Posted March 1, 2010
Allied Motion posts loss for 2009
Allied Motion Technologies Inc. announced net income for the fourth quarter of $117,000, or 2 cents per diluted share, compared to $280,000, or 4 cents per share, for Q4 2008.
Revenues for the quarter were down 3% to $17.02 million compared to $17.56 million last year. During the year, the company had a net loss of $12.44 million, or $1.65 per diluted share, compared to net income of $2.9 million, or 39 cents per diluted share, for last year. Revenues for the year were $61.24 million compared to $85.96 million for last year, or a 29% decrease.
“As we move forward into 2010, we are encouraged by signs of recovery in our served markets, and bolstered by our strong balance sheet, we have positioned ourselves to grow our revenues and profits in the future," said Dick Warzala, president and CEO.
