-----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, WWuldc72dhX//4xeh8KTxFFusCLNDWWwhLiiLKlj24WuVj8S+kRJZheSiqmOqjYa /FV0Aa71ZwvvtcVeQeye3A== 0001047469-98-019302.txt : 19980513 0001047469-98-019302.hdr.sgml : 19980513 ACCESSION NUMBER: 0001047469-98-019302 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED DEVICES CORP CENTRAL INDEX KEY: 0000869495 STANDARD INDUSTRIAL CLASSIFICATION: BOLTS, NUTS, SCREWS, RIVETS & WASHERS [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: 98616077 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 10QSB Form 10-QSB Quarterly Reports 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 March 31, 1998. [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 02 - 24012 ALLIED DEVICES CORPORATION ---------------------------- (Exact name of registrant as specified in its charter) Nevada ---------------------------- (State or other jurisdiction of incorporation or organization) 13-3087510 ---------------------------- (I.R.S. Employer Identification No.) 2365 Milburn Avenue, Baldwin, N.Y. 11510 ---------------------------- (Address of principal executive offices - Zip code) Registrant's telephone number, including area code: 516-223-9100 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 4,629,942 1 (CLASS) (Shares Outstanding at April 30, 1998) - ----------------------------------- -------------------------------------- PART I ALLIED DEVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS 2 Allied Devices Corporation Consolidated Balance Sheets
March 31, September 30, 1998 1997 ----------- --------- (Unaudited) Assets Current: Cash........................................... $ 239,377 $ 162,094 Accounts receivable............................ 2,473,482 2,326,179 Inventories.................................... 7,030,607 6,402,688 Prepaid and other.............................. 190,673 67,606 Deferred income taxes.......................... 41,000 41,000 ----------- ------------ Total current.............................. 9,975,139 8,999,567 Property, plant and equipment, net................. 2,451,999 1,837,225 Goodwill........................................... 86,761 88,664 Other.............................................. 42,231 51,527 ----------- ------------ Total assets............................... $12,556,130 $10,976,983 ----------- ------------ ----------- ------------ Liabilities and Stockholders' Equity Current: Accounts payable................................ $ 1,233,830 $ 1,186,291 Taxes payable................................... 80,349 145,263 Accrued expenses................................ 218,373 241,781 Current portion of long term debt and capital lease obligations.................... 311,746 118,481 ----------- ------------ Total current.............................. 1,844,298 1,691,816 Long term debt and capital lease obligations....... 2,949,660 2,084,239 Deferred taxes..................................... 175,000 175,000 ----------- ------------ Total liabilities.......................... 4,968,958 3,951,055 Stockholders' Equity: Capital stock................................... 4,630 4,610 Paid-in capital................................. 2,585,539 2,565,559 Retained earnings............................... 4,997,003 4,455,759 ----------- ------------
3 Allied Devices Corporation Consolidated Balance Sheets Total stockholders' equity................. 7,587,172 7,025,928 ----------- ------------ Total liabilities and stockholders' equity................................... $12,556,130 $10,976,983 ----------- ------------ ----------- ------------
See accompanying notes to financial statements. 4 Allied Devices Corporation Consolidated Statements of Income and Retained Earnings
Quarter Ended Six Months Ended March 31, March 31, -------------------------- ----------------------------- 1998 1997 1998 1997 ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales.............................. $4,556,993 $4,105,444 $8,939,762 $7,631,798 Cost of sales.......................... 2,937,385 2,534,732 5,899,160 4,921,082 Gross profit................... 1,619,608 1,570,712 3,040,602 2,710,716 Selling, general and administrative expenses............................ 1,136,272 1,079,298 2,107,916 1,961,758 Income from operations................. 483,336 491,414 932,686 748,958 Interest expense (net)................. 47,710 57,984 85,942 104,342 Income before taxes on income........................... 435,626 433,430 846,744 644,616 Taxes on income........................ 152,500 161,236 305,500 239,797 Net income............................. $ 283,126 $ 272,194 $ 541,244 $ 404,819 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Basic earnings per share............... $ 0.06 $ 0.06 $ 0.12 $ 0.09 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Basic weighted average number of shares of common stock outstanding......................... 4,619,942 4,406,499 4,614,942 4,404,171 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Diluted earnings per share............. $ 0.06 $ 0.05 $ 0.12 $ 0.08 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Diluted weighted average number of shares of common stock outstanding........................ 4,705,715 4,976,976 4,698,742 4,974,648 ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
See accompanying notes to financial statements. 5 Allied Devices Corporation and Subsidiaries Consolidated Statements of Cash Flows
