AMHERST, N.Y.--(BUSINESS WIRE)--Nov. 1, 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 third quarter ended September 30, 2017.
- Revenue increased 6.4% to $65.0 million
- Orders were up 23.5% to a record $73.0 million
- Backlog grew to largest level in Company history at $93.5 million
- Net income increased 8.4% to $3.1 million, or $0.33 per diluted
share
- Cash generated from operation was $7.9 million
“Third quarter results exceeded our expectations, a result of improving
economic conditions and increased demand from our target markets,”
commented Dick Warzala, Chairman and CEO of Allied Motion. “We achieved
considerable growth within our Medical and Industrial/Electronics
markets including increased demand for our servo motor products that are
used in factory automation solutions. As previously announced last
month, we secured a contract for $6.8 million in the Defense market
which is further evidence that our target market strategy and focused
selling efforts are beginning to yield benefits.”
Third Quarter 2017 Results (Narrative compares with prior-year
period unless otherwise noted)
Revenue grew $3.9 million, or 6.4%, to $65.0 million. The improvement
reflects significantly higher sales to the Company’s
Industrial/Electronics markets, solid growth in its Medical markets and
improvement in distribution sales. Sales to these markets more than
offset lower demand from the Vehicle market. Excluding the favorable
effects of foreign currency exchange (FX), third quarter revenue was
$63.6 million, up 4.2% from the prior-year period.
Sales to U.S. customers were 53% of total sales for the quarter compared
with 56% for the same period last year, with the balance of sales to
customers primarily in Europe, Canada and Asia.
Gross profit was $19.5 million, or 30.1% of revenue, compared with $17.9
million, or 29.3% of revenue. The 80 basis point expansion in gross
margin was due to more favorable mix and higher volume.
Total operating costs and expenses were up $1.7 million, or 13.5%, to
$14.3 million. This included general and administrative expenses of $6.3
million, which was up $1.0 million primarily due to increased incentive
compensation.
As a percent of sales, selling expenses were up 30 basis points to 4.3%,
and reflected the expansion of the sales organization earlier in 2017.
Engineering and development (“E&D”) was up 10.8%, or $0.4 million, to
$4.4 million and increased as a percent of revenue to 6.8% from 6.5%.
Higher E&D investments were focused on customer specific motion
solutions reflecting the solid pipeline of motion solution opportunities.
Operating income was $5.3 million, relatively unchanged from the
prior-year period.
The Company refinanced its borrowings in November 2016, measurably
reducing interest expense which was down $0.9 million, or nearly 58%, to
$0.6 million in the third quarter of 2017.
The effective tax rate was 33.1%. The Company continues to anticipate
its effective tax rate for 2017 to be approximately 29% to 32%.
Net income was $3.1 million, up 8.4% compared with $2.8 million in the
third quarter of 2016. On a per diluted share basis, earnings were
$0.33, up 10% from $0.30 per diluted share.
Earnings before interest, taxes, depreciation, amortization, stock
compensation expense, and business development costs (“Adjusted EBITDA”)
was $8.4 million, or 12.9% of revenue, compared with $8.4 million, or
13.7% last year. 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 2017 Results (Narrative compares with prior-year
period unless otherwise noted)
Increased demand from the Industrial/Electronics, Medical and Aerospace
& Defense markets as well as improvement in distribution sales partially
offset softness in the Company’s Vehicle market. As a result, for the
nine-month period, sales were down $3.9 million, or 2%. 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.
Gross margin was 29.5%, consistent with last year as mix helped to
offset lower volume. Operating expenses for the year-to-date period were
up 3.8%, or $1.5 million, mostly as a result of investments in personnel
and technology. Operating income was down $2.7 million, or 16.4%. Lower
interest expense, resulting from the November 2016 refinancing, enabled
net income of $7.9 million, compared with $8.4 million in the prior-year
period.
Balance Sheet and Cash Flow Review
Cash and cash equivalents at the end of the third quarter were $17.6
million compared with $15.5 million at 2016 year-end. Cash generated by
operations was $7.9 million in the quarter and $15.3 million
year-to-date.
Capital expenditures were $1.5 million in the quarter and $4.2 million
for the nine-month period. Capital expenditures in 2017 are expected to
be approximately $5 million to $6 million. The Company repaid $3.4
million in debt in the third quarter of 2017. Debt at the end of the
quarter was $62.5 million compared with $71.4 million at year-end 2016.
