Allied Motion Technologies Inc. (NASDAQ:AMOT) (“Company”), a global
designer and manufacturer of motion control products and solutions,
today reported financial results for the third quarter ended
September 30, 2016. Results include the acquisition of
Heidrive GmbH (“Heidrive”) acquired on January 12, 2016.
“We have gained a larger market position in our Aerospace and
Defense and Medical markets because of the addition of Heidrive to
our company portfolio,” commented Dick Warzala, Chairman and CEO of
Allied Motion. “While several applications within our Vehicle
market were relatively stable sequentially, specific applications
in that market are challenged and we are expecting that to persist
in the near future. We are addressing the effects of our
customer concentration and end of life product cycles by taking a
long term strategic view as we review and adjust our operations and
cost structure accordingly.”
Mr. Warzala added, “We recently completed our debt
restructuring, eliminating 14.5% senior secured notes and
substantially reducing our future interest expense. We now
have financial flexibility to fund growth with greater, low-cost
borrowing capacity.”
Third Quarter 2016 Results (Narrative compares
with prior-year period unless otherwise noted)
($ in thousands, except per share amounts) |
Q3 2016 |
Q3 2015 |
|
$ Change |
% Change |
Revenue |
$ |
|
61,040 |
|
$ |
|
61,534 |
|
|
$ |
|
(494 |
) |
|
(0.8 |
)% |
Gross profit |
|
|
17,606 |
|
|
|
18,939 |
|
|
|
|
(1,333 |
) |
|
(7.0 |
)% |
Gross profit margin |
|
|
28.8 |
% |
|
|
30.8 |
% |
|
|
|
|
Operating income |
|
|
5,025 |
|
|
|
7,031 |
|
|
|
|
(2,006 |
) |
|
(28.5 |
)% |
Operating margin |
|
|
8.2 |
% |
|
|
11.4 |
% |
|
|
|
|
Net income |
|
|
2,520 |
|
|
|
4,278 |
|
|
|
|
(1,758 |
) |
|
(41.1 |
)% |
Diluted earnings per share |
$ |
|
0.27 |
|
$ |
|
0.46 |
|
|
$ |
|
(0.19 |
) |
|
(41.3 |
)% |
Sales to U.S. customers were 56% of total sales for the quarter
compared with 66% for the same period last year, with the balance
of sales to customers primarily in Europe, Canada and
Asia.
The decline in gross margin was due to product mix and under
absorption of costs in certain production facilities.
Operating expenses were up $0.7 million to $12.6 million.
Selling expenses were up $0.5 million from the addition of new
sales management, Heidrive and other personnel additions. As
a percent of sales, selling expenses were up 80 basis points to
4.0%. Lower incentive and deferred compensation costs and
tight cost control more than offset incremental general and
administrative (G&A) expenses from the Heidrive
acquisition. Engineering and development (E&D) expenses
were $4.0 million, up $0.6 million. As a percent of revenue,
E&D increased 110 basis points to 6.5%, and was for new product
development, the majority being for specific customer
applications. The $0.1 million in business development costs
was carryover from the Heidrive acquisition.
The effective tax rate in the third quarter was 29.9%. The
Company anticipates its effective tax rate for 2016 will be
approximately 32%.
Third quarter earnings before interest, taxes, depreciation,
amortization, stock compensation expense and business development
costs (“Adjusted EBITDA”) were $8.1 million, or 13.2% of sales,
down $1.4 million compared with the prior-year period. The
Company believes that, when used in conjunction with measures
prepared in accordance with U.S. generally accepted accounting
principles, Adjusted EBITDA, which is a non-GAAP measure, helps in
the understanding of its operating performance. See the
attached table for a description of non-GAAP financial measures and
reconciliation table for Adjusted EBITDA.
