Allied Motion sales fall 8%
Allied Motion Technologies reported 2012 net income of $5.4 million, or 63 cents per diluted share, compared to $5.9 million, or 68 cents, for 2011.
Sales for the year fell 8.1% to $101.9 million from record revenues of $110.9 million in 2011.
“While sales in 2012 decreased by $8,973,000 or 8% for the year when compared to 2011, the decrease in our net income was limited to $469,000 when compared to adjusted net income for 2011 which factors out the acquisition earn-out gain of $1,101,000 that was recorded in 2011,” said Dick Warzala, president and CEO of Allied Motion. “Most of our operating units and served markets experienced decreased levels of business in 2012. During 2013, we will continue to closely monitor our served markets as we expect them to begin firming up and stabilizing as we move through the year.”
The Denver-based manufacturer of motion control products said net income in the fourth quarter was $1.1 million, or 13 cents per share, compared to $1.6 million, or 19 cents, in the same period last year. 4Q sales of $23.9 million compared to $28 million in the fourth quarter of 20122.
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