Six Months Ended March 31, ----------------------------- 1998 1997 ----------- ---------- (Unaudited) (Unaudited) Cash flows from operating activities: Net income.............................................. $ 541,244 $ 404,819 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization........................ 236,289 237,201 Provision for bad debts.............................. -- 247 Gain on equipment sale............................... (2,825) -- Decrease (increase) in: Accounts receivable ............................... (55,596) (182,516) Inventories........................................ (234,233) (14,955) Prepaid expenses and other......................... current assets..................................... (123,067) (88,974) Other assets....................................... 2,310 11,146 Increase (decrease) in: Accounts payable.................................. (33,842) (149,519) Taxes payable..................................... (64,914) (19,884) Accrued expenses and other........................ current liabilities............................... (23,408) (139,739) Net cash provided by (used in) operating activities............................ 241,958 57,826 Cash flows from investing activities: Capital expenditures................................... (164,361) (202,941) Proceeds from sale of equipment........................ 3,000 -- Acquisition of Kay Pneumatic Valves.................... (850,000) -- Net cash used in investing activities............. (1,011,361) (202,941) Cash flows from financing activities: Increase (decrease) in bank borrowings................. (75,000) 283,662 Increase in term debt.................................. 1,000,000 -- Payments of principal and accrued interest on long-term debt and capital lease obligations........................... (98,314) (58,277) Proceeds from sale of common stock..................... 20,000 68,731 Net cash provided by (used in) financing activities...................................... 846,686 294,116 Net increase (decrease) in cash........................... 77,283 149,001 Cash, at beginning of period.............................. 162,094 54,919 Cash, at end of period.................................... $ 239,377 $ 203,920 ----------- ---------- ----------- ----------
See accompanying notes to financial statements. 6 Allied Devices Corporation and Subsidiaries Notes to Consolidated Financial Statements (Information for March 31, 1998 and 1997 is Unaudited) - ------------------------------------------------------------------------------ 1. Business Allied Devices Corporation and subsidiary (the "Company") are engaged primarily in the manufacture and distribution of standard precision mechanical components and a line of screw machine products throughout the United States. 2. Summary of (a) Basis of presentation/principles and Significant consolidation Accounting Policies - ------------------------------------------------------------------------------ The accompanying consolidated financial statements include the accounts of Allied Devices Corporation and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. - ------------------------------------------------------------------------------ The consolidated financial statements and related notes thereto as of March 31, 1998 and 1997, and for the three and six months 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 three and six month periods ended March 31, 1998 are not necessarily indicative of the results that may be expected for the entire year ending September 30, 1998. - ------------------------------------------------------------------------------ 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, 1997. - ------------------------------------------------------------------------------ (b) Inventories - ------------------------------------------------------------------------------ Inventories are valued at the lower of cost (last-in, first-out (LIFO) method) or market. For the three and six months ended March 31, 1998 and 1997, inventory was determined by applying a gross profit method, as opposed to the year ended September 30, 1997, when inventory was determined by a physical count. - ------------------------------------------------------------------------------ 2. Summary of (c) Depreciation and amortization Significant Accounting Policies (continued) - ------------------------------------------------------------------------------ Property, plant and equipment is 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......................... 