Posted February 22, 2011
Allied Motion earns record income
Allied Motion achieved record net income for 2010 of $3.58 million, or 45 cents per diluted share, compared to a net loss of $12.44 million, or $1.65 per diluted share, for 2009.
Revenues for the year were $80.59 million compared to $61.24 million for last year, or a 31.6% increase.
For the fourth quarter, net income increased to $983,000, or 12 cents per diluted share, compared to $117,000, or 2 cents per diluted share, for the same quarter last year. Revenues for the quarter increased 24% to $21.14 million compared to $17.02 million last year.
"The record profits and orders achieved for the year 2010 and the continued solid performance in the fourth quarter is a direct result of an improving economy and the restructuring and process improvements we made during the year," said Dick Warzala, president and CEO of Allied Motion.
Headquartered in Denver, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors.
