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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) July 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 July 22, 2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 22, 2004, Allied Motion Technologies, Inc. issued a press release
reporting its results of operations for the second quarter ended June 30, 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: July 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 Continued Profit
Improvement for the Second Quarter
DENVER--(BUSINESS WIRE)--July 22, 2004--Allied Motion Technologies Inc.
(Nasdaq:AMOT) today announced it continued to achieve a significant improvement
in sales and profit for the quarter ended June 30, 2004 as compared to the same
period last year.
The Company achieved net income for the second quarter of $608,000 or $.10
per diluted share compared to net income of $302,000 or $.06 per diluted share
for the same period last year. Revenues for the quarter ended June 30, 2004
increased 55% to $15,104,000 compared to $9,736,000 last year. This quarter
includes the results from Stature Electric, Inc., a subsidiary that was acquired
on May 10, 2004 in connection with the Owosso Corporation merger. Revenues from
existing businesses, excluding Stature's revenues, increased 29% for the quarter
ended June 30, 2004 over the same period last year. Backlog at June 30, 2004 was
$22,023,000.
During the six months ended June 30, 2004, the Company achieved net income
of $1,035,000 or $.18 per diluted share compared to net income of $153,000 or
$.03 per diluted share for the same six months last year. Revenues for the first
six months this year increased 39% to $26,352,000 compared to $18,912,000 for
the same period last year. Revenues from existing businesses increased 26% for
the six months ended June 30, 2004 over the same period last year.
"We are quite pleased with the results for the first half of the year,"
commented Dick Smith, CEO of Allied Motion. "Our acquisition of Owosso
Corporation and its wholly owned subsidiary, Stature Electric, Inc. has been
completed, furthering our expansion into the motion control industry. During the
first half of 2004, 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
continue to achieve improved results as compared to the same period of the prior
year, including improved margins resulting from increased operating efficiencies
and reduced costs. Although we are pleased with the results this year to date,
we will continue to strive for the constant 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."
Dick Warzala, President of Allied Motion, added, "During the first six
months of 2004, we experienced a significant sales increase while we continued
to focus on enhancing our engineering resources and to drive internal cost
reductions to improve our bottom line. Order input was strong for the first half
of 2004 and backlog at June 30, 2004 is up 21% over the same time last year, on
a pro forma basis including backlog for Stature Electric at both dates. Upon
closing the Owosso merger, we immediately updated our corporate strategy with an
increased emphasis on leveraging our technology base and began implementing
Allied's Systematic Tools (AST) at Stature Electric. The continuing
implementation of AST within all of our operations provides the foundation to
improve our internal operations, while our 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 July 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.
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ALLIED MOTION TECHNOLOGIES, INC.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
For the Three For the Six
Months Months
Ended June 30, Ended June 30,
HIGHLIGHTS OF OPERATING RESULTS 2004 2003 2004 2003
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Revenue $15,104 $9,736 $26,352 $18,912
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Income before income taxes $990 $466 $1,685 $221
Provision for income taxes (382) (164) (650) (68)
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Net income $ 608 $ 302 $ 1,035 $ 153
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PER SHARE AMOUNTS:
Diluted income per share $.10 $.06 $.18 $.03
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Diluted weighted average common shares 5,897 4,885 5,699 4,882
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June 30, December 31,
CONDENSED BALANCE SHEETS 2004 2003
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Assets
Current Assets:
Cash and cash equivalents $838 $1,960
Trade receivables, inventories, and other
current assets 17,797 11,677
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Total current assets 18,635 13,637
Property, plant and equipment, net 12,909 6,423
Goodwill and intangible assets 15,913 7,437
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Total Assets $47,457 $27,497
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Liabilities and Stockholders' Investment
Current Liabilities:
Debt obligations 6,762 1,967
Accounts payable and other current
liabilities 9,142 5,734
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Total Current Liabilities 15,904 7,701
Long term debt obligations 6,579 345
Other long term liabilities 3,613 3,392
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Total Liabilities 26,096 11,438
Stockholders' Investment 21,361 16,059
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Total Liabilities and Stockholders' Investment $47,457 $27,497
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For the Six Months
Ended June 30,
CONDENSED STATEMENTS OF CASH FLOWS 2004 2003
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Cash flows from operating activities:
Net income $1,035 $153
Depreciation and amortization 872 673
Changes in working capital balances and other (1,680) (632)
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Net cash provided by operating activities 227 194
Net cash used in investing activities (13,493) (265)
Net cash provided by (used in) financing activities 12,144 (502)
Effect of foreign exchange rate changes on cash -- 4
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Net decrease in cash and cash equivalents (1,122) (569)
Cash and cash equivalents at beginning of year 1,960 1,955
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Cash and cash equivalents at June 30 $838 $1,386
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CONTACT: Allied Motion Technologies Inc.
Richard Smith, 303-799-8520
or
Sue Chiarmonte, 303-799-8520