- Revenue increased $15.1 million to a record $80.1 million driven
primarily by organic growth
- Demonstrated strong operating leverage with operating margin
expansion of 90 basis points to 9.0%
- Achieved net income of $4.9 million, up $1.8 million, or 59%;
Diluted earnings per share increased $0.19 to $0.52
- Backlog grew 4% sequentially to a record level of $115.7 million
AMHERST, N.Y.--(BUSINESS WIRE)--Oct. 31, 2018--
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
its third quarter ended September 30, 2018. Results include the
acquisition of Maval Industries in January 2018.
“Our One Allied approach and focus on delivering market leading
solutions continued to pay off with another quarter of record revenue
and backlog as we saw strong performance across all of our served
markets,” commented Dick Warzala, Chairman and CEO. “Importantly, our
business model also demonstrated its leverage potential with operating
margin expanding to 9.0%.
“We are confident in our strategy, and with a record level of backlog,
robust new business pipeline and favorable economic environment, we are
well positioned for continued growth in revenue and profitability.”
Third Quarter 2018 Results (Narrative compares with prior-year
period unless otherwise noted)
Record revenue of $80.1 million was up $15.1 million, or 23%. The
increase was due to growth across all of the Company’s served markets
and reflects significantly higher sales to the Vehicle market. The
change in foreign currency exchange (FX) had a $0.7 million unfavorable
impact on revenue in the quarter. Sales to U.S. customers were 55% of
total sales for the quarter compared with 53% for the same period last
year, with the balance of sales to customers primarily in Europe, Canada
and Asia.
Gross profit increased $4.2 million, or 22%, to $23.8 million. Gross
margin decreased 40 basis points to 29.7%. Higher volume and
productivity helped to offset the impact of the lower margin profile of
the Maval acquisition.
Operating costs and expenses were up $2.3 million to $16.5 million;
however, as a percentage of revenue, operating expenses were down 140
basis points to 20.6%. General and administrative expense as a percent
of revenue increased 70 basis points to 10.3% primarily due to higher
incentive compensation and additional personnel to support the Company’s
growth. Engineering and development (“E&D”) was $4.7 million, up 7%. As
a percentage of revenue, E&D decreased 90 basis points to 5.9%.
Higher gross profit combined with operating leverage drove operating
income up 37%, or $2.0 million, to $7.2 million, while operating margin
expanded 90 basis points to 9.0%.
Interest expense for the period was unchanged at $0.6 million.
The effective tax rate decreased to 26.7% from 33.1%, largely due to
lower U.S. federal tax rates from the December 2017 Tax Cuts and Jobs
Act. The Company anticipates its effective tax rate for 2018 to range
from 24% to 26%.
Net income increased $1.8 million, or 59%, to $4.9 million, or $0.52 per
diluted share, from $3.1 million, or 0.33 per diluted share.
Earnings before interest, taxes, depreciation, amortization, stock
compensation expense and business development costs (“Adjusted EBITDA”)
was $10.8 million, up $2.5 million, or 29%. As a percent of sales,
Adjusted EBITDA was 13.5%, an increase of 60 basis points. 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 table for a description of
non-GAAP financial measures and reconciliation table for Adjusted EBITDA.
Year-to-Date (YTD) 2018 Results (Narrative compares with
prior-year period unless otherwise noted)
Strong demand from all the Company’s served markets resulted in record
revenue of $236.6 million, up $50.0 million, or 27%. Sales to U.S.
customers were 53% of total sales compared with 54% for the same period
last year, with the balance of sales to customers primarily in Europe,
Canada and Asia. The impact of FX fluctuations had a favorable $5.5
million impact on revenue for the year-to-date period.
Gross profit increased 27% to $69.8 million, and gross margin was the
same as the first nine months of 2017. Operating costs and expenses as a
percent of revenue were 21.1%, down 110 basis points. As a result,
operating income increased $6.3 million, or 46%, while operating margin
expanded 110 basis points to 8.4%.
The effective tax rate for the year-to-date period was down to 26.8%
compared with 32.1% for the same period last year, due primarily to U.S.
tax reform. Net income was up $5.3 million, or 67%, to $13.3 million.
Adjusted EBITDA for the period was $30.6 million, up 36%. As a percent
of sales, Adjusted EBITDA was 12.9% compared with 12.1%.
