Allied also announces the reorganization of its North America
operations
AMHERST, N.Y.--(BUSINESS WIRE)--Aug. 2, 2017--
Allied
Motion Technologies Inc.(NASDAQ:AMOT) (“Company”), a
designer and manufacturer that sells precision motion control products
and solutions to the global market, today reported financial results for
the second quarter ended June 30, 2017.
“The second quarter results were generally in line with our expectations
given the persistent weakness in our Vehicle market,” commented Dick
Warzala, Chairman and CEO of Allied Motion. “Encouragingly, on a
trailing twelve-month basis, we have achieved considerable growth within
our Medical, Industrial/Electronics and Aerospace & Defense markets.
Notably, we are seeing very strong response to our solutions for factory
automation. Another area of focus has been on expanding our channels to
market through the use of distributors. Though still a small contributor
to total revenue, early indications have been positive.”
Furthering One Allied by Reorganizing Motor Operations in North
America
The Company announced that it is reorganizing and realigning its North
America motor operations into one business as Allied Motion - North
American Motorswhich will report to Robert P. Maida, the Company’s
Vice President of Operational Excellence. This new structure enables
Allied Motion to unlock and scale innovation while unifying processes
across the organization, to significantly increase its value proposition
and help insure the Company “wins” those opportunities critical to its
future. Mr. Maida’s lean manufacturing knowledge and broad business
experience provides the leadership required to better position the
Company for long-term growth and profitability.
Mr. Warzala commented, “Through the year, we have been adapting
operations to address lower volume from our Vehicle market, and are now
implementing major organizational changes to our motor operations in
North America to eliminate redundancies and accelerate efforts to
capture operational and sales synergies. The reorganization will align
sales, engineering and manufacturing with our target markets to increase
market penetration. We believe these changes will further our One Allied
approach to meet customers’ needs through a more collaborative
organization and improve our speed to market with new solutions.”
Second Quarter 2017 Results (Narrative compares with
prior-year period unless otherwise noted)
Revenue was $60.3 million, down $5.5 million, or 8.4%. The change
reflects higher sales to the Industrial/Electronics and Medical markets
as well as a significant increase in distribution sales, more than
offset by sluggish demand within the Vehicle market and the timing of
some Aerospace business. Excluding the unfavorable effects of foreign
currency exchange (FX), second quarter revenue was $61.3 million, down
$4.5 million, or 6.9%, from the prior-year period.
Sales to U.S. customers were 54% of total sales for the quarter compared
with 55% for the same period last year, with the balance of sales to
customers primarily in Europe, Canada and Asia.
Gross profit was $17.9 million, or 29.6% of revenue, compared with $19.9
million, or 30.2% of revenue. The 60 basis point decline in gross margin
was due to lower volume.
Total operating costs and expenses were up slightly by $0.2 million, or
1.8%, to $13.9 million. General and administrative (G&A) expenses were
$6.0 million. G&A expenses declined more than 10% when excluding a $0.8
million insurance proceed benefit from last year’s second quarter. The
decline was the result of synergies, cost control and lower incentive
compensation.
As a percent of sales, selling expenses were up 50 basis points to 4.5%,
and reflected the addition of new sales management and other personnel
additions. The $0.1 million in business development costs in the 2016
second quarter was carryover from the Heidrive acquisition.
Engineering and development (“E&D”) was up 5.5%, or $0.2 million, to
$4.4 million and increased as a percent of revenue to 7.3% from 6.3%.
The increase in E&D investments were focused on customer specific motion
solutions and reflects the growing pipeline of motion solution
opportunities.
Operating income was $4.0 million compared with $6.2 million.
Given the lower cost of debt with the new credit facility in 2016,
interest expense decreased $1.0 million, or nearly 60%, to $0.6 million.
The effective tax rate in the first quarter was 31.8%. The Company
anticipates its effective tax rate for 2017 to be approximately 29% to
32%.
Net income was $2.2 million, or $0.24 per diluted share, compared with
$3.2 million, or $0.34 per diluted share.