Year-to-date (YTD) 2016 Results (Narrative
compares with prior-year period unless otherwise noted)
($ in thousands, except per share amounts) |
YTD 2016 |
YTD 2015 |
|
$ Change |
% Change |
Revenue |
$ |
|
190,550 |
|
$ |
|
181,593 |
|
|
$ |
|
8,957 |
|
|
4.9 |
% |
Gross profit |
|
|
55,496 |
|
|
|
54,426 |
|
|
|
|
1,070 |
|
|
2.0 |
% |
Gross profit margin |
|
|
29.1 |
% |
|
|
30.0 |
% |
|
|
|
|
Operating income |
|
|
15,520 |
|
|
|
18,397 |
|
|
|
|
(2,877 |
) |
|
(15.6 |
)% |
Operating margin |
|
|
8.1 |
% |
|
|
10.1 |
% |
|
|
|
|
Net income |
|
|
7,589 |
|
|
|
10,379 |
|
|
|
|
(2,790 |
) |
|
(26.9 |
)% |
Diluted earnings per share |
$ |
|
0.81 |
|
$ |
|
1.12 |
|
|
$ |
|
(0.31 |
) |
|
(27.7 |
)% |
The same factors affecting the third quarter results had a
similar impact on results in the 2016 year-to-date period.
Sales to U.S. customers were 55% of total sales compared with 66%
for the same period last year, with the balance of sales to
customers primarily in Europe, Canada and Asia.
E&D was up $1.7 million, or 16%, to $12.2 million. As
a percent of revenue, E&D increased to 6.4% from 5.8%, which
reflects the growing pipeline of motion solution opportunities the
Company is addressing. SG&A was up $1.5 million, or 6%,
driven by the Heidrive acquisition and continued investment
building out resources and the One Allied team to support future
growth. As a percent of revenue, SG&A increased 10 basis
points to 13.1%. G&A expenses of $17.6 million had a $0.8
million benefit in the second quarter from insurance proceeds
related to a fire in a warehouse facility in Europe last
year. During the first nine months the Company had $0.3
million in business development costs primarily related to the
Heidrive acquisition.
Balance Sheet and Cash Flow Review
Cash and cash equivalents at the end of the quarter were $12.5
million compared with $21.3 million at 2015 year end. In
January 2016, the Company used $7.5 million in cash to fund
approximately one-half of the total purchase price of Heidrive.
Cash provided by operations year-to-date was $10.0 million
compared with $13.7 million in the prior-year period. Capital
expenditures were consistent year-over-year at $3.7 million through
the first nine months of 2016.
Total debt was $69.2 million at quarter-end, up $1.8 million
from year-end 2015 due to the Heidrive acquisition. Since the
end of the second quarter of 2016 debt levels are down $4.4
million. Debt, net of cash, was $56.6 million, or 43% of net
debt to capitalization.
Subsequent to the end of the third quarter, the Company secured
a new senior revolving credit facility of $125 million. The
new facility was used to redeem the $30 million, 14.5% senior
subordinated notes due in 2019 and repay $40.5 million outstanding
on the Company’s previously existing revolving credit facility and
term loan. In connection with the refinancing, the Company
will recognize a $1.0 million charge for unamortized financing
costs in the 2016 fourth quarter. At current debt levels,
annual interest expense is reduced approximately $3.3 million on a
pre-tax basis, assuming a weighted average interest rate of
approximately 3.1%. On an after-tax basis, with an effective
tax rate of 31.5%, annual interest savings is $2.2 million, or
$0.24 per diluted share.
Orders and Backlog Summary ($ in thousands)
|
|
Q3 2016 |
|
|
Q2 2016 |
|
|
Q1 2016 |
|
Q4 2015 |
|
Q3 2015 |
|
Orders |
$ |
59,088 |
$ |
68,347 |
$ |
66,391 |
$ |
54,159 |
$ |
55,115 |
|
Backlog |
$ |
77,683 |
$ |
80,742 |
$ |
81,704 |
$ |
70,999 |
$ |
67,820 |
|
|
|
YTD 2016 |
|
YTD 2015 |
|
$
Change |
|
% Change |
Orders |
$ |
193,826 |
$ |
177,781 |
$ |
16,045 |
|
9.0 |
% |
Year over year, higher quarterly orders and backlog reflect the
addition of Heidrive. The sequential decline in orders and
backlog reflect weakness in the vehicle market, generally soft
industrial market conditions, as well as seasonality associated
with the European markets.
