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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): February 26, 2007
ALLIED MOTION TECHNOLOGIES INC.
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(Exact Name of Registrant as Specified in Its Charter)
Colorado 0-04041 84-0518115
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
23 Inverness Way East, Ste. 150, Englewood, CO 80112
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code 303-799-8520
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17CFT230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17CFR240.14d-2(b)
|_| Pre-commencement communications pursuant to Rule 13e-4(C) under the
Exchange Act (17CFR240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 26, 2007, Allied Motion Technologies Inc. issued a press
release reporting its results of operations for the fourth quarter ended
December 31, 2006. A copy of the press release is attached hereto as Exhibit
99.1.
The information set forth in Items 2.02 and 9.01 of this Form 8-K shall
not be deemed "filed" for purposes of Section 18 of the Securities and Exchange
Act of 1934, as amended, and is not incorporated by reference into any filings
of Allied Motion Technologies Inc., whether made before or after the date
hereof, regardless of any general incorporation language in such filings.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Allied Motion Technologies Inc. Press Release dated
February 26, 2007.
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: February 26, 2007 /s/ Richard D. Smith
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Richard D. Smith
Chief Executive Officer and
Chief Financial Officer
Exhibit 99.1
Allied Motion Reports 2006 Year End Results
Sales up 11% - Net Income up 109%
DENVER--(BUSINESS WIRE)--Feb. 26, 2007--Allied Motion Technologies
Inc. (NASDAQ: AMOT) today announced it achieved a 109% increase in net
income and a 11% increase in sales this year over last year. For the
year ended December 31, 2006, Allied achieved net income of $1,931,000
or $.28 per diluted share compared to $923,000 or $.13 per diluted
share for the year ended December 31, 2005. Revenues for this year
were $82,768,000 compared to $74,302,000 last year. Backlog at
December 31, 2006 was $28,234,000, over a 12% increase from the end of
last year.
During the fourth quarter of 2006, the Company achieved net income
of $388,000 or $.06 per diluted share compared to $4,000 or $.00 per
diluted share for the same period last year. Revenues for the quarter
ended December 31, 2006 were $19,106,000 compared to $18,891,000 last
year.
"We are quite pleased with the improvement in sales and profits we
achieved during 2006," commented Dick Smith, CEO of Allied Motion.
"The improvement we achieved was the result of both an increase in
sales, which was driven by a significant improvement in sales from our
industrial market solutions business resulting from the strengthening
of some of our markets as well as obtaining new customers and new
applications with existing customers, and from the continuous
improvement in operating efficiencies and reduced costs. We realized
significant cost improvements from our commercial motion products
produced during the year in China. This low cost region (LCR)
production capability not only provides us with the ability to reduce
our product costs but also provides us the opportunity to supply
product to some of our customers who are starting to produce product
in China. Our financial performance reflects the continued execution
of our strategy which continues to build the foundation necessary 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, "In addition to
the improvement in the numbers, our operations made considerable
progress in new product development as evidenced by a number of new
products beginning to reach the market and in customer development as
existing and new opportunities continue to remain strong. Quality
system improvements, development of our sales team, LCR development
and AST (Allied Systematic Tools) implementation remain a focus within
our operations and are keys to our continued success 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 February
28, 2007 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 external growth and new
technology, the ability of the Company to establish low cost region
manufacturing and component sourcing capabilities, 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 TECHOLOGIES INC.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
For the Three Months For the Year
Ended Dec. 31, Ended Dec. 31,
HIGHLIGHTS OF OPERATING RESULTS 2006 2005 2006 2005
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Revenues $19,106 $18,891 $82,768 $74,302
Cost of products sold 14,611 15,217 63,207 58,118
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Gross Margin 4,495 3,674 19,561 16,184
Operating expenses and other 4,020 3,684 16,661 14,703
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Income (loss) before income taxes 475 (10) 2,900 1,481
Benefit of (provision for) income
taxes (87) 14 (969) (558)
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Net Income $388 $4 $1,931 $923
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PER SHARE AMOUNTS:
Diluted income per share $.06 $.00 $.28 $.13
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Diluted weighted average common
shares 6,949 6,646 6,870 6,869
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December 31, December 31,
CONDENSED BALANCE SHEETS 2006 2005
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Assets
Current Assets:
Cash and cash equivalents $669 $624
Trade receivables, net 10,225 10,087
Inventories, net 10,807 9,185
Other current assets 1,397 979
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Total Current Assets 23,098 20,875
Property, plant and equipment, net 12,173 12,939
Deferred income taxes 25 582
Goodwill and intangible assets 18,328 18,941
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Total Assets $53,624 $53,337
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Liabilities and Stockholders' Investment
Current Liabilities:
Debt obligations $9,066 $7,335
Accounts payable and other current
liabilities 10,231 10,084
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Total Current Liabilities 19,297 17,419
Long-term debt obligations 763 4,746
Other long-term liabilities 4,042 5,365
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Total Liabilities 24,102 27,530
Stockholders' Investment 29,522 25,807
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Total Liabilities and Stockholders'
Investment $53,624 $53,337
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For the Year Ended
December 31,
CONDENSED STATEMENTS OF CASH FLOWS 2006 2005
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Cash flows from operating activities:
Net income $1,931 $923
Depreciation and amortization 3,283 3,229
Changes in working capital balances and
other (1,580) (481)
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Net cash provided by operating activities 3,634 3,671
Cash flows from investing activities:
Purchase of property and equipment (1,422) (2,096)
Cash paid for acquisitions, net -- (275)
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Net cash used in investing activities (1,422) (2,371)
Net cash used in financing activities (2,174) (1,132)
Effect of foreign exchange rate changes on
cash 7 --
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Net increase in cash and cash equivalents 45 168
Cash and cash equivalents at beginning of
period 624 456
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Cash and cash equivalents at September 30 $669 $624
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CONTACT: Allied Motion Technologies Inc.
Richard Smith or Sue Chiarmonte, 303-799-8520
Fax: 303 799-8521