Earnings before interest, taxes, depreciation, amortization, stock
compensation expense, and business development costs (“Adjusted EBITDA”)
was $6.9 million, or 11.4% of revenue, compared with $8.7 million, or
13.2%, in the prior-year period. The Company believes that, when used in
conjunction with measures prepared in accordance with U.S. generally
accepted accounting principles, Adjusted EBITDA, which is a non-GAAP
measure, helps in the understanding of its operating performance. See
the attached tables for a description of non-GAAP financial measures and
reconciliation tables for Constant Currency and Adjusted EBITDA.
Year-to-date (YTD) 2017 Results (Narrative compares with
prior-year period unless otherwise noted)
The same factors affecting the second quarter results had a similar
impact on results in the 2017 first half. Sales to U.S. customers were
54% of total sales on a year-to-date basis compared with 55% for the
same period last year.
G&A expenses declined $0.6 million, or 4.5%, to $11.7 million and when
excluding the insurance benefit from 2016, G&A was down 10%. E&D as a
percent of revenue increased to 7.1% in the first half of 2017 from
6.4%. Net income was $4.9 million, or $0.53 per diluted share, for the
first half of 2017.
Balance Sheet and Cash Flow Review
Cash and cash equivalents at the end of the second quarter were $14.7
million compared with $15.5 million at 2016 year-end. Year-to-date cash
provided by operations was $7.4 million, up measurably from $1.7 million
during the first half of 2016. The increase reflects working capital
changes, particularly in the prior-year period which had more cash used
for trade receivables and settlement of liabilities due to the Heidrive
acquisition.
Capital expenditures of $2.7 million included productivity and growth
initiatives. Capital expenditures in 2017 are expected to be somewhat
similar to 2016, at approximately $5 million to $6 million. Debt was
reduced by $5.5 million, using cash generated from operations and cash
on hand, to $65.9 million at quarter-end compared with $71.4 million at
year-end 2016. Debt, net of cash, was $51.2 million, or 38.5% of net
debt to capitalization.
Orders and Backlog Summary ($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017 |
|
|
Q1 2017 |
|
|
Q4 2016 |
|
|
Q3 2016 |
|
|
Q2 2016 |
|
Orders
|
|
|
$
|
65,754
|
|
|
$
|
60,459
|
|
|
$
|
56,543
|
|
|
$
|
59,088
|
|
|
$
|
68,347
|
|
Backlog
|
|
|
$
|
85,250
|
|
|
$
|
77,954
|
|
|
$
|
78,602
|
|
|
$
|
77,683
|
|
|
$
|
80,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The sequential quarterly increase in orders was mostly the result of
strength in the Company’s Medical, Industrial, and Aerospace & Defense
markets. The Company also saw increased demand through distributors. The
decrease in orders compared with the prior-year second quarter reflect
softness in the Company’s Vehicle market. Excluding the negative $1.0
million impact of FX, orders were $66.8 million in the 2017 second
quarter, down $1.6 million, or 2%, from the prior year.
Backlog was up 5.6% over the prior-year period and a more substantial
9.4% since the end of the sequential 2017 first quarter. The time to
convert the majority of backlog to sales is approximately three to six
months. The recent incremental increase in backlog is considered more
long-term than typical, and is expected to be converted to sales within
the next twelve months.
Mr. Warzala concluded, “Orders have been strengthening throughout the
year and we ended the quarter with a record backlog. Given the nature of
the backlog, we do not expect to see the full benefit of the increase
until 2018.”
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday, August
3, 2017 at 10:00 am ET. During the conference call, management will
review the financial and operating results and discuss Allied Motion’s
corporate strategy and outlook. A question-and-answer session will
follow.
To listen to the live call, participants can dial (778) 327-3988. In
addition, the call will be webcast live and may be found at: http://www.alliedmotion.com/investors
A telephonic replay will be available from 1:00 pm ET on the day of the
call through Thursday, August 10, 2017. To listen to the archived call,
dial (412) 317-6671 and enter replay pin number 10003155 or access the
webcast replay via the Company’s website. A transcript will also be
posted to the website once available.
About Allied Motion Technologies Inc.
