-----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, FTkBoKPhtA6TUwkSftx+KHlqZDI90AxWCvY7ZcctGhCWhlHyTsYs/G/8fdrAOhQu uQqZF/PqMkgIvJSMOoNR0g== /in/edgar/work/20000731/0000912057-00-033813/0000912057-00-033813.txt : 20000921 0000912057-00-033813.hdr.sgml : 20000921 ACCESSION NUMBER: 0000912057-00-033813 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED DEVICES CORP CENTRAL INDEX KEY: 0000869495 STANDARD INDUSTRIAL CLASSIFICATION: [3452 ] IRS NUMBER: 133087510 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-24012 FILM NUMBER: 682138 BUSINESS ADDRESS: STREET 1: 2365 MILBURN AVENUE CITY: BALDWIN STATE: NY ZIP: 11510 BUSINESS PHONE: 5162239100 FORMER COMPANY: FORMER CONFORMED NAME: ILLUSTRIOUS MERGERS INC DATE OF NAME CHANGE: 19600201 10QSB 1 a10qsb.txt 10QSB FORM 10-QSB QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB /X/ QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000. ------------- / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0 - 24012 ALLIED DEVICES CORPORATION -------------------------- (Exact name of small business issuer as specified in its charter) Nevada ------ (State or other jurisdiction of incorporation or organization) 13-3087510 ---------- (I.R.S. Employer Identification No.) 325 Duffy Avenue, Hicksville, New York 11801 -------------------------------------------- (Address of principal executive offices - Zip code) Issuer's telephone number, including area code: (516) 935-1300 Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No / / Common Stock, Par Value $.001 4,847,592 - ------------------------------------------------------------------------------ (CLASS) (Shares Outstanding at July 31, 2000) PART I ALLIED DEVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS 2 ALLIED DEVICES CORPORATION CONSOLIDATED BALANCE SHEETS
========================================================================================= JUNE 30, September 30, 2000 1999 - ----------------------------------------------------------------------------------------- (UNAUDITED) (Audited) ASSETS CURRENT: Cash $ 274,725 $ 443,039 Accounts receivable 3,962,224 3,050,884 Inventories 10,320,976 9,731,773 Prepaid and other 220,449 126,902 Deferred income taxes 165,000 165,000 - ----------------------------------------------------------------------------------------- TOTAL CURRENT 14,943,374 13,517,598 PROPERTY, PLANT AND EQUIPMENT, NET 8,506,520 7,335,000 GOODWILL 3,374,982 3,584,512 OTHER 393,985 420,916 - ----------------------------------------------------------------------------------------- TOTAL ASSETS $ 27,218,861 $ 24,858,026 ========================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT: Accounts payable $ 2,021,500 $ 1,867,578 Taxes payable 661,090 280,778 Accrued expenses 839,602 392,772 Current portion of long term debt and capital lease 1,985,796 1,577,539 obligations - ----------------------------------------------------------------------------------------- TOTAL CURRENT 5,507,988 4,118,667 LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS 10,869,258 10,931,435 OTHER LIABILITIES 78,505 -- DEFERRED TAXES 326,000 326,000 - ----------------------------------------------------------------------------------------- TOTAL LIABILITIES 16,781,751 15,376,102 STOCKHOLDERS' EQUITY: Capital stock 4,948 4,948 Paid-in capital 3,624,721 3,624,721 Retained earnings 6,936,612 5,981,426 - ----------------------------------------------------------------------------------------- SUBTOTAL 10,566,281 9,611,095 LESS TREASURY STOCK, AT COST (129,171) (129,171) - ----------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 10,437,110 9,481,924 - ----------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 27,218,861 $ 24,858,026 =========================================================================================
3 ALLIED DEVICES CORPORATION CONSOLIDATED STATEMENTS OF INCOME
========================================================================================== Quarter Ended Nine Months Ended June 30, June 30, - ------------------------------------------------------------------------------------------ 2000 1999 2000 1999 --------------------------------------------------------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 8,257,086 $ 5,688,164 $22,685,556 $16,689,098 Cost of sales 5,361,383 3,795,103 14,758,053 11,222,657 Gross profit 2,895,703 1,893,061 7,927,503 5,466,441 Other operating expense 236,432 -- 236,432 -- Selling, general and administrative expenses 1,900,163 1,414,583 5,258,334 4,120,901 Income from operations 759,108 478,478 2,432,737 1,345,540 Other expense 32,063 -- 69,503 -- Interest expense (net) 309,928 249,443 868,421 758,898 Income before provision for taxes on income 417,117 229,035 1,494,813 586,642 Taxes on income 150,609 82,682 539,627 211,778 Net income $ 266,508 $ 146,353 $ 955,186 $ 374,864 ========================================================================================== Basic earnings per share $ 0.05 $ 0.03 $ 0.20 $ 0.08 ========================================================================================== Basic weighted average number of shares of common stock outstanding 4,847,592 4,903,532 4,847,592 4,903,532 ========================================================================================== Diluted earnings per share $ 0.05 $ 0.03 $ 0.18 $ 0.08 ========================================================================================== Diluted weighted average number of shares of common stock outstanding 5,615,040 4,995,471 5,452,205 4,995,471 ==========================================================================================
