Allied Motion Technologies Inc. (NASDAQ:AMOT) (“Company”), a global
designer and manufacturer of motion control products and solutions,
today reported financial results for the fourth quarter and year
ended December 31, 2016. Results include the acquisition of
Heidrive GmbH (“Heidrive”) acquired on January 12, 2016.
“We had growth in our Industrial/Electronics,
Medical and Aerospace & Defense markets that was generated both
organically as well as from our Heidrive acquisition,” commented
Dick Warzala, Chairman and CEO of Allied Motion. “As has been
the case through the year, sales to the Vehicle market were down
due to program end of life and softness in demand in certain
applications within the market. We continue to work on, and
have made progress with diversifying our customers and applications
to reduce the impact a specific market or customers can have on our
results in the future. We are building a solid pipeline of
opportunities that addresses our diversification effort and which
we expect will generate growth looking out for several years.
We are also addressing the impact of lower volume in certain
facilities by adapting our operations to better meet the needs of
the overall company.”
Full Year 2016 Results (Narrative
compares with prior-year period unless otherwise noted)
Revenue of $245.9 million was up $13.5 million, or
nearly 6% primarily due to Heidrive. Sales to U.S. customers
were 54% 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. The impact of foreign currency exchange
fluctuations was nominal.
Gross profit increased 6%, or $4.2 million, to
$73.0 million largely due to higher year-over-year
revenue.
Operating costs and expenses were up $6.3 million,
or 13%, to $54.1 million, primarily due to the addition of Heidrive
and increased investments in information technology (“IT”)
infrastructure and the sales organization. Within operating
expenses, engineering and development (“E&D”) was up $1.9
million, or 14%, to $16.2 million and increased as a percent of
revenue to 6.6% from 6.1%. Higher E&D investments were to
develop standardized product platforms and provide customized
motion solutions for customers.
Higher interest expense included a $1.0 million
write off of deferred financing costs in the fourth quarter
associated with obtaining a new senior secured revolving credit
facility. Interest expense excluding the write off was down
$0.4 million. Given the lower cost of debt with the new
credit facility, annual interest expense is expected to be reduced
by approximately $3.3 million on a pre-tax basis, assuming a
weighted average interest rate of approximately 3.1%.
The effective tax rate for 2016 was 29.1%.
The Company anticipates its effective tax rate for 2017 to
range from 29% to 32%. Net income declined to $9.1 million
reflecting increased operating costs from the acquisition and
additional investments in IT infrastructure and the sales
organization, which outpaced the rate of revenue growth.
Earnings before interest, taxes, depreciation,
amortization, stock compensation expense, business development
costs, and insurance recoveries (“Adjusted EBITDA”) was $30.5
million, slightly lower than 2015. As a percent of sales,
Adjusted EBITDA was 12.4% compared with 13.4% in 2015.
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.
Fourth Quarter 2016 Results
(Narrative compares with prior-year period unless otherwise
noted)
Revenue was $55.3 million, up $4.5 million, or
8.9%. Sales to U.S. customers were 51% of total sales for the
quarter compared with 65% for the same period last year, with the
balance of sales to customers primarily in Europe, Canada and
Asia.
Gross profit for the quarter of $16.7 million, or
30.2% of sales, included a $780 thousand adjustment to correct an
accounting error for certain intercompany sales. The
adjustment was retroactively applied to the first three quarters of
2016 for which gross profit and resulting net income had been
understated previous to the correction. The revisions to
prior quarters and impact on the reported fourth quarter gross
profit and net income are provided in the tables included in this
release.
Operating costs and expenses were up $2.3 million
to $14.1 million. The increase was due to reasons similar as
those in the year. E&D expenses were $4.0 million, up
6.8%, although as a percent of revenue, E&D decreased 10 basis
points to 7.2%. E&D expenses are primarily related to new
product development for standardized product platforms and customer
specific application solutions.