Mr. Warzala concluded, “The softness in the off road vehicle
industry combined with certain customer challenges is unfortunately
masking successes with new application wins we have experienced in
2016. We continue to take a long-term view of our business
and believe that our infrastructure changes and the collaborative
organization we are building to advance our solutions offering is
working. We are making excellent progress with our strategic
market-based multi-product development solutions, which have been
well received by our customers during the early stages of the
product release cycle.
“We are confident that our strategy to be a unique, leading
supplier of complete precision motion solutions to our target
markets will enable us to take market share and gain greater scale
over the next five years.”
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday,
November 3, 2016 at 11:00am 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, pre-registration is required and can
be completed via the pre-register link below to receive a return
email containing the dial-in number and a unique PIN to gain
immediate access to the call.
Pre-registration link:
http://services.choruscall.ca/DiamondPassRegistration/register?confirmationNumber=10001730&linkSecurityString=16e092c4c
The listen-only audio webcast can be monitored at:
http://www.alliedmotion.com/investors
A telephonic replay will be available from 2:00pm ET on the day
of the call through Thursday, November 10, 2016. To listen to
the archived call, dial (858) 384-5517 and enter replay pin number
10001730 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, Electronics and
Industrial. 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 3, 2016 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 low cost 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) |
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Revenue |
|
$ |
61,040 |
|
|
$ |
61,534 |
|
|
$ |
190,550 |
|
|
$ |
181,593 |
|
|
Cost of goods sold |
|
|
43,434 |
|
|
|
42,595 |
|
|
|
135,054 |
|
|
|
127,167 |
|
|
Gross margin |
|
|
17,606 |
|
|
|
18,939 |
|
|
|
55,496 |
|
|
|
54,426 |
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
Selling |
|
|
2,431 |
|
|
|
1,963 |
|
|
|
7,490 |
|
|
|
6,234 |
|
|
General and administrative |
|
|
5,264 |
|
|
|
5,939 |
|
|
|
17,551 |
|
|
|
17,314 |
|
|
Engineering and development |
|
|
3,961 |
|
|
|
3,345 |
|
|
|
12,185 |
|
|
|
10,498 |
|
|
Business development |
|
|
123 |
|
|
|
- |
|
|
|
341 |
|
|
|
- |
|
|
Amortization of intangible
assets |
|
|
802 |
|
|
|
661 |
|
|
|
2,409 |
|
|
|
1,983 |
|
|
Total operating costs
and expenses |
|
|
12,581 |
|
|
|
11,908 |
|
|
|
39,976 |
|
|
|
36,029 |
|
|
Operating income |
|
|
5,025 |
|
|
|
7,031 |
|
|
|
15,520 |
|
|
|
18,397 |
|
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,504 |
|
|
|
1,504 |
|
|
|
4,626 |
|
|
|
4,530 |
|
|
Other expense, net |
|
|
(75 |
) |
|
|
(115 |
) |
|
|
(190 |
) |
|
|
(400 |
) |
|
Total other expense,
net |
|
|
1,429 |
|
|
|
1,389 |
|
|
|
4,436 |
|
|
|
4,130 |
|
|
Income before income
taxes |
|
|
3,596 |
|
|
|
5,642 |
|
|
|
11,084 |
|
|
|
14,267 |
|
|
Provision for income
taxes |
|
|
(1,076 |
) |
|
|