10 years 7 Allied Devices Corporation and Subsidiaries - ------------------------------------------------------------------------------ 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 subsidiary file a consolidated federal income tax return and separate state income tax returns. The Company follows the liability method of accounting for income taxes. - ------------------------------------------------------------------------------- (e) Earnings per share - ------------------------------------------------------------------------------- In 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 Earnings per Share. Statement 128 replaced the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Diluted earnings per share is very similar to the previously reported fully diluted earnings per share. All earnings per share amounts for all periods have been presented, and where necessary, restated to conform to the Statement 128 requirements. - ------------------------------------------------------------------------------- 2.Summary of (f) Intangible assets Significant Accounting Policies (continued) - ------------------------------------------------------------------------------- The excess of cost over fair value of net assets acquired is being amortized over a period of 20 years. - ------------------------------------------------------------------------------- (g) Revenue recognition - ------------------------------------------------------------------------------- Sales are recognized upon shipment of products. - ------------------------------------------------------------------------------- (h) Statement of cash flows - ------------------------------------------------------------------------------- For purposes of the statements 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: - -------------------------------------------------------------------------------
March 31, September 30, 1998 1997 --------- ------------- Raw materials $ 359,785 $ 310,260 Work-in-process 544,487 514,437 Finished goods 7,461,756 6,888,412 8,366,028 7,713,109 Less: adjustment to LIFO (1,335,421) (1,310,421) ----------- ----------- ----------- ----------- $ 7,030,607 $ 6,402,688
8 Allied Devices Corporation and Subsidiaries Results of Operations: Six months ended March 31, 1998 compared with six months ended march 31, 1997 - ------------------------------------------------------------------------------ Item 2 - Results of Operations: Six months ended March 31, 1998 compared with six months ended March 31, 1997: - ------------------------------------------------------------------------------ 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 Company's reports filed with the Securities and Exchange Commission. The Company wishes to caution 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 six months ended March 31, 1998 were $4,557,000 and $8,940,000, respectively, as compared to $4,105,000 and $7,632,000 in the comparable periods of the prior year, increases of approximately 11.0% and 17.1%. Management attributes these increases principally to the following factors: - ------------------------------------------------------------------------------ - During the first three quarters of fiscal 1997, there was a sharp slowdown in the semiconductor equipment sector of the U.S. economy. Sales to this industry in fiscal 1996 were estimated at 20% of the Company's volume, dropping to approximately 3% of overall shipments in fiscal 1997. Solid recovery was evident in the Company's shipments in the fourth quarter of fiscal year 1997, continuing into the first six months of fiscal 1998. The Company has continued to experience growth in sales to other industries, most notably aerospace instrumentation, medical equipment, robotic and scientific instrumentation. - ------------------------------------------------------------------------------ - The Company's on-going advertising campaign in certain trade magazines remains focused on the advantage of having Allied Devices as a source, and it appears to be expanding awareness of the Company's products and services in the markets it serves. - ------------------------------------------------------------------------------ In January, 1998, the Company acquired Kay Pneumatic Valves, Inc. - ------------------------------------------------------------------------------ 9 Allied Devices Corporation and Subsidiaries Results of Operations: Six months ended March 31, 1998 compared with six months ended march 31, 1997 - ------------------------------------------------------------------------------ ("Kay"), a small manufacturer of directional control valves. This business was relocated and integrated into the Company's Astro Instrument division, with modest impact on Kay's shipping rates during the transition in ownership. Sales for this operation during the quarter amounted to approximately $179,000. - ------------------------------------------------------------------------------ The Company continues to add new customers at a healthy and steady rate. Customer retention appears to be excellent, which management attributes to its innovative and market oriented approaches to customer service. - ------------------------------------------------------------------------------ Reported gross margins for the second quarter and six months of fiscal 1998 were 35.54% and 34.01%, respectively, as compared to 38.26% and 35.52% for the comparable periods in the prior year. Materials expense (as a component of cost of goods sold) increased to approximately 33.6% of net sales during the first six months of fiscal 1998, from approximately 32.0% in the first six months of fiscal 1997. While increased shipping volume and the acquisition of Kay prompted higher levels of spending on factory payroll and overhead during the quarter and six months, such spending decreased slightly as a percentage of net sales, from 32.5% in fiscal 1997 to 32.4% in fiscal 1998. Prices of the Company's catalog products were increased modestly during the first quarter of fiscal 1998, the net effect of which is estimated to have increased revenues and