The effective tax rate in the fourth quarter was
24.5%. The tax rate was lower than statutory rates due to a
discreet tax benefit within the quarter associated with stock
compensation expense and differences in foreign tax rates.
Net income for the quarter was relatively unchanged at $0.7
million.
Fourth quarter Adjusted EBITDA was $5.8 million, up
$0.3 million. As a percent of sales, Adjusted EBITDA was
10.5% in the 2016 fourth quarter compared with 10.9% in the
prior-year period.
Balance Sheet and Cash Flow
Review
Cash and cash equivalents at the end of 2016 were
$15.5 million compared with $21.3 million at the end of 2015.
For the acquisition of Heidrive in January 2016, the Company used
$7.7 million in cash. Capital expenditures were $5.2 million
in 2016, up $0.5 million from the prior year. Cash provided
by operations in 2016 was $14.3 million compared with $20.1 million
in the prior-year period. Capital expenditures in 2017 are
expected to be somewhat similar to 2016.
Total debt was $71.4 million at quarter-end, up
$4.0 million from year-end 2015 due to the Heidrive
acquisition. Debt, net of cash, was $55.9 million, or 43.6%
of net debt to capitalization.
During the fourth 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. Assuming a weighted average interest rate of 3.1%
and an effective tax rate of 31.5%, annual interest saving after
tax is expected to be approximately $2.2 million, or $0.24 per
diluted share.
Orders and Backlog Summary ($ in
thousands)
|
Q4 2016 |
Q3 2016 |
Q2 2016 |
Q1 2016 |
Q4 2015 |
Orders |
$ |
56,543 |
$ |
59,088 |
$ |
68,347 |
$ |
66,391 |
$ |
54,159 |
Backlog |
$ |
78,602 |
$ |
77,683 |
$ |
80,742 |
$ |
81,704 |
$ |
70,999 |
|
FY 2016 |
FY 2015 |
$ Change |
% Change |
Orders |
$ |
250,369 |
$ |
231,940 |
$ |
18,429 |
|
7.9 |
% |
The increases in orders and backlog in the fourth
quarter and full year compared with the prior-year periods
primarily reflect the Heidrive acquisition. The sequential
quarterly decline in orders was mostly the result of weakness in
certain applications within the Company’s Vehicle market.
Mr. Warzala concluded, “The current projects we are
working on, and believe we can win, will take a few years to get to
full production. But, they provide us a great position in the
marketplace, validate the strength of our value proposition and
enable us to leverage our successes to continue to grow. We
believe our unique offering of total motion solutions and the depth
of our engineering know-how provides us a solid competitive
advantage in this highly-fragmented industry.”
Conference Call and Webcast
The Company will host a conference call and webcast
on Tuesday, March 14, 2017 at 11:00 am 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, participants can call
(631) 891-4304. Alternatively, participants can pre-register
at the link below. An email notification will provide the
dial-in number and a unique PIN to gain access to the call.