Debt, net of cash, was $44.9 million, or 34.1% of net debt to
capitalization.
|
|
|
Orders and Backlog Summary ($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2017
|
|
|
Q2 2017
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
|
Q3 2016
|
|
Orders
|
|
|
$ 72,964
|
|
|
$
|
65,754
|
|
|
$
|
60,459
|
|
|
$
|
56,543
|
|
|
$
|
59,088
|
|
Backlog
|
|
|
$ 93,547
|
|
|
$
|
85,250
|
|
|
$
|
77,954
|
|
|
$
|
78,602
|
|
|
$
|
77,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Record orders of $73.0 million reflects strength across all markets
except Vehicle. Orders reached record status even excluding favorable FX.
For the first nine-months of 2017, higher orders were driven by
increased demand in the Company’s Industrial/Electronics, Medical,
Aerospace & Defense markets and growth in Distribution.
Backlog was up a substantial 20% over the prior-year period and
increased 10% since the end of the trailing second quarter. The time to
convert the majority of backlog to sales is approximately three to six
months.
Mr. Warzala concluded, “The benefit of improved market conditions,
successful wins with new solutions in more applications and the addition
of new customers have led to strengthening orders throughout the year
and a record backlog. We have a solid pipeline of sales opportunities
and are methodically adding new channel partners for our distribution
strategy. We are executing our plan and believe we are creating a strong
business foundation upon which to grow.”
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday,
November 2, 2017 at 11:00 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, November 9, 2017. To listen to the archived call,
dial (412) 317-6671 and enter replay pin number 10003590 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 November 2,
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 lowcost 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 nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
Revenue
|
|
$
|
64,968
|
|
|
$
|
61,040
|
|
|
$
|
186,657
|
|
|
$
|
190,550
|
|
|
Cost of goods sold
|
|
|
45,422
|
|
|
|
43,133
|
|
|
|
131,529
|
|
|
|
134,274
|
|
|
Gross profit
|
|
|
19,546
|
|
|
|
17,907
|
|
|
|
55,128
|
|
|
|
56,276
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
2,822
|
|
|
|
2,431
|
|
|
|
8,135
|
|
|
|
7,490
|
|
|
General and administrative
|
|
|
6,255
|
|
|
|
5,264
|
|
|
|
17,985
|
|
|
|
17,551
|
|
|
Engineering and development
|
|
|
4,389
|
|
|
|
3,961
|
|
|
|
12,984
|
|
|
|
12,185
|
|
|
Business development
|
|
|
-
|
|
|
|
123
|
|
|
|
-
|
|
|
|
341
|
|
|
Amortization of intangible assets
|
|
|
813
|
|
|
|
802
|
|
|
|
2,405
|
|
|
|
2,409
|
|
|
Total operating costs and expenses
|
|
|
14,279
|
|
|
|
12,581
|
|
|
|
41,509
|
|
|
|
39,976
|
|
|
Operating income
|
|
|
5,267
|
|
|
|
5,326
|
|
|
|
13,619
|
|
|
|
16,300
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
633
|
|
|
|
1,504
|
|
|
|
1,797
|
|
|
|
4,626
|
|
|
Other expense, net
|
|
|
65
|
|
|
|
(75
|
)
|
|
|
135
|
|
|
|
(190
|
)
|
|
Total other expense, net
|
|
|
698
|
|
|
|
1,429
|
|
|
|
1,932
|
|
|
|
4,436
|
|
|
Income before income taxes
|
|
|
4,569
|
|
|
|
3,897
|
|
|
|
11,687
|
|
|
|
11,864
|
|
|
Provision for income taxes
|
|
|
(1,512
|
)
|
|
|
(1,076
|
)
|
|
|
(3,746
|
)
|
|
|
(3,495
|
)
|
|
Net income
|
|
$
|
3,057
|
|
|
$
|
2,821
|
|
|
$
|
7,941
|
|
|
$
|
8,369
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.87
|
|
|
$
|
0.90
|
|
|
Basic weighted average common shares
|
|
|
9,173
|
|
|
|
9,350