4 ALLIED DEVICES CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS
========================================================================================= FOR THE NINE MONTHS ENDED JUNE 30, 2000 1999 - ---------------------------------------------------------------------------------- (UNAUDITED) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 955,186 $ 374,864 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,280,728 1,091,237 Loss on sale of equipment 78,012 (2,300) Decrease (increase) in: Accounts receivable (911,340) (138,860) Inventories (589,203) (555,713) Prepaid expenses and other current assets (93,547) 186,114 Other assets (41,220) (110,271) Increase (decrease) in: Accounts payable 153,922 (88,356) Taxes payable 380,312 109,458 Accrued expenses 446,830 (115,577) Other liabilities 78,505 -- - ---------------------------------------------------------------------------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 1,738,185 750,596 - ---------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (696,602) (170,906) Proceeds from sale of equipment 275,450 2,500 - ---------------------------------------------------------------------------------- NET CASH (USED IN) INVESTING ACTIVITIES (421,152) (168,406) - ---------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (decrease) in bank borrowings (200,000) 150,000 Deferred financing costs (25,000) (55,350) Treasury stock acquired -- (115,357) Payments of long-term debt and capital lease obligations (1,260,347) (728,429) - ---------------------------------------------------------------------------------- NET CASH (USED IN) FINANCING ACTIVITIES (1,485,347) (749,136) - ---------------------------------------------------------------------------------- NET (DECREASE) IN CASH (168,314) (166,946) CASH, AT BEGINNING OF PERIOD 443,039 275,238 - ---------------------------------------------------------------------------------- CASH, END OF PERIOD $ 274,725 $ 108,292 ==================================================================================
5 ALLIED DEVICES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (INFORMATION FOR JUNE 30, 2000 AND 1999 IS UNAUDITED) ================================================================================ 1. BUSINESS Allied Devices Corporation and subsidiaries (the "Company") are engaged primarily in the manufacture and distribution of standard and custom precision mechanical assemblies and components and a line of screw machine products throughout the United States. 2. SUMMARY OF (a) BASIS OF PRESENTATION/PRINCIPLES OF CONSOLIDATION SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of Allied Devices Corporation and its wholly-owned subsidiaries, Empire - Tyler Corporation ("Empire") and APPI, Inc. ("APPI") (collectively, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and related notes thereto as of June 30, 2000 and 1999, and for the three and nine month periods then ended, are unaudited and have been prepared on a basis consistent with the Company's annual financial statements. Such unaudited financial statements include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of such data. Results for the nine months ended June 30, 2000 are not necessarily indicative of the results that may be expected for the entire year ending September 30, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-KSB for the year ended September 30, 1999. 6 ALLIED DEVICES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (INFORMATION FOR JUNE 30, 2000 AND 1999 IS UNAUDITED) ================================================================================ (b) INVENTORIES Inventories are valued at the lower of cost (last-in, first-out (LIFO) method) or market. For the three and nine months ended June 30, 2000 and 1999, inventory was determined by applying a gross profit method, as opposed to the year ended September 30, 1999, when inventory was determined by a physical count. (c) DEPRECIATION AND AMORTIZATION Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings and improvements 30 years Machinery and equipment 5-10 years Furniture, fixtures and office equipment 5-7 years Tools, molds and dies 8 years Leasehold improvements Lease term (d) INCOME TAXES The Company and its subsidiaries file a consolidated federal income tax return and separate state income tax returns. The Company follows the liability method of accounting for income taxes. 