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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): May 3, 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 May 8, 2007, Allied Motion Technologies Inc. issued a press release
reporting its results of operations for the first quarter ended March 31, 2007.
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 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously reported in the Company's proxy statement for its 2007 annual
meeting, Eugene E. Prince retired from the Board of Directors of the Company
effective immediately prior to the annual meeting of shareholders of the Company
on May 3, 2007. The Board of Directors is currently seeking a replacement
director for the Board.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Allied Motion Technologies Inc. Press Release dated May 8,
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: May 8, 2007 /s/ Richard D. Smith
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Richard D. Smith
Chief Executive Officer and
Chief Financial Officer
Exhibit 99.1
Allied Motion Achieves Record Profit for the Quarter Ended March 31, 2007
DENVER--(BUSINESS WIRE)--May 8, 2007--Allied Motion Technologies Inc.
(NASDAQ: AMOT) today announced it achieved net income for the quarter ended
March 31, 2007 of $715,000 or $.10 per diluted share compared to net income of
$348,000 or $.05 per diluted share for the same quarter last year, a 105%
increase. Revenues for the quarter increased 4% to $21,986,000 compared to
$21,199,000 last year. Backlog at March 31, 2007 was $28,285,000.
"The profit achieved this quarter is the highest quarterly profit we have
achieved since the Company was restructured in July 2002," commented Dick Smith,
CEO of Allied Motion. "In addition, revenues are the second highest quarterly
total since the restructuring. The 4% increase in revenues achieved this quarter
reflects a decrease of approximately $1.5 million in revenues from two customers
that were generating little or no gross profit. Excluding the revenues from
these two customers, revenues for the balance of the business increased 12% over
last year. We continue to execute our strategy and are realizing growth in sales
and improved profit margins. Margins this quarter improved to 24% this year from
22% last year. We continue to execute our strategy that is building 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, "Consistent with our
strategy, our operations remain focused on supporting our customers through
continuous improvements in Quality, Delivery, Innovation and Cost. Allied
Systematic Tools (AST) implementation, Low Cost Region (LCR) ramp up, Innovative
New Product Development and our Six Sigma initiatives are the key elements of
the continuous improvement initiatives within our company. It is truly exciting
to witness the continuously expanding commitment of the 'Allied Team' to utilize
AST and fully engage to ensure we provide our customers with 'Motion Solutions
That Raise The Bar.'"
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 May 8, 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, including the risks and uncertainties
detailed from time to time in the Company's SEC filings, 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, 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 2007 2006
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Revenues $21,986 $21,199
Cost of products sold 16,625 16,459
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Gross Margin 5,361 4,740
Operating expenses and other 4,281 4,226
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Income before income taxes 1,080 514
Provision for income taxes (365) (166)
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Net Income $715 $348
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PER SHARE AMOUNTS:
Diluted income per share $.10 $.05
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Diluted weighted average common shares 7,057 6,587
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March 31, December 31,
CONDENSED BALANCE SHEETS 2007 2006
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Assets
Current Assets:
Cash and cash equivalents $801 $669
Trade receivables, net 11,686 10,225
Inventories, net 11,538 10,807
Other current assets 1,290 1,397
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Total Current Assets 25,315 23,098
Property, plant and equipment, net 12,013 12,173
Goodwill and intangible assets, net 17,122 17,341
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Total Assets $54,450 $52,612
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Liabilities and Stockholders' Investment
Current Liabilities:
Debt obligations $9,754 $9,066
Accounts payable and other current
liabilities 10,485 10,231
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Total Current Liabilities 20,239 19,297
Long-term debt obligations 655 763
Other long-term liabilities 3,028 3,030
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Total Liabilities 23,922 23,090
Stockholders' Investment 30,528 29,522
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Total Liabilities and Stockholders'
Investment $54,450 $52,612
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For the Three Months ended
March 31,
CONDENSED STATEMENTS OF CASH FLOWS 2007 2006
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Cash flows from operating activities:
Net income $715 $348
Depreciation and amortization 845 812
Changes in working capital balances and
other (1,787) (1,425)
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Net cash used in operating activities (227) (265)
Cash flows from investing activities:
Purchase of property and equipment (419) (253)
Cash paid for acquisitions, net -- --
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Net cash used in investing activities (419) (253)
Net cash provided by financing activities 774 803
Effect of foreign exchange rate changes on
cash 4 3
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Net increase in cash and cash equivalents 132 288
Cash and cash equivalents at beginning of
period 669 624
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Cash and cash equivalents at March 31 $801 $912
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CONTACT: Allied Motion Technologies Inc.
Richard Smith, 303-799-8520
or
Sue Chiarmonte, 303-799-8520
Fax: 303-799-8521