UNITED
STATES
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): November 12, 2014
ALLIED
MOTION TECHNOLOGIES INC.
(Exact
Name of Registrant as Specified in its Charter)
Colorado
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0-04041
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84-0518115
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(Commission
File Number)
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(State
or Other Jurisdiction
of
Incorporation)
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(IRS
Employer
Identification
No.)
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495 Commerce Dr., Suite 3, Amherst, NY 14228
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(Address
of Principal Executive Offices, including zip code)
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716-242-8634
(Registrant’s
telephone number, including area code)
Not
Applicable
(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 (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Page 1 of 2
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2014, Allied Motion Technologies Inc. (the “Company”)
issued a press release reporting its results of operations for the third
quarter ended September 30, 2014. 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.
(d) Exhibits.
Exhibit 99.1 Allied Motion Technologies Inc. Earnings Press
Release dated November 12, 2014.
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.
Date:
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November 12, 2014
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ALLIED
MOTION TECHNOLOGIES INC.
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By:
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/s/
Robert P. Maida
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Robert P. Maida
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Chief
Financial Officer
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Page 2 of 2
Exhibit 99.1
Allied
Motion Reports Record Results For the Quarter Ended September 30, 2014
AMHERST, N.Y.--(BUSINESS WIRE)--November 12, 2014--Allied Motion
Technologies Inc. (NASDAQ:AMOT) today announced net income increased
394% to $4,115,000 or $0.45 per diluted share for the quarter ended
September 30, 2014 compared to $833,000 or $0.09 per diluted share for
the quarter ended September 30, 2013. Revenues for the quarter increased
162% to $65,280,000 compared to $24,876,000 last year with sales to U.S.
customers up 233% and foreign sales up 81%. Bookings for the quarter
ended September 30, 2014 were $66.7 million compared to $25.0 million
for the third quarter of 2013 or an increase of 167%. Backlog as of
September 30, 2014 was $80.9 million compared to $27.5 million as of
September 30, 2013, a 194% increase over the prior year. Debt net of
cash at September 30, 2014 decreased to $72.2 million compared to $77.5
million at December 31, 2013.
“We are very pleased with the record results for the third quarter 2014
as they once again validate our previous comments that we expected our
revenues for 2014 to more than double relative to Allied’s 2013
pre-acquisition revenues and for the Globe acquisition to be accretive
to earnings,” commented Dick Warzala, Chairman and CEO of Allied Motion.
“When comparing the actual results of Allied and Globe for the nine
months ended September 30, 2014 to the pro forma results of Allied and
Globe for the same period of 2013, our revenues increased to $187.8M in
2014 from a pro forma of $164.6M in 2013 and our earnings increased to
$0.98/share in 2014 from a pro forma of $0.67/share in 2013. Also, on a
year to date basis, we experienced growth in our served markets of
Aerospace and Defense, Medical, and Vehicle, while our Industrial and
Electronics markets were flat. With the acquisition of Globe Motors in
late 2013, the current year has truly been transformative for Allied
Motion and in late September, we updated our long term strategy and set
new goals and objectives to continuously grow and improve our
profitability in the future. In addition, we defined the critical
issues, or action items, that we will be focusing on for the next 3+
years in support of our new growth and profitability objectives. As we
move forward into the future, the long term success of our Company will
be further enhanced by executing our Strategy and leveraging our full
capabilities to design innovative “Motion Solutions That
Change the Game” and meet the current and emerging needs
of our customers in our served market segments.”
During the nine months ended September 30, 2014, the Company achieved
net income of $8,956,000 or $.98 per diluted share compared to net
income of $2,612,000 or $.30 per diluted share for the same nine months
last year. Revenues increased 149% to $187,784,000 compared to
$75,371,000 last year with sales to U.S. customers up 209% and foreign
sales up 82%. The total 149% increase in sales was due to sales volume,
the impact of foreign currencies was minimal.
Bookings for the first nine months this year were $194.6 million
compared to $69.5 million for the same period last year or an increase
of 180%.
The pro forma earnings per share information included in this press
release includes adjustments for: depreciation and amortization
resulting from the valuation of amortizable tangible and intangible
assets; interest on borrowings made by the Company; amortization of
deferred finance costs incurred to issue the borrowings; removal of
acquisition related transaction costs; removal of certain costs for
which Allied Motion would be indemnified by the seller and stock
compensation expense related to shares issued to certain executives of
Allied Motion as a result of the acquisition. The pro forma adjustments
do not reflect adjustments for anticipated operating efficiencies that
the Company expects to achieve as a result of this acquisition.
The pro forma financial information included in this press release is
for informational purposes only and does not purport to present what the
Company’s results would actually have been had these transactions
actually occurred on the dates presented or to project the combined
company’s results of operations or financial position for any future
period.
Headquartered in Amherst, NY, 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 August 14,
2014 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 of the Company to
differ materially from the forward-looking statements. The risks and
uncertainties include those associated with the present economic
circumstances in the United States and throughout Europe, 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 loss of significant customers or enforceability of the
Company’s contracts in connection with a merger, acquisition,
disposition, bankruptcy, or otherwise, 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 successfully integrate an acquired
business into the Company’s business model without substantial costs,
delays, or problems, the ability of the Company to establish low cost
region manufacturing and component sourcing capabilities, and the
ability of the Company to control costs, including relocation 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.