Allied Motion (NASDAQ: AMOT) designs, manufactures and sells precision
and specialty motion control components and systems used in a broad
range of industries within our major served markets, which include
Vehicle, Medical, Aerospace & Defense, and Industrial/Electronics. The
Company is headquartered in Amherst, NY, has global operations and sells
into markets across the United States, Canada, South America, Europe and
Asia.
Allied Motion is focused on motion control applications and is known
worldwide for its expertise in electro-magnetic, mechanical and
electronic motion technology. Its products include brush and brushless
DC motors, brushless servo and torque motors, coreless DC motors,
integrated brushless motor-drives, gear motors, gearing, modular digital
servo drives, motion controllers, incremental and absolute optical
encoders, and other associated motion control-related products.
The Company’s growth strategy is focused on becoming the motion solution
leader in its selected target markets by leveraging its “technology/know
how” to develop integrated precision motion solutions that utilize
multiple Allied Motion technologies to “change the game” and create
higher value solutions for its customers. The Company routinely posts
news and other important information on its website at http://www.alliedmotion.com/.
Safe Harbor Statement
The statements in this news release and in the Company’s August 3, 2017
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 statement that may predict, forecast,
indicate, or imply future results, performance, or achievements, and may
contain the word “believe,” “anticipate,” “expect,” “project,” “intend,”
“will continue,” “will likely result,” “should” or words or phrases of
similar meaning. Forward-looking statements involve known and unknown
risks and uncertainties that may cause actual results to differ
materially from the expected results described in the forward-looking
statements. The risks and uncertainties include those associated with:
the domestic and foreign general business and economic conditions in the
markets we serve, including political and currency risks and adverse
changes in local legal and regulatory environments; the introduction of
new technologies and the impact of competitive products; the ability to
protect the Company’s intellectual property; our ability to sustain,
manage or forecast its growth and product acceptance to accurately align
capacity with demand; the continued success of our customers and the
ability to realize the full amounts reflected in our order backlog as
revenue; the loss of significant customers or the enforceability of the
Company’s contracts in connection with a merger, acquisition,
disposition, bankruptcy, or otherwise; our ability to meet the technical
specifications of our customers; the performance of subcontractors or
suppliers and the continued availability of parts and components;
changes in government regulations; the availability of financing and our
access to capital markets, borrowings, or financial transactions to
hedge certain risks; the Company's ability to realize the annual
interest expense savings from its debt refinancing; the ability to
attract and retain qualified personnel who can design new applications
and products for the motion industry; the ability to implement our
corporate strategies designed for growth and improvement in profits
including to identify and consummate favorable acquisitions to support
external growth and the development of new technologies; the ability to
successfully integrate an acquired business into our business model
without substantial costs, delays, or problems; our ability to control
costs, including the establishment and operation of low cost region
manufacturing and component sourcing capabilities; and other risks and
uncertainties detailed from time to time in the Company’s SEC filings.
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. Any forward-looking
statement speaks only as of the date on which it is made. New risks and
uncertainties arise over time, and it is not possible for us to predict
the occurrence of those matters or the manner in which they may affect
us. 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.
