the many new product developments currently in our pipeline and our ability to utilize higher level value-added solutions to meet application specific requirements through design and manufacture of engineered product solutions to meet the exact needs of our customers provides the road map for our continued growth in the future." Headquartered in Denver, Colorado, 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 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 November 1, 2007 conference call that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act 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, 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 financing if present sources of financing are terminated, 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 favorable acquisitions to support 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 of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise. ALLIED MOTION TECHNOLOGIES INC. FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months For the Nine Months Ended September 30, Ended September 30, HIGHLIGHTS OF OPERATING RESULTS 2007 2006 2007 2006 - ---------------------------------------------------------------------- Revenues $ 20,901 $ 20,308 $ 63,292 $63,662 Cost of products sold 15,613 15,244 48,145 48,596 ---------------------------------------- Gross Margin 5,288 5,064 15,147 15,066 Operating expenses and other 4,233 4,070 12,495 12,641 ---------------------------------------- Income before income taxes 1,055 994 2,652 2,425 Provision for income taxes (369) (377) (904) (882) ---------------------------------------- Net Income $ 686 $ 617 $ 1,748 $ 1,543 ======================================== PER SHARE AMOUNTS: Diluted income per share $ .10 $ .09 $ .24 $ .22 ======================================== Diluted weighted average common shares 7,099 6,977 7,147 6,920 ======================================== September 30, December 31, CONDENSED BALANCE SHEETS 2007 2006 - ---------------------------------------------------------------------- Assets Current Assets: Cash and cash equivalents $ 504 $ 669 Trade receivables, net 12,221 10,225 Inventories, net 11,853 10,807 Other current assets 1,731 1,397 -------------------------- Total Current Assets 26,309 23,098 Property, plant and equipment, net 11,419 12,173 Goodwill and intangible assets 16,862 17,341 -------------------------- Total Assets $ 54,590 $ 52,612 ========================== Liabilities and Stockholders' Investment Current Liabilities: Debt obligations $ 840 $ 9,066 Accounts payable and other current liabilities 11,453 10,231 -------------------------- Total Current Liabilities 12,293 19,297 Long-term debt obligations 7,319 763 Other long-term liabilities 2,886 3,030 -------------------------- Total Liabilities 22,498 23,090 Stockholders' Investment 32,092 29,522 -------------------------- Total Liabilities and Stockholders' Investment $ 54,590 $ 52,612 ========================== For the Nine Months Ended September 30, CONDENSED STATEMENTS OF CASH FLOWS 2007 2006 - ---------------------------------------------------------------------- Cash flows from operating activities: Net income $ 1,748 $ 1,543 Depreciation and amortization 2,607 2,440 Changes in working capital balances and other (1,887) (1,640) -------------------------- Net cash provided by operating activities 2,468 2,343 Cash flows from investing activities: Purchase of property and equipment (977) (1,005) -------------------------- Net cash used in investing activities (977) (1,005) Net cash (used in) provided by financing activities (1,684) (1,266) Effect of foreign exchange rate changes on cash 28 6 -------------------------- Net increase in cash and cash equivalents (165) 78 Cash and cash equivalents at beginning of period 669 624 -------------------------- Cash and cash equivalents at September 30 $ 504 $ 702 ========================== CONTACT: Allied Motion Technologies Inc. Richard Smith / Sue Chiarmonte, 303-799-8520 Fax: 303-799-8521 -----END PRIVACY-ENHANCED MESSAGE-----