profits for the six months by $48,000. LIFO reserves were increased by $25,000 during the second quarter. - ------------------------------------------------------------------------------ Selling, general and administrative expenses as a percentage of net sales were 24.93% and 23.58%, respectively, in the second quarter and six months of fiscal 1998, as compared to 26.29% and 25.71% in the comparable periods of fiscal 1997. Actual expenditures during the quarter and six months of fiscal 1998 increased when compared to fiscal 1997, yet expressed as a percentage of sales they decreased. The increase in actual expenses was a product of higher spending on sales and marketing and costs attendant to the acquisition of Kay. - ------------------------------------------------------------------------------ Interest expense during the second quarter and six months of fiscal 1998 was $48,000 and $86,000, respectively, approximately 18% lower than in the comparable periods of fiscal 1997. This is primarily the result of lower average levels of indebtedness. - ------------------------------------------------------------------------------ Provision for income taxes is estimated at 36.1% of pre-tax income for the fiscal 1998 period, as a combination of federal and state taxes. - ------------------------------------------------------------------------------ Liquidity and Financial Resources - ------------------------------------------------------------------------------ During the first six months of fiscal 1998, the Company's financial condition remained solid. Operations generated cash of $242,000, and - ------------------------------------------------------------------------------ 10 Allied Devices Corporation and Subsidiaries Results of Operations: Six months ended March 31, 1998 compared with six months ended march 31, 1997 - ------------------------------------------------------------------------------ financing activities generated cash of $846,000. Capital expenditures used $161,000 (net), the acquisition of Kay used $850,000, and cash on hand increased by $77,000. Working capital increased by $823,000 to $8,131,000 during the six months, principally as a result of the following changes in current assets and current liabilities: - ------------------------------------------------------------------------------ - Accounts receivable increased by $147,000, principally as the result of two factors: (1) the average collection period was about 48 days, as it was at the end of fiscal 1997, but increased volume of shipments raised receivables $56,000; and (2) the acquisition of Kay added $91,000 to receivables. - ------------------------------------------------------------------------------ - Inventories increased by $628,000 during the six month period. Of this amount, $394,000 was acquired with Kay. The remaining $234,000 represents a 3.7% increase in inventory of catalog products on an 11% increase in shipping volume. Turns on inventory were 1.8 times during the six months, as compared to 1.6 times during fiscal 1997. This change in turnover rate is attributable to increased shipping volume during the quarter. - ------------------------------------------------------------------------------ - Prepaid and other current assets increased by $123,000 as the Company recorded (and accrued for) certain annual administrative expenses. - ------------------------------------------------------------------------------ - Current liabilities, exclusive of current portions of long-term debt and capital lease obligations, decreased $41,000 as accounts payable and accrued expenses increased $24,000 and taxes payable decreased $65,000. - ------------------------------------------------------------------------------ - Current portions of long-term debt and capital lease obligations increased by $193,000. - ------------------------------------------------------------------------------ - Cash balances increased by $77,000. - ------------------------------------------------------------------------------ Net capital expenditures in the six month period were $161,000 ($393,000 including capital lease acquisitions) as management continued to add to capacity and modernize and automate its manufacturing processes. The Company is in the process of installing a computer and information management system, which will involve the expenditure of approximately $100,000 in fiscal 1998 and is scheduled for completion in the third quarter of this fiscal year. Management's capital spending plans for the remaining two quarters of fiscal 1998 include additional expenditures of approximately $100,000 for productive equipment. Management expects to fund such spending plans out of working capital. - ------------------------------------------------------------------------------ During the second quarter, the Company acquired Kay Pneumatic Valves, Inc. for $850,000 in cash. Additional expenditures attendant to this acquisition amounted to approximately $110,000, including legal - ------------------------------------------------------------------------------ 11 Allied Devices Corporation and Subsidiaries Results of Operations: Six months ended March 31, 1998 compared with six months ended march 31, 1997 - ------------------------------------------------------------------------------ fees, moving expenses, space preparation, additions