|
|
|
|
9,137
|
|
|
|
9,325
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.86
|
|
|
$
|
0.90
|
|
|
Diluted weighted average common shares
|
|
|
9,294
|
|
|
|
9,350
|
|
|
|
9,265
|
|
|
|
9,325
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,057
|
|
|
$
|
2,821
|
|
|
$
|
7,941
|
|
|
$
|
8,369
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
1,829
|
|
|
|
383
|
|
|
|
5,608
|
|
|
|
1,346
|
|
|
Change in accumulated loss on derivatives
|
|
|
45
|
|
|
|
66
|
|
|
|
(178
|
)
|
|
|
(56
|
)
|
|
Comprehensive income
|
|
$
|
4,931
|
|
|
$
|
3,270
|
|
|
$
|
13,371
|
|
|
$
|
9,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED
BALANCE SHEETS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
|
|
(Unaudited) |
|
|
| Assets |
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
17,600
|
|
|
$
|
15,483
|
|
|
Trade receivables, net of allowance for doubtful accounts of
$379
and $362 at September 30, 2017 and December 31, 2016, respectively
|
|
|
34,493
|
|
|
|
26,104
|
|
|
Inventories
|
|
|
32,779
|
|
|
|
31,098
|
|
|
Prepaid expenses and other assets
|
|
|
3,096
|
|
|
|
3,120
|
|
|
Total current assets
|
|
|
87,968
|
|
|
|
75,805
|
|
|
Property, plant and equipment, net
|
|
|
38,157
|
|
|
|
37,474
|
|
|
Deferred income taxes
|
|
|
492
|
|
|
|
923
|
|
|
Intangible assets, net
|
|
|
32,776
|
|
|
|
34,252
|
|
|
Goodwill
|
|
|
29,305
|
|
|
|
27,522
|
|
|
Other long term assets
|
|
|
4,343
|
|
|
|
3,943
|
|
|
Total assets
|
|
$
|
193,041
|
|
|
$
|
179,919
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Debt obligations
|
|
|
526
|
|
|
|
936
|
|
|
Accounts payable
|
|
|
17,156
|
|
|
|
13,204
|
|
|
Accrued liabilities
|
|
|
13,742
|
|
|
|
10,678
|
|
|
Total current liabilities
|
|
|
31,424
|
|
|
|
24,818
|
|
|
Long-term debt
|
|
|
61,995
|
|
|
|
70,483
|
|
|
Deferred income taxes
|
|
|
3,129
|
|
|
|
3,266
|
|
|
Pension and post-retirement obligations
|
|
|
4,403
|
|
|
|
4,381
|
|
|
Other long term liabilities
|
|
|
5,386
|
|
|
|
4,685
|
|
|
Total liabilities
|
|
|
106,337
|
|
|
|
107,633
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
Common stock, no par value, authorized 50,000 shares; 9,453 and
9,374
shares issued and outstanding at September 30, 2017
and
December 31, 2016, respectively
|
|
|
31,244
|
|
|
|
29,503
|
|
|
Preferred stock, par value $1.00 per share, authorized 5,000
shares;
no shares issued or outstanding
|
|
|
|
|
-
|
|
|
Retained earnings
|
|
|
62,033
|
|
|
|
54,786
|
|
|
Accumulated other comprehensive loss
|
|
|
(6,573
|
)
|
|
|
(12,003
|
)
|
|
Total stockholders’ equity
|
|
|
86,704
|
|
|
|
72,286
|
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
193,041
|
|
|
$
|
179,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
For the nine months ended |
|
|
September 30, |
|
|
2017 |
|
2016 |
| Cash Flows From Operating Activities: |
|
|
|
|
|
Net income
|
|
$
|
7,941
|
|
|
$
|
8,369
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating
activities (net of working capital acquired in 2016):
|
|
|
|
|
|
Depreciation and amortization
|
|
|
7,590
|
|
|
|
7,309
|
|
|
Deferred income taxes
|
|
|
(99
|
)
|
|
|
1,345
|
|
|
Stock compensation expense
|
|
|
1,473
|
|
|
|
1,370
|
|
|
Debt issue cost amortization recorded in interest expense
|
|
|
113
|
|
|
|
-
|
|
|
Other
|
|
|
(26
|
)
|
|
|
(455
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Trade receivables
|
|
|
(6,887
|
)
|
|
|
(5,739
|
)
|
|
Inventories
|
|
|
(379
|
)
|
|
|
613
|
|
|
Prepaid expenses and other assets
|
|
|
17
|
|
|
|
1,252