(1,364 |
) |
|
|
(3,495 |
) |
|
|
(3,888 |
) |
|
Net income |
|
$ |
2,520 |
|
|
$ |
4,278 |
|
|
$ |
7,589 |
|
|
$ |
10,379 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share: |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
0.27 |
|
|
$ |
0.46 |
|
|
$ |
0.81 |
|
|
$ |
1.12 |
|
|
Basic weighted average common
shares |
|
|
9,350 |
|
|
|
9,266 |
|
|
|
9,325 |
|
|
|
9,239 |
|
|
Diluted earnings per
share: |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
$ |
0.27 |
|
|
$ |
0.46 |
|
|
$ |
0.81 |
|
|
$ |
1.12 |
|
|
Diluted weighted average common
shares |
|
|
9,350 |
|
|
|
9,266 |
|
|
|
9,325 |
|
|
|
9,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED
MOTION TECHNOLOGIES INC. |
CONSOLIDATED
BALANCE SHEETS |
(In
thousands, except per share data) |
|
|
|
September 30, 2016 |
|
December 31, 2015 |
Assets |
|
(Unaudited) |
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
12,542 |
|
|
$ |
21,278 |
|
Trade receivables, net of allowance
for doubtful accounts of $812 |
|
|
|
|
and $611 at September 30, 2016 and
December 31, 2015, respectively |
|
|
28,810 |
|
|
|
22,710 |
|
Inventories, net |
|
|
30,295 |
|
|
|
26,175 |
|
Prepaid expenses and other
assets |
|
|
3,053 |
|
|
|
3,749 |
|
Total Current
Assets |
|
|
74,700 |
|
|
|
73,912 |
|
Property, plant and
equipment, net |
|
|
38,497 |
|
|
|
35,315 |
|
Deferred income
taxes |
|
|
966 |
|
|
|
2,548 |
|
Intangible assets,
net |
|
|
35,569 |
|
|
|
29,984 |
|
Goodwill |
|
|
28,241 |
|
|
|
17,757 |
|
Other long term
assets |
|
|
4,013 |
|
|
|
2,631 |
|
Total Assets |
|
$ |
181,986 |
|
|
$ |
162,147 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Debt obligations |
|
|
19,105 |
|
|
|
9,860 |
|
Accounts payable |
|
|
14,065 |
|
|
|
13,000 |
|
Accrued liabilities |
|
|
12,453 |
|
|
|
11,121 |
|
Total Current
Liabilities |
|
|
45,623 |
|
|
|
33,981 |
|
Long-term debt |
|
|
50,060 |
|
|
|
57,518 |
|
Deferred income
taxes |
|
|
2,819 |
|
|
|
630 |
|
Pension and
post-retirement obligations |
|
|
4,218 |
|
|
|
2,785 |
|
Other long term
liabilities |
|
|
4,851 |
|
|
|
2,636 |
|
Total Liabilities |
|
|
107,571 |
|
|
|
97,550 |
|
Commitments and
Contingencies |
|
|
|
|
Stockholders’
Equity: |
|
|
|
|
Common stock, no par value,
authorized 50,000 shares; 9,396 and 9,276 |
|
|
|
|
shares issued and outstanding at
September 30, 2016 and December 31, 2015,
respectively |
|
|
29,469 |
|
|
|
27,824 |
|
Retained earnings |
|
|
53,533 |
|
|
|
46,650 |
|
Accumulated other comprehensive
loss |
|
|
(8,587 |
) |
|
|
(9,877 |
) |
Total Stockholders’
Equity |
|
|
74,415 |
|
|
|
64,597 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
181,986 |
|
|
$ |
162,147 |
|
|
|
|
|
|
|
|
|
|
ALLIED
MOTION TECHNOLOGIES INC. |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In
thousands) |
|
|
|
For the nine months ended |
|
|
September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
Cash Flows From
Operating Activities: |
|
(Unaudited) |
|
|
Net income |
|
$ |
7,589 |
|
|
$ |
10,379 |
|
Adjustments to
reconcile net income to net cash (used in) provided by |
|
|
|
|
operating activities (net of
working capital acquired): |
|
|
|
|
Depreciation and amortization |
|
|
7,309 |
|
|
|
5,552 |
|