Balance Sheet and Cash Flow Review
Cash and cash equivalents were $11.4 million compared with $15.6 million
at the end of 2017. Total debt was $62.5 million at the end of the third
quarter, up $9.3 million from year-end 2017 largely due to the Maval
acquisition. Debt, net of cash, was $51.1 million, or 33.7% of net debt
to capitalization, up from 30.1% at the end of 2017.
Capital expenditures of $10.6 million include investments for
productivity improvement and growth initiatives. The Company continues
to expect to invest $13 million to $16 million in capital expenditures
during fiscal 2018. The increase in capital expenditures over the prior
year is for growth capital to support significant project wins.
|
Orders and Backlog Summary ($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2018 |
|
|
Q2 2018 |
|
|
Q1 2018 |
|
|
Q4 2017 |
|
|
Q3 2017 |
|
Orders
|
|
|
$
|
85,081
|
|
|
$
|
86,238
|
|
|
$
|
80,699
|
|
|
$
|
72,764
|
|
|
$
|
72,964
|
|
Backlog
|
|
|
$
|
115,713
|
|
|
$
|
111,170
|
|
|
$
|
107,321
|
|
|
$
|
100,708
|
|
|
$
|
93,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The year-over-year increase in orders and backlog reflect strength
across all the Company’s served markets. The impact on orders from FX
fluctuations for the third quarter was unfavorable $0.7 million
year-over-year.
Backlog was up 24% over the prior-year period and increased 4% since the
sequential second quarter of 2018. The time to convert the majority of
backlog to sales is approximately three to six months.Not
included in the backlog are previously announced new business awards of
$225.0 million that are expected to begin shipping in mid to later part
of 2019.
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday,
November 1, 2018 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 call (201) 689-8263. 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, November 8, 2018. To listen to the archived call,
dial (412) 317-6671 and enter replay pin number 13683801 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. 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 November 1,
2018 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, including the ability to
carve out, relocate and separate the Maval OE business; 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.
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
80,092
|
|
|
$
|
64,968
|
|
|
|
$
|
236,649
|
|
|
$
|
186,657
|
|
|
Cost of goods sold
|
|
|
|
|
56,330
|
|
|
|
45,422
|
|
|
|
|
166,816
|
|
|
|
131,529
|
|
|
Gross profit
|
|
|
|
|
23,762
|
|
|
|
19,546
|
|
|
|
|
69,833
|
|
|
|
55,128
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
|
|
2,762
|
|
|
|
2,822
|
|
|
|
|
8,402
|
|
|
|
8,135
|
|
|
General and administrative
|
|
|
|
|
8,210
|
|
|
|
6,255
|
|
|
|
|
24,318
|
|
|
|
17,985
|
|
|
Engineering and development
|
|
|
|
|
4,692
|
|
|
|
4,389
|
|
|
|
|
14,610
|
|
|
|
12,984
|
|
|
Amortization of intangible assets
|
|
|
|
|
872
|
|
|
|
813
|
|
|
|
|
2,634
|
|
|
|
2,405
|
|
|
Total operating costs and expenses
|
|
|
|
|
16,536
|
|
|
|
14,279
|
|
|
|
|
49,964
|
|
|
|
41,509
|
|
|
Operating income
|
|
|
|
|
7,226
|
|
|
|
5,267
|
|
|
|
|
19,869
|
|
|
|
13,619
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
623
|
|
|
|
633
|
|
|
|
|
1,839
|
|
|
|
1,797
|
|
|
Other (income) expense, net
|
|
|
|
|
(24
|
)
|
|
|
65
|
|
|
|
|
(118
|
)
|
|
|
135
|
|
|
Total other expense, net
|
|
|
|
|
599
|
|