Pre-registration link:
http://services.choruscall.ca/DiamondPassRegistration/register?confirmationNumber=10002330&linkSecurityString=19567f110
In addition, the call will be webcast live and may
be found at: http://www.alliedmotion.com/investors
To listen to the archived call, dial (412)-317-6671
and enter replay pin number 10002330 or access the webcast replay
via the Company’s website. The telephonic replay will be
available from 2:00 pm ET on the day of the call through Tuesday,
March 21, 2017. 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,
and Industrial/Electronics. 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 March 14, 2017 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 year ended |
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Revenue |
|
$ |
55,343 |
|
|
$ |
50,841 |
|
|
$ |
245,893 |
|
|
$ |
232,434 |
|
Cost of goods sold |
|
|
38,615 |
|
|
|
36,495 |
|
|
|
172,889 |
|
|
|
163,662 |
|
Gross margin |
|
|
16,728 |
|
|
|
14,346 |
|
|
|
73,004 |
|
|
|
68,772 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
Selling |
|
|
2,496 |
|
|
|
1,915 |
|
|
|
9,986 |
|
|
|
8,149 |
|
General
and administrative |
|
|
6,782 |
|
|
|
4,937 |
|
|
|
24,333 |
|
|
|
22,251 |
|
Engineering and development |
|
|
3,985 |
|
|
|
3,731 |
|
|
|
16,170 |
|
|
|
14,229 |
|
Business
development |
|
|
87 |
|
|
|
569 |
|
|
|
428 |
|
|
|
569 |
|
Amortization of intangible assets |
|
|
795 |
|
|
|
661 |
|
|
|
3,204 |
|
|
|
2,644 |
|
Total operating costs
and expenses |
|
|
14,145 |
|
|
|
11,813 |
|
|
|
54,121 |
|
|
|
47,842 |
|
Operating income |
|
|
2,583 |
|
|
|
2,533 |
|
|
|
18,883 |
|
|
|
20,930 |
|
Other expense
(income): |
|
|
|
|
|
|
|
|
Interest
expense |
|
|
1,823 |
|
|
|
1,493 |
|
|
|
6,449 |
|
|
|
6,023 |
|
Other
expense, net |
|
|
(179 |
) |
|
|
(114 |
) |
|
|
(369 |
) |
|
|
(514 |
) |
Total other expense,
net |
|
|
1,644 |
|
|
|
1,379 |
|
|
|
6,080 |
|
|
|
5,509 |
|
Income before income
taxes |
|
|
939 |
|
|
|
1,154 |
|
|
|
12,803 |
|
|
|
15,421 |
|
Provision for income
taxes |
|
|
(230 |
) |
|
|
(459 |
) |
|
|
(3,725 |
) |
|
|
(4,347 |
) |
Net income |
|
$ |
709 |
|
|
$ |
695 |
|
|
$ |
9,078 |
|
|
$ |
11,074 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share: |
|
|
|
|
|
|
|
|
Earnings
per share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
1.01 |
|
|
$ |
1.20 |
|
Basic
weighted average common shares |
|
|
9,057 |
|
|
|
9,250 |
|
|
|
9,011 |
|
|
|
9,228 |
|
Diluted earnings per
share: |
|
|
|
|
|
|
|
|
Earnings
per share |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
1.00 |
|
|
$ |
1.20 |
|
Diluted
weighted average common shares |
|
|
9,174 |
|
|
|
9,287 |
|
|
|
9,105 |
|
|
|
9,238 |
|
ALLIED MOTION TECHNOLOGIES
INC. CONSOLIDATED BALANCE
SHEETS (In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
15,483 |
|
|
$ |
21,278 |
|
Trade
receivables, net of allowance for doubtful accounts of $362 |
|
|
|
|
and $611 at December 31, 2016 and December 31,
2015, respectively |
|
|
26,104 |
|
|
|
22,710 |
|
Inventories |
|
|
31,098 |
|
|
|
26,175 |
|
Prepaid
expenses and other assets |
|
|
3,120 |
|
|
|
3,749 |
|
Total
current assets |
|
|
75,805 |
|
|
|
73,912 |
|
Property,
plant and equipment, net |
|
|
37,474 |
|
|
|
35,315 |
|
Deferred
income taxes |
|
|
923 |
|
|
|
2,548 |
|
Intangible assets, net |
|
|
34,252 |
|
|
|
29,984 |
|
Goodwill |