FINANCIAL TABLES FOLLOW
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
60,335
|
|
|
|
$
|
65,835
|
|
|
|
$
|
121,689
|
|
|
|
$
|
129,510
|
|
|
Cost of goods sold
|
|
|
|
42,454
|
|
|
|
|
45,971
|
|
|
|
|
86,107
|
|
|
|
|
91,141
|
|
|
Gross margin
|
|
|
|
17,881
|
|
|
|
|
19,864
|
|
|
|
|
35,582
|
|
|
|
|
38,369
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
|
2,710
|
|
|
|
|
2,635
|
|
|
|
|
5,313
|
|
|
|
|
5,059
|
|
|
General and administrative
|
|
|
|
5,981
|
|
|
|
|
5,878
|
|
|
|
|
11,730
|
|
|
|
|
12,287
|
|
|
Engineering and development
|
|
|
|
4,404
|
|
|
|
|
4,174
|
|
|
|
|
8,595
|
|
|
|
|
8,224
|
|
|
Business development
|
|
|
|
-
|
|
|
|
|
135
|
|
|
|
|
-
|
|
|
|
|
218
|
|
|
Amortization of intangible assets
|
|
|
|
799
|
|
|
|
|
828
|
|
|
|
|
1,592
|
|
|
|
|
1,607
|
|
|
Total operating costs and expenses
|
|
|
|
13,894
|
|
|
|
|
13,650
|
|
|
|
|
27,230
|
|
|
|
|
27,395
|
|
|
Operating income
|
|
|
|
3,987
|
|
|
|
|
6,214
|
|
|
|
|
8,352
|
|
|
|
|
10,974
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
641
|
|
|
|
|
1,590
|
|
|
|
|
1,164
|
|
|
|
|
3,122
|
|
|
Other expense, net
|
|
|
|
80
|
|
|
|
|
(130
|
)
|
|
|
|
70
|
|
|
|
|
(115
|
)
|
|
Total other expense, net
|
|
|
|
721
|
|
|
|
|
1,460
|
|
|
|
|
1,234
|
|
|
|
|
3,007
|
|
|
Income before income taxes
|
|
|
|
3,266
|
|
|
|
|
4,754
|
|
|
|
|
7,118
|
|
|
|
|
7,967
|
|
|
Provision for income taxes
|
|
|
|
(1,039
|
)
|
|
|
|
(1,561
|
)
|
|
|
|
(2,234
|
)
|
|
|
|
(2,419
|
)
|
|
Net income
|
|
|
$
|
2,227
|
|
|
|
$
|
3,193
|
|
|
|
$
|
4,884
|
|
|
|
$
|
5,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
$
|
0.24
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.60
|
|
|
Basic weighted average common shares
|
|
|
|
9,165
|
|
|
|
|
9,343
|
|
|
|
|
9,120
|
|
|
|
|
9,312
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
$
|
0.24
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.53
|
|
|
|
$
|
0.60
|
|
|
Diluted weighted average common shares
|
|
|
|
9,265
|
|
|
|
|
9,343
|
|
|
|
|
9,250
|
|
|
|
|
9,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
December 31,
2016
|
| Assets |
|
|
(Unaudited) |
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
14,733
|
|
|
$
|
15,483
|
|
|
Trade receivables, net of allowance for doubtful accounts of $358
|
|
|
|
|
|
|
and $362 at June 30, 2017 and December 31, 2016, respectively
|
|
|
|
31,558
|
|
|
|
26,104
|
|
|
Inventories
|
|
|
|
31,408
|
|
|
|
31,098
|
|
|
Prepaid expenses and other assets
|
|
|
|
2,984
|
|
|
|
3,120
|
|
|
Total current assets
|
|
|
|
80,683
|
|
|
|
75,805
|
|
|
Property, plant and equipment, net
|
|
|
|
37,947
|
|
|
|
37,474
|
|
|
Deferred income taxes
|
|
|
|
485
|
|
|
|
923
|
|
|
Intangible assets, net
|
|
|
|
33,311
|
|
|
|
34,252
|
|
|
Goodwill
|
|
|
|
28,763
|
|
|
|
27,522
|
|
|
Other long term assets
|
|
|
|
4,209
|
|
|
|
3,943
|
|
|
Total assets
|
|
|
$
|
185,398
|
|
|
$
|
179,919
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Debt obligations
|
|
|
|
959
|
|
|
|
936
|
|
|
Accounts payable
|
|
|
|
13,393
|
|
|
|
13,204
|
|
|
Accrued liabilities
|
|
|
|
11,840
|
|
|
|
10,678
|
|
|
Total current liabilities
|
|
|
|
26,192
|
|
|
|
24,818
|
|
|
Long-term debt
|
|
|
|
64,963
|
|
|
|
70,483
|
|
|
Deferred income taxes
|
|
|
|
3,135
|
|
|
|
3,266
|
|
|
Pension and post-retirement obligations
|
|
|
|
4,348
|
|
|
|
4,381
|
|
|
Other long term liabilities
|
|
|
|
5,246
|
|
|
|
4,685
|
|
|
Total liabilities
|
|
|
|
103,884
|
|
|
|
107,633
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
Common stock, no par value, authorized 50,000 shares; 9,452
and
9,374 shares issued and outstanding at June 30, 2017 and
December
31, 2016, respectively
|
|
|
|
30,748
|
|
|
|
29,503
|
|
Preferred stock, par value $1.00 per share, authorized 5,000
