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): May 6, 2015
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 14032
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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 May 6, 2015, Allied Motion Technologies Inc. (the “Company”) issued a
press release reporting its results of operations for the first quarter
ended March 31, 2015. 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 May 6, 2015.
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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May 6, 2015
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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 Earnings Increase of 39% for the Quarter Ended March 31,
2015
AMHERST, N.Y.--(BUSINESS WIRE)--May 6, 2015--Allied Motion
Technologies Inc. (NASDAQ:AMOT) today announced net income increased
39% to $2,976,000 or $0.32 per diluted share for the quarter ended March
31, 2015 compared to $2,148,000 or $0.24 per diluted share for the
quarter ended March 31, 2014. Revenues for the quarter declined 1% to
$59,580,000 compared to $60,435,000 last year with the decline resulting
from the strengthening of the U.S. dollar against foreign currencies.
Sales volumes for the quarter were up over last year by 6%, while the
currency impact reduced sales by 7%. Sales to U.S. customers were up 3%
and foreign sales down 9%. The strengthening of the U.S. dollar against
foreign currencies during the first quarter of 2015 also had a
significant impact on reported bookings when compared to the prior year.
Bookings for the quarter ended March 31, 2015 were $58.1 million
compared to $64.4 million for the first quarter of 2014 or a decrease of
10%. The decrease in bookings is 7% currency related and 3% volume
related. Backlog as of March 31, 2015 was $71.3 million compared to
$79.7 million as of March 31, 2014, a decrease of 11% over the prior
year. Bank debt net of cash at March 31, 2015 decreased $14.2 million to
$62.6 million as compared to March 31, 2014, and showed a slight
increase when compared to December 31, 2014.
“Although the strengthening of the U.S dollar posed a significant
hurdle, we had a good start to 2015 with net income increasing 39% and
gross margin improving by 1.1% when compared to the same quarter of
2014”, commented Dick Warzala, Chairman and CEO of Allied Motion. “For
the quarter, we experienced growth in our Aerospace and Defense, Medical
and Electronics markets. Our Vehicle and Industrial markets were flat,
while our Distribution market was down. Our pipeline of new
opportunities continues to expand nicely with an increasing number
offered as multi-product solutions driven through our Solution Centers.
As we move forward into the future, we believe 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.”
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 May 7, 2015
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.
ALLIED MOTION TECHNOLOGIES INC.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
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For the three months ended
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March 31,
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HIGHLIGHTS OF OPERATING RESULTS
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2015
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2014
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Revenues
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$
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59,580
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$
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60,435
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Cost of goods sold
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42,080
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43,343
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Gross margin
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17,500
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17,092
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Operating costs and expenses:
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Selling expenses
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2,208
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2,110
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General and administrative expenses
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5,553
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6,216
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Engineering and development expenses
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3,446
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3,517
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Amortization of intangible assets
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662
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678
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Total operating costs and expenses
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11,869
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12,521
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Other expense (income):
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Interest expense
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1,515
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1,638
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Other income, net
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(266
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(352
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)
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Income before income taxes
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4,382
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3,285
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Provision for income taxes
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(1,406
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(1,137
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)
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Net income
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$
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2,976
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$
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2,148
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PER SHARE AMOUNTS:
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Diluted earnings per share
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$
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0.32
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$
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0.24
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Diluted weighted average common shares
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9,208
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9,130
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March 31,
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December 31,
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CONDENSED BALANCE SHEETS
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2015
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2014
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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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11,043
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$
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13,113
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Trade receivables, net
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29,961
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27,745
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Inventories, net
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25,117
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25,371
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Other current assets
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4,051
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4,555
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Total Current Assets
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70,172
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70,784
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Property, plant and equipment, net
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35,973
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37,041
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Deferred income taxes
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2,910
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2,723
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Intangible assets, net
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31,957
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32,791
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Goodwill
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17,733
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18,303
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Other long-term assets, net
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4,368
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3,998
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Total Assets
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$
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163,113
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$
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165,640
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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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8,420
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$
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7,723
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Accounts payable
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16,763
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15,510
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Accrued liabilities
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10,099
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12,723
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Total Current Liabilities
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35,282
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35,956
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Long-term debt
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65,250
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67,125
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Deferred income taxes
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1,131
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1,299
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Other long-term liabilities
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5,728
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5,309
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Total Liabilities
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107,391
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109,689
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Stockholders’ Equity
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55,722
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55,951
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Total Liabilities and Stockholders’ Equity
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$
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163,113
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$
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165,640
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For the three months ended
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March 31
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CONDENSED STATEMENTS OF CASH FLOWS
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2015
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2014
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Cash flows from operating activities:
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Net income
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$
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2,976
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$
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2,148
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Depreciation and amortization
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1,807
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1,688
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Other
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293
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2,383
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Changes in working capital
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(4,399
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(6,451
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Net cash provided by (used in) operating activities
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677
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(232
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Cash flows from investing activities:
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Proceeds from working capital adjustment on acquisition
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-
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1,434
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Purchase of property and equipment
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(1,436
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(584
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Net cash (used in) provided by investing activities
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(1,436
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850
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Cash flows from financing activities:
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Borrowings on lines-of-credit, net
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315
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164
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Principal payments of long-term debt
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(1,500
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(1,250
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Dividends paid to stockholders
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(233
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(231
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)
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Stock transactions under employee benefit stock plans
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1,171
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304
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Net cash used in financing activities
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(247
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)
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(1,013
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Effect of foreign exchange rate changes on cash
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(1,064
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(58
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Net decrease in cash and cash equivalents
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(2,070
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)
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(453
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)
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Cash and cash equivalents at beginning of period
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13,113
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10,171
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Cash and cash equivalents at end of period
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$
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11,043
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$
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9,718
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Reconciliation of Non-GAAP Financial Measures
The Company believes EBITDA is often a useful measure of a Company’s
operating performance and is a significant basis used by the Company’s
management to measure the operating performance of the Company’s
business because EBITDA excludes charges for depreciation, amortization
and interest expense that have resulted from our debt financings, as
well as our provision for income tax expense. EBITDA is frequently used
as one of the bases for comparing businesses in the Company’s industry.
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 EBITDA for the three months ended March 31,
2015 and 2014 is as follows (in thousands):
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For the three months ended
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March 31,
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2015
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2014
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Net income
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$ 2,976
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$ 2,148
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Interest expense
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1,515
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1,638
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Provision for income tax
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1,406
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1,137
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Depreciation and amortization
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1,807
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1,688
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EBITDA
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$ 7,704
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$ 6,611
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CONTACT:
Allied Motion Technologies Inc.
Robert Maida or Sue
Chiarmonte
716-242-8634
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