|
|
27,522 |
|
|
|
17,757 |
|
Other
long-term assets |
|
|
3,943 |
|
|
|
2,631 |
|
Total
assets |
|
$ |
179,919 |
|
|
$ |
162,147 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Debt obligations |
|
|
936 |
|
|
|
9,860 |
|
Accounts
payable |
|
|
13,204 |
|
|
|
13,000 |
|
Accrued
liabilities |
|
|
10,678 |
|
|
|
11,121 |
|
Total
current liabilities |
|
|
24,818 |
|
|
|
33,981 |
|
Long-term
debt |
|
|
70,483 |
|
|
|
57,518 |
|
Deferred
income taxes |
|
|
3,266 |
|
|
|
630 |
|
Pension
and post-retirement obligations |
|
|
4,381 |
|
|
|
2,785 |
|
Other
long-term liabilities |
|
|
4,685 |
|
|
|
2,636 |
|
Total
liabilities |
|
|
107,633 |
|
|
|
97,550 |
|
Commitments and Contingencies |
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
Common
stock, no par value, authorized 50,000 shares; 9,374 and 9,276 |
|
|
|
|
shares issued and outstanding at
December 31, 2016 and December 31, 2015, respectively |
|
|
29,503 |
|
|
|
27,824 |
|
Preferred stock, par value $1.00
per share, authorized 5,000 shares; no shares issued or
outstanding |
|
|
- |
|
|
|
- |
|
Retained
earnings |
|
|
54,786 |
|
|
|
46,650 |
|
Accumulated other comprehensive loss |
|
|
(12,003 |
) |
|
|
(9,877 |
) |
Total
stockholders’ equity |
|
|
72,286 |
|
|
|
64,597 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
179,919 |
|
|
$ |
162,147 |
|
ALLIED MOTION TECHNOLOGIES
INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (In
thousands) |
|
|
|
|
|
For the year ended |
|
|
December 31 |
|
|
|
2016 |
|
|
|
2015 |
|
Cash Flows From
Operating Activities: |
|
|
|
|
Net income |
|
$ |
9,078 |
|
|
$ |
11,074 |
|
Adjustments to
reconcile net income to net cash provided by |
|
|
|
|
operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
9,749 |
|
|
|
7,466 |
|
Deferred
income taxes |
|
|
1,770 |
|
|
|
1,417 |
|
Excess
tax benefit from stock-based payment arrangements |
|
|
- |
|
|
|
(1,461 |
) |
Provision
for doubtful accounts |
|
|
167 |
|
|
|
333 |
|
Provision
for excess and obsolete inventory |
|
|
351 |
|
|
|
432 |
|
Provision
for warranty |
|
|
(138 |
) |
|
|
142 |
|
Write-off
of debt issue costs on prior credit agreement recorded in interest
expense |
|
|
1,052 |
|
|
|
- |
|
Debt
issue cost amortization recorded in interest expense |
|
|
380 |
|
|
|
- |
|
Restricted stock expense |
|
|
1,893 |
|
|
|
1,744 |
|
Other |
|
|
(652 |
) |
|
|
216 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Trade receivables |
|
|
(3,719 |
) |
|
|
3,655 |
|
Inventories |
|
|
(928 |
) |
|
|
(2,262 |
) |
Prepaid expenses and other assets |
|
|
69 |
|
|
|
(1,394 |
) |
Accounts payable |
|
|
(956 |
) |
|
|
(1,874 |
) |
Accrued liabilities and other liabilities |
|
|
(3,813 |
) |
|
|
585 |
|
Net cash provided by
operating activities |
|
|
14,303 |
|
|
|
20,073 |
|
|
|
|
|
|
Cash Flows From
Investing Activities: |
|
|
|
|
Consideration paid for acquisition, net of cash acquired |
|
|
(16,205 |
) |
|
|
- |
|
Purchase
of property and equipment |
|
|
(5,188 |
) |
|
|
(4,730 |
) |
Net cash used in
investing activities |
|
|
(21,393 |
) |
|
|
(4,730 |
) |
|
|
|
|
|
Cash Flows From
Financing Activities: |
|
|
|
|
Borrowings (Repayments) on lines-of-credit, net |
|
|
(5,709 |
) |
|
|
383 |
|
Principal
payments of long-term debt |
|
|
(67,125 |
) |
|
|
(6,375 |
) |
Proceeds
on issuance of long-term debt |
|
|
76,321 |
|
|
|
- |
|