|
|
698
|
|
|
|
|
1,721
|
|
|
|
1,932
|
|
|
Income before income taxes
|
|
|
|
|
6,627
|
|
|
|
4,569
|
|
|
|
|
18,148
|
|
|
|
11,687
|
|
|
Provision for income taxes
|
|
|
|
|
(1,767
|
)
|
|
|
(1,512
|
)
|
|
|
|
(4,859
|
)
|
|
|
(3,746
|
)
|
|
Net income
|
|
|
|
$
|
4,860
|
|
|
$
|
3,057
|
|
|
|
$
|
13,289
|
|
|
$
|
7,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
$
|
0.52
|
|
|
$
|
0.33
|
|
|
|
$
|
1.44
|
|
|
$
|
0.87
|
|
|
Basic weighted average common shares
|
|
|
|
|
9,273
|
|
|
|
9,173
|
|
|
|
|
9,251
|
|
|
|
9,137
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
$
|
0.52
|
|
|
$
|
0.33
|
|
|
|
$
|
1.42
|
|
|
$
|
0.86
|
|
|
Diluted weighted average common shares
|
|
|
|
|
9,371
|
|
|
|
9,294
|
|
|
|
|
9,337
|
|
|
|
9,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
4,860
|
|
|
$
|
3,057
|
|
|
|
$
|
13,289
|
|
|
$
|
7,941
|
|
|
Foreign currency translation adjustment
|
|
|
|
|
(307
|
)
|
|
|
1,829
|
|
|
|
|
(2,152
|
)
|
|
|
5,608
|
|
|
Change in accumulated income (loss) on derivatives
|
|
|
|
|
137
|
|
|
|
45
|
|
|
|
|
988
|
|
|
|
(178
|
)
|
|
Comprehensive income
|
|
|
|
$
|
4,690
|
|
|
$
|
4,931
|
|
|
|
$
|
12,125
|
|
|
$
|
13,371
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2018
(Unaudited)
|
|
December 31,
2017
|
|
| Assets |
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
11,357
|
|
|
$
|
15,590
|
|
|
|
Trade receivables, net of allowance for doubtful accounts of $506
and
$341 at September 30, 2018 and December 31, 2017,
respectively
|
|
|
|
|
45,230
|
|
|
|
31,822
|
|
|
|
Inventories
|
|
|
|
|
44,887
|
|
|
|
32,568
|
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
3,490
|
|
|
|
3,460
|
|
|
|
Total current assets
|
|
|
|
|
104,964
|
|
|
|
83,440
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
43,026
|
|
|
|
38,403
|
|
|
|
Deferred income taxes
|
|
|
|
|
129
|
|
|
|
14
|
|
|
|
Intangible assets, net
|
|
|
|
|
33,075
|
|
|
|
32,073
|
|
|
|
Goodwill
|
|
|
|
|
34,938
|
|
|
|
29,531
|
|
|
|
Other long term assets
|
|
|
|
|
5,981
|
|
|
|
4,461
|
|
|
|
Total assets
|
|
|
|
$
|
222,113
|
|
|
$
|
187,922
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Debt obligations
|
|
|
|
|
437
|
|
|
|
461
|
|
|
|
Accounts payable
|
|
|
|
|
24,587
|
|
|
|
15,351
|
|
|
|
Accrued liabilities
|
|
|
|
|
18,051
|
|
|
|
14,270
|
|
|
|
Total current liabilities
|
|
|
|
|
43,075
|
|
|
|
30,082
|
|
|
|
Long-term debt
|
|
|
|
|
62,021
|
|
|
|
52,694
|
|
|
|
Deferred income taxes
|
|
|
|
|
3,164
|
|
|
|
3,609
|
|
|
|
Pension and post-retirement obligations
|
|
|
|
|
4,238
|
|
|
|
4,667
|
|
|
|
Other long term liabilities
|
|
|
|
|
9,132
|
|
|
|
9,523
|
|
|
|
Total liabilities
|
|
|
|
|
121,630
|
|
|
|
100,575
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
Common stock, no par value, authorized 50,000 shares; 9,476 and
9,427
shares issued and outstanding at September 30, 2018 and
December
31, 2017, respectively
|
|
|
|
|
32,867
|
|
|
|
31,051
|
|
|
|
Preferred stock, par value $1.00 per share, authorized 5,000
shares;
no shares issued or outstanding
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Retained earnings
|
|
|
|
|
74,366
|
|
|
|
61,882
|
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(6,750
|
)
|
|
|
(5,586
|
)
|
|
|
Total stockholders’ equity
|
|
|
|
|
100,483
|
|
|
|
87,347
|
|
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
|
$
|
222,113
|
|
|
$
|
187,922
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|