to tooling and inventories, training costs, and certain marketing expenses. The acquisition price was funded through new term debt of $1,000,000, provided by the Company's bank and secured by the fixed assets of the Company. - ------------------------------------------------------------------------------ One week after the end of the second quarter, a fire destroyed the Company's central data processing equipment and caused extensive heat, smoke and water damage throughout the administrative offices at the Company's headquarters in Baldwin, NY. During the succeeding three weeks, the Company set up temporary quarters nearby and replaced its computer system with only partial loss of data. While manufacturing operations were barely impacted at all, order processing and shipping were heavily disrupted for a few days. Responsiveness to customer requirements has been slow while data recovery has been carried out. The net effect has been the deferral or loss of an estimated $300,000 in shipments. The Company expects to recover the financial impact of this disruption from it's business interruption insurance. Management further expects demolition and restoration of the affected space to take 6 weeks to complete, involving the expenditure of approximately $325,000. While the Company expects insurance proceeds to reimburse most (if not all) of these expenditures, the extent of such reimbursement remains to be determined. - ------------------------------------------------------------------------------ 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 additional acquisition during fiscal 1998. Success in this part of the Company's growth plan will 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 the - ------------------------------------------------------------------------------ 12 Allied Devices Corporation and Subsidiaries Results of Operations: Six months ended March 31, 1998 compared with six months ended march 31, 1997 - ------------------------------------------------------------------------------ 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. - ------------------------------------------------------------------------------ 13 Allied Devices Corporation and Subsidiaries Other Information Six months ended March 31, 1998 - ------------------------------------------------------------------------------ PART II. OTHER INFORMATION - ------------------------------------------------------------------------------ Item 3 - Submission of Matters to a Vote of Security Holders - ------------------------------------------------------------------------------ On March 31, 1998, the Company held its 1998 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: 2,783,873 WITHHOLD AUTHORITY: 11,040 P.K. Bartow......................... FOR: 2,783,873 WITHHOLD AUTHORITY: 11,040 Salvator Baldi...................... FOR: 2,783,873 WITHHOLD AUTHORITY: 11,040 Christopher T. Linen................ FOR: 2,783,873 WITHHOLD AUTHORITY: 11,040 Michael Michaelson.................. FOR: 2,783,873 WITHHOLD AUTHORITY: 11,040
- ------------------------------------------------------------------------------ 2. The holders of 2,788,163 shares of common stock voted in favor, the holders of 6,450 shares of common stock voted against, and the holders of 300 shares of common stock abstained with respect to the ratification of the selection of BDO Seidman, LLP, independent certified public accountants, to serve as independent accountants of the Company for the fiscal year ending September 30, 1998. - ------------------------------------------------------------------------------ PART II. OTHER INFORMATION (Continued) - ------------------------------------------------------------------------------ 3. The holders of 2,457,763 shares voted in favor of, the holders of - ------------------------------------------------------------------------------ 14 Allied Devices Corporation and Subsidiaries Other Information Six months ended March 31, 1998 - ------------------------------------------------------------------------------ 319,700 shares voted against and the holders of 300 shares abstained with respect to the adoption of the following: That the Company's 1993 Stock Option Plan be, and it hereby is, amended to increase from 1,250,000 to 1,500,000 the number of shares of Common Stock available for options under the Plan by deleting the first sentence of Section 3 and substituting in place thereof the following sentence: "There shall be available for options under the Plan a total of 1,500,000 shares of Stock, subject to any adjustments which may be made pursuant to Section 5(f) thereof." - ------------------------------------------------------------------------------ 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: May 11, 1998 ALLIED DEVICES CORPORATION - ------------------ -------------------------- (Registrant) By:_______________________ M. Hopkinson Chairman 15 EX-27 2 EX-27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MARCH 1998 10-Q. 0000869495 ALLIED DEVICES CORP. 3-MOS SEP-30-1998 JAN-01-1998 MAR-31-1998 239,377 0 2,518,457 44,975 7,030,607 9,975,139 7,762,947 5,310,948 12,556,130 1,844,298 0 0 0 4,630 7,582,542 12,556,130 4,556,993 4,556,993 2,937,385 2,937,385 1,136,272 44,975 47,710 435,626 152,500 283,126 0 0 0 283,126 .06 .06
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