Payment
of debt issuance costs |
|
|
(745 |
) |
|
|
- |
|
Dividends
paid to stockholders |
|
|
(942 |
) |
|
|
(923 |
) |
Excess
tax benefit from stock-based payment arrangements |
|
|
- |
|
|
|
1,461 |
|
Stock
transactions under employee benefit stock plans |
|
|
834 |
|
|
|
918 |
|
Shares
withheld for payment of employee payroll taxes |
|
|
(1,054 |
) |
|
|
(1,559 |
) |
Net cash provided by
(used in) financing activities |
|
|
1,580 |
|
|
|
(6,095 |
) |
Effect of foreign
exchange rate changes on cash |
|
|
(285 |
) |
|
|
(1,083 |
) |
Net (decrease) increase
in cash and cash equivalents |
|
|
(5,795 |
) |
|
|
8,165 |
|
Cash and cash
equivalents at beginning of period |
|
|
21,278 |
|
|
|
13,113 |
|
Cash and cash
equivalents at end of period |
|
$ |
15,483 |
|
|
$ |
21,278 |
|
ALLIED MOTION TECHNOLOGIES
INC.Adjustments by Quarter for Elimination of
Intercompany Cost of Goods Sold($, In
thousands)
The Company's quarterly financial statements for
each of the quarters included in its Form 10-Qs for the year ended
December 31, 2016 contained an error related to the elimination of
intercompany cost of sales. The error has been corrected as
of December 31, 2016, but since the adjustment was not material to
any of the quarters the Form 10-Qs will not be amended.
Management has determined the effects to be neither quantitatively
or qualitatively material to any of the Form 10-Qs filed during
2016.
The following table illustrates the correction of
the error to the previous three quarters of 2016 as shown in the
statement of operations in the Form 10-Qs:
|
Year 2016 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
|
Net income as reported |
2,127 |
|
|
2,942 |
|
|
2,520 |
|
|
|
Effect on cost of goods sold |
(228 |
) |
|
(251 |
) |
|
(301 |
) |
|
|
Net income as revised |
2,355 |
|
|
3,193 |
|
|
2,821 |
|
|
The following table illustrates the correction of the error as
recorded in the Company’s financial statements:
|
Year 2016 |
|
Fourth Quarter |
|
|
Net income as recorded |
1,489 |
|
|
Effect on cost of goods sold |
780 |
|
|
Net income as revised |
709 |
|
ALLIED MOTION TECHNOLOGIES
INC. Reconciliation of Non-GAAP Financial
Measures (In thousands)
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 months and full year ended December 31, 2016 and 2015 is
as follows:
|
|
Three Months Ended |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
Net
income |
$ |
709 |
|
$ |
695 |
Interest expense |
|
1,823 |
|
|
1,493 |
Provision for income tax |
|
230 |
|
|
459 |
Depreciation and amortization |
|
2,440 |
|
|
1,914 |
EBITDA |
|
$ |
5,202 |
|
$ |
4,561 |
Stock compensation expense |
|
523 |
|
|
399 |
Business development costs |
|
87 |
|
|
569 |
Adjusted EBITDA |
$ |
5,812 |
|
$ |
5,529 |
|
|
Full Year Ended |
|
|
December 31, |
|
|
|
2016 |
|
|
|
2015 |
Net
income |
$ |
9,078 |
|
|
$ |
11,074 |
Interest expense |
|
6,449 |
|
|
|
6,023 |
Provision for income tax |
|
3,725 |
|
|
|
4,347 |
Depreciation and amortization |
|
9,749 |
|
|
|
7,466 |
EBITDA |
|
$ |
29,001 |
|
|
$ |
28,910 |
Stock compensation expense |
|
1,893 |
|
|
|
1,744 |
Business development costs |
|
428 |
|
|
|
569 |
Insurance recoveries |
|
(823 |
) |
|
|
-- |
Adjusted EBITDA |
$ |
30,499 |
|
|
$ |
31,223 |
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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