|
|
September 30, |
|
|
|
|
2018 |
|
|
2017 |
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
13,289
|
|
|
|
$
|
7,941
|
|
|
Adjustments to reconcile net income to net cash provided by
|
|
|
|
|
|
|
|
|
operating activities (net of working capital acquired in 2017):
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
8,454
|
|
|
|
|
7,590
|
|
|
Deferred income taxes
|
|
|
|
|
(484
|
)
|
|
|
|
(99
|
)
|
|
Stock compensation expense
|
|
|
|
|
1,787
|
|
|
|
|
1,473
|
|
|
Debt issue cost amortization recorded in interest expense
|
|
|
|
|
113
|
|
|
|
|
113
|
|
|
Other
|
|
|
|
|
521
|
|
|
|
|
(26
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
|
|
(11,727
|
)
|
|
|
|
(6,887
|
)
|
|
Inventories
|
|
|
|
|
(11,067
|
)
|
|
|
|
(379
|
)
|
|
Prepaid expenses and other assets
|
|
|
|
|
(1,610
|
)
|
|
|
|
17
|
|
|
Accounts payable
|
|
|
|
|
8,093
|
|
|
|
|
3,106
|
|
|
Accrued liabilities
|
|
|
|
|
3,917
|
|
|
|
|
2,464
|
|
|
Net cash provided by operating activities
|
|
|
|
|
11,286
|
|
|
|
|
15,313
|
|
|
|
|
|
|
|
|
|
| Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
|
(10,581
|
)
|
|
|
|
(4,220
|
)
|
|
Cash paid for acquisition, net of cash acquired
|
|
|
|
|
(13,312
|
)
|
|
|
|
-
|
|
|
Net cash used in investing activities
|
|
|
|
|
(23,893
|
)
|
|
|
|
(4,220
|
)
|
|
|
|
|
|
|
|
|
| Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Borrowings on lines-of-credit, net
|
|
|
|
|
17,658
|
|
|
|
|
(441
|
)
|
|
Principal payments of long-term debt
|
|
|
|
|
(8,350
|
)
|
|
|
|
(9,114
|
)
|
|
Dividends paid to stockholders
|
|
|
|
|
(800
|
)
|
|
|
|
(709
|
)
|
|
Stock transactions under employee benefit stock plans
|
|
|
|
|
262
|
|
|
|
|
355
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
8,770
|
|
|
|
|
(9,909
|
)
|
|
Effect of foreign exchange rate changes on cash
|
|
|
|
|
(396
|
)
|
|
|
|
933
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
(4,233
|
)
|
|
|
|
2,117
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
15,590
|
|
|
|
|
15,483
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
11,357
|
|
|
|
$
|
17,600
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands)
(Unaudited)
|
|
|
|
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
nine months ended
September 30, 2018 and 2017 is as follows:
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
|
2018 |
|
2017 |
|
Net income
|
|
|
$
|
4,860
|
|
$
|
3,057
|
|
Interest expense
|
|
|
|
623
|
|
|
633
|
|
Provision for income tax
|
|
|
|
1,767
|
|
|
1,512
|
|
Depreciation and amortization
|
|
|
|
2,832
|
|
|
2,630
|
| EBITDA |
|
|
|
10,082 |
|
|
7,832 |
|
Stock compensation expense
|
|
|
|
694
|
|
|
519
|
|
Business development costs
|
|
|
|
33
|
|
|
-
|
| Adjusted EBITDA |
|
|
$ |
10,809 |
|
$ |
8,351 |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
September 30, |
|
|
|
|
2018 |
|
2017 |
|
Net income
|
|
|
$
|
13,289
|
|
$
|
7,941
|
|
Interest expense
|
|
|
|
1,839
|
|
|
1,797
|
|
Provision for income tax
|
|
|
|
4,859
|
|
|
3,746
|
|
Depreciation and amortization
|
|
|
|
8,454
|
|
|
7,590
|
| EBITDA |
|
|
|
28,441 |
|
|
21,074 |
|
Stock compensation expense
|
|
|
|
1,787
|
|
|
1,473
|
|
Business development costs
|
|
|
|
349
|
|
|
-
|
| Adjusted EBITDA |
|
|
$ |
30,577 |
|
$ |
22,547 |
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181031005838/en/
Source: Allied Motion Technologies Inc.
Company:
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
|