|
|
|
Accounts payable
|
|
|
3,106
|
|
|
|
(525
|
)
|
|
Accrued liabilities
|
|
|
2,464
|
|
|
|
(3,574
|
)
|
|
Net cash provided by operating activities
|
|
|
15,313
|
|
|
|
9,965
|
|
|
|
|
|
|
| Cash Flows From Investing Activities: |
|
|
|
|
|
Purchase of property and equipment
|
|
|
(4,220
|
)
|
|
|
(3,694
|
)
|
|
Consideration paid for acquisition, net of cash acquired ($2,329)
|
|
|
-
|
|
|
|
(16,049
|
)
|
|
Net cash used in investing activities
|
|
|
(4,220
|
)
|
|
|
(19,743
|
)
|
|
|
|
|
|
| Cash Flows From Financing Activities: |
|
|
|
|
|
Payments on lines-of-credit, net
|
|
|
(441
|
)
|
|
|
6,802
|
|
|
Principal payments of long-term debt
|
|
|
(9,114
|
)
|
|
|
(5,625
|
)
|
|
Dividends paid to stockholders
|
|
|
(709
|
)
|
|
|
(700
|
)
|
|
Stock transactions under employee benefit stock plans
|
|
|
355
|
|
|
|
268
|
|
|
Net cash (used in) provided by financing activities
|
|
|
(9,909
|
)
|
|
|
745
|
|
|
Effect of foreign exchange rate changes on cash
|
|
|
933
|
|
|
|
297
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
2,117
|
|
|
|
(8,736
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
15,483
|
|
|
|
21,278
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
17,600
|
|
|
$
|
12,542
|
|
|
|
|
|
|
|
|
|
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 nine
months ended September 30, 2017 and 2016 is as follows:
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
September 30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
Net income
|
|
|
|
$
|
3,057
|
|
|
|
$
|
2,821
|
|
|
Interest expense
|
|
|
|
|
633
|
|
|
|
|
1,504
|
|
|
Provision for income tax
|
|
|
|
|
1,512
|
|
|
|
|
1,076
|
|
|
Depreciation and amortization
|
|
|
|
|
2,630
|
|
|
|
|
2,459
|
|
| EBITDA |
|
|
|
|
7,832 |
|
|
|
|
7,860 |
|
|
Stock compensation expense
|
|
|
|
|
519
|
|
|
|
|
395
|
|
|
Business development costs
|
|
|
|
|
-
|
|
|
|
|
123
|
|
| Adjusted EBITDA |
|
|
|
$ |
8,351 |
|
|
|
$ |
8,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
September 30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
Net income
|
|
|
|
$
|
7,941
|
|
|
|
$
|
8,369
|
|
|
Interest expense
|
|
|
|
|
1,797
|
|
|
|
|
4,626
|
|
|
Provision for income tax
|
|
|
|
|
3,746
|
|
|
|
|
3,495
|
|
|
Depreciation and amortization
|
|
|
|
|
7,590
|
|
|
|
|
7,309
|
|
| EBITDA |
|
|
|
|
21,074 |
|
|
|
|
23,799 |
|
|
Stock compensation expense
|
|
|
|
|
1,473
|
|
|
|
|
1,370
|
|
|
Business development costs
|
|
|
|
|
-
|
|
|
|
|
341
|
|
|
Insurance recoveries
|
|
|
|
|
-
|
|
|
|
|
(823
|
)
|
| Adjusted EBITDA |
|
|
|
$ |
22,547 |
|
|
|
$ |
24,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 30, 2017.
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
September 30, 2017 |
|
|
|
|
$ in thousands |
|
|
% increase (decrease)
compared with prior
year
amounts
|
| Revenue |
|
|
|
|
|
|
|
|
2017 revenue, as reported
|
|
|
|
$
|
64,968
|
|
|
|
6.4
|
%
|
|
Currency impact
|
|
|
|
|
(1,335
|
)
|
|
|
(2.2
|
%)
|
|
2017 revenue, at 2016 exchange rates
|
|
|
|
$
|
63,633
|
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
September 30, 2017 |
|
|
|
|
$ in thousands |
|
|
% increase (decrease)
compared with prior
year
amounts
|
| Revenue |
|
|
|
|
|
|
|
|
2017 revenue, as reported
|
|
|
|
$
|
186,657
|
|
|
|
(2.0
|
%)
|
|
Currency impact
|
|
|
|
|
528
|
|
|
|
0.3
|
%
|
|
2017 revenue, at 2016 exchange rates
|
|
|
|
$
|
187,185
|
|
|
|
(1.7
|
%)
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006822/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
|