7 ALLIED DEVICES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (INFORMATION FOR JUNE 30, 2000 AND 1999 IS UNAUDITED) ================================================================================ (e) EARNINGS PER SHARE Basic earnings per share are computed by dividing income available to common shareholders by the weighted average shares outstanding for the period and reflect no dilution for the potential exercise of stock options and warrants. Diluted earnings per share reflect, in periods in which they would have a dilutive effect, the dilution that would occur upon the exercise of stock options and warrants. A reconciliation of the shares used in calculating basic and diluted earnings per share follows:
Quarter Ended Nine Months Ended June 30, June 30, 2000 1999 2000 1999 ---------------------------------------------------------------------------- Weighted average shares outstanding - basic 4,847,592 4,903,532 4,847,592 4,903,532 Dilutive effect of options and warrants 767,448 91,939 604,613 91,939 ---------------------------------------------------------------------------- Weighted average shares outstanding- diluted 5,615,040 4,995,471 5,452,205 4,995,471 ----------------------------------------------------------------------------
(f) INTANGIBLE ASSETS The excess of cost over fair value of net assets acquired is being amortized over periods of 15 years (for fiscal 1998 acquisitions) and 20 years (for prior acquisitions). (g) REVENUE RECOGNITION Sales are recognized upon shipment of products. 8 ALLIED DEVICES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (INFORMATION FOR JUNE 30, 2000 AND 1999 IS UNAUDITED) ================================================================================ (h) STATEMENT OF CASH FLOWS For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. 3. INVENTORIES Inventories are summarized as follows: June 30, September 30, 2000 1999 ------------------------------------------------------- Raw materials $ 1,466,565 $ 1,312,565 Work-in-process 1,074,542 1,041,542 Finished goods 9,490,257 8,990,642 ------------------------------------------------------- 12,031,364 11,344,749 Less: adjustment to LIFO (1,710,388) (1,612,976) ------------------------------------------------------- $10,320,976 $ 9,731,773 ======================================================= 4. NEW During the month of May, 2000, the Company consolidated MANUFACTURING its four locations on Long Island into a single FACILITY facility, allowing for better production control, improved productivity, and growth in throughput of more than 50%. The lease on this new facility expires in June, 2010, and requires total minimum rental payments of $ 5,002,000. The leases on the four locations that were vacated either expired or were terminated in May, 2000. 9 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS: All statements contained herein that are not historical facts, including, but not limited to, statements regarding the Company's current business strategy, the Company's projected sources and uses of cash, and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Among the factors that could cause actual results to differ materially are the following: the availability of sufficient capital to finance the Company's business plans on terms satisfactory to the Company; competitive factors; changes in labor, equipment and capital costs; changes in regulations affecting the Company's business; future acquisitions or strategic partnerships; general business and economic conditions; and factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which statements are made pursuant to the Private Litigation Reform Act of 1995 and, as a result, are pertinent only as of the date made. Net sales for the quarter and nine months ended June 30, 2000 were $8,257,000 and $22,686,000, respectively, as compared to $5,688,000 and $16,689,000 in the comparable periods of the prior year, increases of approximately 45.16% and 35.93%, respectively. These increases were principally the result of two factors: (1) improved conditions in the various sectors of the US economy served by the Company, and (2) success in developing strong new or expanded customer relationships. (a) Improved Conditions: The semiconductor equipment sector's severe slowdown in 1998 and 1999 had negatively impacted the Company's shipping volume, and that industry's current growth rate of over 30% per annum is clearly reflected in the Company's shipments. 