shares;
no shares issued or outstanding
|
|
|
|
-
|
|
|
|
-
|
|
|
Retained earnings
|
|
|
|
59,213
|
|
|
|
54,786
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(8,447
|
)
|
|
|
(12,003
|
)
|
|
Total stockholders’ equity
|
|
|
|
81,514
|
|
|
|
72,286
|
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
$
|
185,398
|
|
|
$
|
179,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
For the six months ended |
|
|
|
June 30, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
Net income
|
|
|
$
|
4,884
|
|
|
|
$
|
5,548
|
|
|
Adjustments to reconcile net income to net cash provided by
|
|
|
|
|
|
|
|
operating activities (net of working capital acquired in 2016):
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
4,960
|
|
|
|
|
4,850
|
|
|
Deferred income taxes
|
|
|
|
14
|
|
|
|
|
859
|
|
|
Stock compensation expense
|
|
|
|
954
|
|
|
|
|
974
|
|
|
Debt issue cost amortization recorded in interest expense
|
|
|
|
99
|
|
|
|
|
-
|
|
|
Other
|
|
|
|
(40
|
)
|
|
|
|
(314
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
|
(4,442
|
)
|
|
|
|
(8,992
|
)
|
|
Inventories
|
|
|
|
529
|
|
|
|
|
689
|
|
|
Prepaid expenses and other assets
|
|
|
|
93
|
|
|
|
|
1,389
|
|
|
Accounts payable
|
|
|
|
(360
|
)
|
|
|
|
(39
|
)
|
|
Accrued liabilities
|
|
|
|
692
|
|
|
|
|
(3,289
|
)
|
|
Net cash provided by operating activities
|
|
|
|
7,383
|
|
|
|
|
1,675
|
|
|
|
|
|
|
|
|
| Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
(2,677
|
)
|
|
|
|
(2,382
|
)
|
|
Consideration paid for acquisition, net of cash acquired ($2,329)
|
|
|
|
-
|
|
|
|
|
(16,049
|
)
|
|
Net cash used in investing activities
|
|
|
|
(2,677
|
)
|
|
|
|
(18,431
|
)
|
|
|
|
|
|
|
|
| Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
Borrowings on lines-of-credit, net
|
|
|
|
-
|
|
|
|
|
9,534
|
|
|
Principal payments of long-term debt
|
|
|
|
(6,000
|
)
|
|
|
|
(3,750
|
)
|
|
Dividends paid to stockholders
|
|
|
|
(473
|
)
|
|
|
|
(473
|
)
|
|
Stock transactions under employee benefit stock plans
|
|
|
|
355
|
|
|
|
|
268
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(6,118
|
)
|
|
|
|
5,579
|
|
|
Effect of foreign exchange rate changes on cash
|
|
|
|
662
|
|
|
|
|
261
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(750
|
)
|
|
|
|
(10,916
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
15,483
|
|
|
|
|
21,278
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
14,733
|
|
|
|
$
|
10,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
|
|
Reconciliation of Non-GAAP Financial Measures
|
|
(In thousands)
|
|
|
In addition to reporting net income, a U.S. generally accepted
accounting principle (“GAAP”) measure, the Company presents Adjusted
EBITDA (earnings before interest, income taxes, depreciation and
amortization, stock compensation expense, and business development
costs), which is a non-GAAP measure. The Company believes Adjusted
EBITDA is often a useful measure of a Company’s operating performance
and is a significant basis used by the Company’s management to evaluate
and compare the core operating performance of its business from period
to period by removing the impact of the capital structure (interest),
tangible and intangible asset base (depreciation and amortization),
taxes, stock-based compensation expense, business development costs
related to acquisitions, and other items that are not indicative of the
Company’s core operating performance. Adjusted EBITDA does not represent
and should not be considered as an alternative to net income, operating
income, net cash provided by operating activities or any other measure
for determining operating performance or liquidity that is calculated in
accordance with generally accepted accounting principles.
