Posted May 12, 2011
Allied Motion sales up 53%
Allied Motion Technologies Inc. reported first quarter revenues increased 53% to $26.7 million compared to $17.4 million last year.
Net income was $1.2 million, or 14 cents per diluted share, compared to $734,000, or 9 cents per diluted share, for the same quarter last year. Sales from existing businesses increased 22% and 31% of the increase came from companies acquired in 2010.
This quarter's results include the results from Agile Systems Inc., a subsidiary that was acquired on June 3, 2010 and continues to operate as Allied Motion Canada and Ostergrens Elmotor AB, a Swedish company acquired on December 30, 2010.
"The record sales and profit achieved during the first quarter of 2011 are a result of our actions taken during 2010 to streamline our operations and to generate growth organically and through acquisitions. While our latest acquisition, Ostergrens, supplemented our top line, the majority of the earnings increase was realized through profit improvements in our existing operations," said Dick Warzala, president and CEO.