10 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ In particular, fourteen (14) customers in this sector have accounted for approximately 60% of the growth in sales from fiscal 1999 to fiscal 2000. Other sectors, most notably medical equipment and robotics, had remained stable, experiencing flat or low growth through 1998 and 1999, and they are just now beginning to show improved strength. (b) Strong Customer Relationships: The Company has experienced strong growth in certain specialized capabilities offered by its Atlantic Precision division to key players in the semiconductor equipment industry. While this has had the effect of increasing customer and industry concentration, management believes that such capabilities are highly unusual and a competitive advantage for the Company. The Company has committed more than half of its capital spending in fiscal 2000 to supporting the growth and development of these capabilities. The Company remains dedicated to providing top quality and superior service to all of its customers, particularly those in the semiconductor equipment, aerospace instrument, medical equipment, robotics and scientific instrumentation sectors. While it is not possible to forecast with any accuracy how long the current recovery may last, customers in these sectors are predicting eighteen to thirty-six months of strong activity. Reported gross profit for the third quarter and first nine months of fiscal 2000 was 35.07% and 34.95% of net sales, respectively, as compared to 33.28% and 32.75% for the comparable periods of fiscal 1999. Higher operating rates had, in general, a positive effect on margins, with the following factors accounting for the improvement: (1) higher throughput in manufacturing resulted in solid gains in labor productivity, improving margins by 2.82%; (2) the Company shipped a higher volume of product on relatively fixed costs of factory operations, increasing gross margins by 1.61% and (3) net materials expense increased as a percentage of 11 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ sales, decreasing gross margins by 2.23%, as relentless demands for short lead-times coupled with rapid growth prompted, temporarily, certain purchasing inefficiencies and a higher level of outsourcing. Further, in the third quarter of fiscal 2000, the Company consolidated the four plants it was operating on Long Island into one new facility, allowing not only for expansion of productive capacity but also for improvements in production control, resource utilization, and coordination of manufacturing activities. Rental expense at the new facility is higher than was the combined rent expense of the four facilities. At current operating rates, the higher rental expense reduces gross margins by approximately 0.41%. Management expects this cost increase to be more than offset by increases in sales volume and gains in productivity. The Company did not increase prices in the first nine months of fiscal 2000. LIFO reserves increased by $97,000 during the period. Other operating expense of $236,000 consists of one-time expenses incurred in connection with the Company's consolidation into its new manufacturing facility during the third quarter of fiscal 2000. Selling, general and administrative expenses as a percentage of net sales were 23.01% and 23.18% in the third quarter and first nine months of fiscal 2000, respectively, as compared to 24.86% and 24.69% in the comparable periods of fiscal 1999. The following factors account for this change: (1) selling and shipping expenses and commissions increased as a percentage of net sales by approximately 0.1% as management increased spending on certain aspects of the Company's marketing plan; (2) administrative payroll, benefits, and related expenses decreased as a percentage of net sales by 1.2%; and (3) other administrative expenses (collectively) decreased as a percentage of net sales by approximately 0.41%. Other expense of $70,000 includes losses on the trade-in of certain machines for more highly productive manufacturing equipment. 12 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ Interest expense of $310,000 and $868,000 in the third quarter and first nine months of fiscal 2000, respectively, was $60,000 and $110,000 higher than in the comparable periods of fiscal 1999. These increases were the combined result of additional borrowings (used to finance new equipment) and higher interest rates on the variable rate portion of the Company's debt. Provision for income taxes is estimated at 36.1% of pre-tax income for the fiscal 2000 period, the same as in fiscal 1999, as a combination of federal and state taxes. LIQUIDITY AND FINANCIAL RESOURCES During the first nine months of fiscal 2000, the Company's financial condition remained healthy. Operations generated cash of $1,738,000. Capital expenditures (net) used $421,000, and financing activities used $1,485,000, resulting in a decrease in cash on hand of $168,000. Working capital increased by $36,000 to $9,435,000 during the nine month period, principally as a result of the following changes in current assets and current liabilities: o Accounts receivable increased by $911,000 as a function of increased sales volume. The average collection period was about 44 days at the end of the third quarter of fiscal 2000. o Inventories increased by 6.0%, or $589,000, during the nine month period, as compared to an increase of 34.94% in sales volume. Turns on inventory for the nine month period were 1.9 times (with the rate during the third quarter reaching 2.1 times) as compared to 1.6 times at the end of fiscal 1999. This change is attributable to larger growth in shipping volume than in underlying inventories during the first nine months of fiscal 2000. o Prepaid and other current assets increased by $93,000 as the Company recorded and accrued for certain annual administrative expenses. 