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FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
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For the three months ended
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For the nine months ended
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September 30,
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September 30,
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HIGHLIGHTS OF OPERATING RESULTS
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2014
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2013
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2014
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2013
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Revenues
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$
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65,280
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$
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24,876
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$
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187,784
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$
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75,371
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Cost of goods sold
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45,668
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17,638
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132,512
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53,075
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Gross margin
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19,612
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7,238
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55,272
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22,296
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Selling expenses
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2,277
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1,132
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6,619
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|
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3,640
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General and administrative expenses
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6,172
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3,112
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19,097
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9,567
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Engineering and development expenses
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3,204
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1,718
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10,193
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5,123
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Amortization of intangible assets
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697
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83
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2,045
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252
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Total Operating Expenses
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12,350
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6,045
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37,954
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18,582
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Other expense (income)
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|
|
|
|
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|
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|
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|
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Interest expense
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|
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|
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1,607
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13
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|
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|
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4,895
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30
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Other (income) expense, net
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(368
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)
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38
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(668
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)
|
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|
(58
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)
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Income before income taxes
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|
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6,023
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1,142
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|
|
|
|
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13,091
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|
|
|
3,742
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Provision for income taxes
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(1,908
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)
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|
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(309
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)
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(4,135
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)
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(1,130
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)
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Net income
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$
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4,115
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$
|
833
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$
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8,956
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$
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2,612
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PER SHARE AMOUNTS:
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Diluted income per share
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$
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0.45
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$
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0.09
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$
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0.98
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$
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0.30
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Diluted weighted average common shares
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9,157
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8,807
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9,143
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8,778
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September 30,
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December 31,
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CONDENSED BALANCE SHEETS
|
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2014
|
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2013
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Assets
|
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Current Assets:
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Cash and cash equivalents
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$
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7,267
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|
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$
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8,371
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Restricted cash
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1,800
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1,800
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Trade receivables, net
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36,302
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27,123
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Inventories, net
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26,073
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|
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24,430
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Other current assets
|
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|
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|
3,596
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|
|
|
|
5,563
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Total Current Assets
|
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|
75,038
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67,287
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|
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Property, plant and equipment, net
|
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|
36,953
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|
40,111
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|
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Deferred income taxes
|
|
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|
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4,092
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|
|
|
|
3,246
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|
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Intangible assets, net
|
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|
33,532
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35,222
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Goodwill
|
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|
19,611
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|
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20,233
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Other long-term assets, net
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4,089
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4,878
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Total Assets
|
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|
$
|
173,315
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$
|
170,977
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|
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Liabilities and Stockholders’ Equity
|
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Current Liabilities:
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Debt obligations
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$
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12,294
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$
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14,145
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Accounts payable
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18,820
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15,478
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Accrued Liabilities
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13,635
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12,627
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Total Current Liabilities
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44,749
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42,250
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Long-term debt
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69,000
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|
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|
73,500
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|
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Deferred Income Taxes
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|
|
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|
1,331
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|
|
|
|
2,327
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Other long-term liabilities
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|
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4,268
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|
|
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|
4,897
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Total Liabilities
|
|
|
|
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|
119,348
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|
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122,974
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|
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Stockholders’ Equity
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|
53,967
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|
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|
48,003
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Total Liabilities and Stockholders’ Equity
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|
|
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|
$
|
173,315
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|
$
|
170,977
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|
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|
|
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For the nine months ended
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September 30,
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CONDENSED STATEMENTS OF CASH FLOWS
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2014
|
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2013
|
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Cash flows from operating activities:
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|
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Net income
|
|
|
|
|
$
|
|
8,956
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|
|
|
|
$
|
|
2,612
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|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
5,382
|
|
|
|
|
|
|
1,311
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|
|
|
Other
|
|
|
|
|
|
|
4,301
|
|
|
|
|
|
|
227
|
|
|
|
Changes in working capital
|
|
|
|
|
|
|
(10,686
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)
|
|
|
|
|
|
(706
|
)
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
|
7,953
|
|
|
|
|
|
|
3,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from working capital adjustment and other
|
|
|
|
|
|
|
|
|
|
|
|
acquisition adjustments
|
|
|
|
|
|
|
1,399
|
|
|
|
|
|
|
-
|
|
|
|
Purchase of property and equipment
|
|
|
|
|
|
|
(3,153
|
)
|
|
|
|
|
|
(2,055
|
)
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
(1,754
|
)
|
|
|
|
|
|
(2,055
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings (repayments) on lines-of-credit, net
|
|
|
|
|
|
|
(2,591
|
)
|
|
|
|
|
|
724
|
|
|
|
Principal payments of long-term debt
|
|
|
|
|
|
|
(3,750
|
)
|
|
|
|
|
|
-
|
|
|
|
Dividends paid to stockholders
|
|
|
|
|
|
|
(730
|
)
|
|
|
|
|
|
(646
|
)
|
|
|
Stock transactions under employee benefit stock plans
|
|
|
|
|
|
|
334
|
|
|
|
|
|
|
414
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
|
|
|
(6,737
|
)
|
|
|
|
|
|
492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes on cash
|
|
|
|
|
|
|
(566
|
)
|
|
|
|
|
|
45
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
|
|
(1,104
|
)
|
|
|
|
|
|
1,926
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
8,371
|
|
|
|
|
|
|
9,728
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
|
7,267
|
|
|
|
|
$
|
|
11,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
Allied Motion Technologies Inc.
Robert Maida or
Sue Chiarmonte, 1-716-242-8634
Allied Motion Technologies (NASDAQ:AMOT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Allied Motion Technologies (NASDAQ:AMOT)
Historical Stock Chart
From Apr 2023 to Apr 2024