Deferred income taxes |
|
|
1,345 |
|
|
|
1,344 |
|
Stock compensation expense |
|
|
1,370 |
|
|
|
1,345 |
|
Other |
|
|
(455 |
) |
|
|
684 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
Trade receivables |
|
|
(5,739 |
) |
|
|
(4,540 |
) |
Inventories, net |
|
|
613 |
|
|
|
(138 |
) |
Prepaid expenses and other
assets |
|
|
1,252 |
|
|
|
(1,196 |
) |
Accounts payable |
|
|
(525 |
) |
|
|
173 |
|
Accrued liabilities |
|
|
(2,794 |
) |
|
|
124 |
|
Net cash provided by
operating activities |
|
|
9,965 |
|
|
|
13,727 |
|
|
|
|
|
|
Cash Flows From
Investing Activities: |
|
|
|
|
Consideration paid for acquisition,
net of cash acquired |
|
|
(16,049 |
) |
|
|
- |
|
Purchase of property and
equipment |
|
|
(3,694 |
) |
|
|
(3,693 |
) |
Net cash used in
investing activities |
|
|
(19,743 |
) |
|
|
(3,693 |
) |
|
|
|
|
|
Cash Flows From
Financing Activities: |
|
|
|
|
Borrowings on lines-of-credit,
net |
|
|
6,802 |
|
|
|
422 |
|
Principal payments of long-term
debt |
|
|
(5,625 |
) |
|
|
(4,500 |
) |
Dividends paid to stockholders |
|
|
(700 |
) |
|
|
(690 |
) |
Stock transactions under employee
benefit stock plans |
|
|
268 |
|
|
|
223 |
|
Net cash provided by
(used in) financing activities |
|
|
745 |
|
|
|
(4,545 |
) |
Effect of foreign
exchange rate changes on cash |
|
|
297 |
|
|
|
(706 |
) |
Net (decrease) increase
in cash and cash equivalents |
|
|
(8,736 |
) |
|
|
4,783 |
|
Cash and cash
equivalents at beginning of period |
|
|
21,278 |
|
|
|
13,113 |
|
Cash and cash
equivalents at end of period |
|
$ |
12,542 |
|
|
$ |
17,896 |
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES
INC. (In
thousands)
Reconciliation of Non-GAAP Financial Measures
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, business
development costs and insurance recoveries), 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, 2016 and 2015 is as follows:
|
|
Three Months Ended |
|
|
September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
Net
income |
$ |
2,520 |
|
|
$ |
4,278 |
|
Interest expense |
|
1,504 |
|
|
|
1,504 |
|
Provision for income
tax |
|
1,076 |
|
|
|
1,364 |
|
Depreciation and amortization |
|
2,459 |
|
|
|
1,887 |
|
EBITDA |
|
$ |
7,559 |
|
|
$ |
9,033 |
|
Stock compensation
expense |
|
395 |
|
|
|
410 |
|
Business development
costs |
|
123 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
8,077 |
|
|
$ |
9,443 |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
|
2016 |
|
|
|
2015 |
|
Net
income |
$ |
7,278 |
|
|
$ |
10,379 |
|
Interest expense |
|
4,626 |
|
|
|
4,530 |
|
Provision for income
tax |
|
3,806 |
|
|
|
3,888 |
|
Depreciation and amortization |
|
7,309 |
|
|
|
5,552 |
|
EBITDA |
|
$ |
23,019 |
|
|
$ |
24,349 |
|
Stock compensation
expense |
|
1,370 |
|
|
|
1,336 |
|
Business development
costs |
|
341 |
|
|
|
- |
|
Insurance
recoveries |
|
(823 |
) |
|
|
- |
|
Adjusted EBITDA |
$ |
23,907 |
|
|
$ |
25,685 |
|
|
|
|
|
|
|
|
|
Company Contact:
Sue Chiarmonte
Allied Motion Technologies Inc.
Phone: 716-242-8634 x602
Email: sue.chiarmonte@alliedmotion.com
Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716-843-3908
Email: dpawlowski@keiadvisors.com
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