13 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ o Current liabilities, exclusive of current portions of long-term debt and capital lease obligations, increased $981,000 as accounts payable and accrued expenses increased $601,000, and taxes payable increased $380,000. o Current portions of long-term debt and capital lease obligations increased by $408,000. o Cash balances decreased by $168,000. Net capital expenditures over the nine month period were $421,000 ($2,228,000 including capital lease acquisitions) as management responded to higher demands on capacity and updated manufacturing processes. Management's capital spending plans for the remaining quarter of fiscal 2000 include additional expenditures of approximately $2,200,000 for productive equipment. Management expects to fund such spending out of its working capital and lease lines. Management believes that the Company's working capital as now constituted will be adequate for the needs of the on-going core business. Management further believes that, in light of the Company's expansion objectives, the Company's current financial resources will not be adequate to provide for all of the on-going cash needs of the business. In particular, management expects to require additional financing to carry out its acquisition objectives. It is management's intention to complete at least one significant acquisition during calendar year 2000. Success in this part of the Company's growth plan may rely, in large measure, upon success in raising additional debt and/or equity capital. Management believes that it has several sources for such capital and expects that the combination of capital raised and acquisitions completed will produce anti-dilutive results for the Company's existing stockholders. While this is management's intention, there is no guarantee that they will be able to achieve this objective. The Company is not relying on the receipt of any new capital for its existing operations. It is important to note that, absent new capital, the Company will not be in a position to undertake some of the most promising elements of management's plans for expansion. In 14 ALLIED DEVICES CORPORATION RESULTS OF OPERATIONS: NINE MONTHS ENDED JUNE 30, 2000 COMPARED WITH NINE MONTHS ENDED JUNE 30, 1999 ================================================================================ the event that new capital is raised, management intends to implement its plans and will do so in keeping with its judgment at that time as to how best to deploy such added capital. To date, the Company has not experienced any Year 2000 related issues or problems. 15 ALLIED DEVICES CORPORATION OTHER INFORMATION: NINE MONTHS ENDED JUNE 30, 2000 ================================================================================ PART II. OTHER INFORMATION ITEM 3- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On April 11, 2000, the Company held its 2000 Annual Meeting of Stockholders. At the Annual Meeting, the following matters were submitted to a vote of stockholders. 1. The following five individuals, constituting the full Board of Directors of the Company, were nominated and elected to serve as directors of the Company. Mark Hopkinson FOR: 3,701,408 WITHHOLD AUTHORITY: 17,690 P. K. Bartow FOR: 3,701,408 WITHHOLD AUTHORITY: 17,690 Salvator Baldi FOR: 3,701,408 WITHHOLD AUTHORITY: 17,690 Christopher T. Linen FOR: 3,701,408 WITHHOLD AUTHORITY: 17,690 Michael Michaelson FOR: 3,701,408 WITHHOLD AUTHORITY: 17,690 2. The holders of 3,701,408 shares of common stock voted in favor with respect to the ratification of the selection of BDO Seidman, LLP, 16 ALLIED DEVICES CORPORATION OTHER INFORMATION: NINE MONTHS ENDED JUNE 30, 2000 ================================================================================ independent certified public accountants, to serve as independent accountants of the Company for the fiscal year ending September 30, 2000. 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 thereunto duly authorized. DATE: JULY 31, 2000 ALLIED DEVICES CORPORATION (Registrant) By: /s/ M. Hopkinson ---------------- M. Hopkinson Chairman 17 EX-27 2 ex-27.txt EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE 2000 10-Q 0000869495 ALLIED DEVICES CORP 9-MOS SEP-30-2000 APR-1-2000 JUN-30-2000 274,725 0 4,032,977 70,753 10,320,976 14,943,374 15,882,111 7,375,591 27,218,861 5,507,988 0 0 0 4,948 10,432,162 27,218,861 8,257,086 8,257,086 5,361,383 5,361,383 2,168,658 70,753 309,928 417,117 150,609 266,508 0 0 0 266,508 .05 .05
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