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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) April 22, 2004
ALLIED MOTION TECHNOLOGIES, INC.
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(Exact Name of Registrant as Specified in Charter)
Colorado 0-4041 84-0518115
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
23 Inverness Way East, Suite 150, Englewood, Colorado, 80112
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(Address of Principal Executive Offices including zip code)
(303) 799-8520
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(Registrant's telephone number including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
Exhibit 99.1 Allied Motion Technologies, Inc. Press Release dated
April 22, 2004.
ITEM 12. Results of Operations and Financial Condition
On April 22, 2004, Allied Motion Technologies, Inc. issued a press release
reporting its results of operations for the first quarter ended March 31, 2004.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
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 hereunto duly authorized.
ALLIED MOTION TECHNOLOGIES, INC.
Date: April 22, 2004 /s/ Richard D. Smith
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Richard D. Smith
Chief Executive Officer and
Chief Financial Officer
Exhibit 99.1
Allied Motion Reports Significant Profit Improvement for the First Quarter
DENVER--(BUSINESS WIRE)--April 22, 2004--Allied Motion
Technologies, Inc. (Nasdaq:AMOT) today announced it achieved a
significant improvement in sales and profit for the quarter ended
March 31, 2004, as compared to the same period last year.
The Company achieved net income for the first quarter of $427,000
or $.08 per diluted share compared to a loss of $149,000 or $.03 per
diluted share for the same period last year. Revenue for the quarter
ended March 31, 2004, increased 23% to $11,248,000 compared to
$9,176,000 last year. Backlog at March 31, 2004, was $17,616,000, an
increase of 32% during the quarter and up 22% over the same time last
year.
"We are very pleased with the results for the first quarter,"
commented Dick Smith, CEO of Allied Motion. "We continue to achieve
improved results as compared to the same period of the prior year.
During the quarter, we saw a strengthening in many of our markets
which has been helped by the improving economy. In addition, the
expanded efforts of our sales and marketing organization are also
contributing to our sales growth. We are also achieving improved
margins as we improve operating efficiencies and reduce costs. We
continue to strive for continuous improvement in our operations that
will be necessary for us to achieve our long-term goals for growth in
sales and profitability, as well as to facilitate our continued
expansion into the motion control industry. We are excited about our
acquisition of Owosso Corporation and its wholly owned subsidiary,
Stature Electric, which we expect to close within the next 30 days."
Dick Warzala, President of Allied Motion, added: "During the first
quarter of 2004, we experienced a significant sales increase while
continuing to maintain our emphasis on internal cost reductions to
improve our bottom line. Order input was strong for the quarter and
backlog at March 31, 2004, is up 22% over March 31, 2003, and up 32%
over December 31, 2003. Upon closing the Owosso merger, we will
immediately begin the implementation of Allied's Systematic Tools
(AST) at Stature Electric as well as continuing the implementation
within all of our operations to improve our operational efficiencies.
A strong emphasis on reducing product costs through strategic sourcing
and product re-design efforts will improve our cost effectiveness and
further enhance our ability to win new business and fuel our internal
growth engine in the future."
Headquartered in Denver, Colorado, Allied Motion designs,
manufactures and sells motion control products into applications that
serve many industry sectors. Allied Motion is a leading supplier of
precision and specialty motion control components and systems to a
broad spectrum of customers throughout the world.
The statements in this press release and in the Company's April
22, 2004, 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 statements that may
predict, forecast, indicate, or imply future results, performance, or
achievements. Forward-looking statements involve known and unknown
risks and uncertainties that may cause actual results of the Company
to differ materially from the forward-looking statements. The risks
and uncertainties include international, national and local general
business and economic conditions in the Company's motion markets,
introduction of new technologies, products and competitors, the
ability to protect the Company's intellectual property, the ability of
the Company to sustain, manage or forecast its growth and product
acceptance, success of new corporation strategies and implementation
of defined critical issues designed for growth and improvement in
profits, the continued success of the Company's customers to allow the
Company to realize revenues from its order backlog and to support the
Company's expected delivery schedules, the continued viability of the
Company's customers and their ability to adapt to changing technology
and product demand, the ability of the Company to meet the technical
specifications of its customers, the continued availability of parts
and components, increased competition and changes in competitor
responses to the Company's products and services, changes in
government regulations, availability of financing, the ability of the
Company's lenders and financial institutions to provide additional
funds if needed for operations or for making future acquisitions or
the ability of the Company to obtain alternate financing if present
sources of financing are terminated, the ability to attract and retain
qualified personnel who can design new applications and products for
the motion industry, the ability of the Company to identify and
consummate favorable acquisitions to support growth and new
technology, and the ability of the Company to control costs for the
purpose of improving profitability. The Company's ability to compete
in this market depends upon its capacity to anticipate the need for
new products, and to continue to design and market those products to
meet customers' needs in a competitive world. 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. 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.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
For the Three Months
Ended March 31,
HIGHLIGHTS OF OPERATING RESULTS 2004 2003
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Revenue $11,248 $9,176
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Income (loss) before income taxes $695 $(245)
(Provision) benefit for income taxes (268) 96
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Net income (loss) $427 $(149)
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PER SHARE AMOUNTS:
Diluted income (loss) per share $.08 $(.03)
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Diluted weighted average common shares 5,499 4,846
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March 31, Dec. 31,
CONDENSED BALANCE SHEETS 2004 2003
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Assets
Current Assets:
Cash and cash equivalents $971 $1,960
Trade receivables, inventories, and other
current assets 12,941 11,677
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Total current assets 13,912 13,637
Property, plant and equipment, net 6,312 6,423
Goodwill and intangible assets 7,358 7,437
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Total Assets $27,582 $27,497
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Liabilities and Stockholders' Investment
Current Liabilities:
Debt obligations 1,843 1,967
Accounts payable and other current liabilities 5,478 5,734
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Total Current Liabilities 7,321 7,701
Long term liabilities 3,784 3,737
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Total Liabilities 11,105 11,438
Stockholders' Investment 16,477 16,059
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Total Liabilities and Stockholders' Investment $27,582 $27,497
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For the Three Months
Ended March 31,
CONDENSED STATEMENTS OF CASH FLOWS 2004 2003
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Cash flows from operating activities:
Net income (loss) $427 $(149)
Depreciation and amortization 374 347
Changes in working capital balances and other (1,169) (419)
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Net cash used in operating activities (368) (221)
Net cash used in investing activities (451) (208)
Net cash used in financing activities (170) (395)
Effect of foreign exchange rate changes on cash -- (17)
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Net decrease in cash and cash equivalents (989) (841)
Cash and cash equivalents at beginning of year 1,960 1,955
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Cash and cash equivalents at March 31 $971 $1,114
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CONTACT: Allied Motion Technologies, Inc.
Richard Smith, 303-799-8520
Sue Chiarmonte, 303-799-8520
303-799-8521 (fax)