The Company’s calculation of Adjusted EBITDA for the three and six
months ended June 30, 2017 and 2016 is as follows:
|
|
|
|
Three months ended |
|
|
|
|
June 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Net income
|
|
|
$
|
2,227
|
|
|
$
|
3,193
|
|
|
Interest expense
|
|
|
|
641
|
|
|
|
1,590
|
|
|
Provision for income tax
|
|
|
|
1,039
|
|
|
|
1,561
|
|
|
Depreciation and amortization
|
|
|
|
2,510
|
|
|
|
2,580
|
|
| EBITDA |
|
|
|
|
6,417 |
|
|
|
8,924 |
|
|
Stock compensation expense
|
|
|
|
488
|
|
|
|
461
|
|
|
Business development costs
|
|
|
|
-
|
|
|
|
135
|
|
|
Insurance recoveries
|
|
|
|
-
|
|
|
|
(823
|
)
|
| Adjusted EBITDA |
|
|
$ |
6,905 |
|
|
$ |
8,697 |
|
|
|
|
|
Six months ended |
|
|
|
|
June 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Net income
|
|
|
$
|
4,884
|
|
|
$
|
5,548
|
|
|
Interest expense
|
|
|
|
1,164
|
|
|
|
3,122
|
|
|
Provision for income tax
|
|
|
|
2,234
|
|
|
|
2,419
|
|
|
Depreciation and amortization
|
|
|
|
4,960
|
|
|
|
4,850
|
|
| EBITDA |
|
|
|
|
13,242 |
|
|
|
15,939 |
|
|
Stock compensation expense
|
|
|
|
954
|
|
|
|
974
|
|
|
Business development costs
|
|
|
|
-
|
|
|
|
218
|
|
|
Insurance recoveries
|
|
|
|
-
|
|
|
|
(823
|
)
|
| Adjusted EBITDA |
|
|
$ |
14,196 |
|
|
$ |
16,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
|
|
Reconciliation of Non-GAAP Financial Measures
|
|
(In thousands)
|
|
|
Constant Currency Presentation
The Company believes constant currency information provides valuable
supplemental information that facilitates period-to-period comparisons
of the company's business performance. The constant currency
presentation, which is a non-GAAP measure, excludes the impact of
fluctuations in foreign currency exchange rates. Constant currency
results are calculated by translating current period results in local
currency using the prior year's currency conversion rate. The following
table reconciles reported amounts to constant currency amounts for the
three and six months ended June 30, 2017.
|
|
|
|
|
Three months ended |
|
|
|
|
June 30, 2017 |
|
|
|
|
$ in thousands |
|
|
% increase (decrease)
compared with prior
year
amounts
|
| Revenue |
|
|
|
|
|
|
|
2017 revenue, as reported
|
|
|
$
|
60,335
|
|
|
-8.4
|
%
|
|
Currency impact
|
|
|
|
974
|
|
|
1.5
|
%
|
|
2017 revenue, at 2016 exchange rates
|
|
|
$
|
61,309
|
|
|
-6.9
|
%
|
|
|
|
|
|
Six months ended |
|
|
|
|
June 30, 2017 |
|
|
|
|
$ in thousands |
|
|
% increase (decrease)
compared with prior
year
amounts
|
| Revenue |
|
|
|
|
|
|
|
2017 revenue, as reported
|
|
|
$
|
121,689
|
|
|
-6.0
|
%
|
|
Currency impact
|
|
|
|
1,876
|
|
|
1.4
|
%
|
|
2017 revenue, at 2016 exchange rates
|
|
|
$
|
123,565
|
|
|
-4.6
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006468/en/
Source: Allied Motion Technologies Inc.
Allied Motion Technologies Inc.
Sue Chiarmonte, 716-242-8634
x602
sue.chiarmonte@alliedmotion.com
or
Investors:
Kei
Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
|
