Allied Motion sales decline by 17.9 percent
Allied Motion Technologies reported revenue for the fourth quarter of 2015 was $50.8 million, a 17.9 percent decrease compared with $61.9 million in the 2014 fourth quarter.
Sluggish demand in a number of U.S. target markets, particularly in the vehicle market, resulted in orders being pushed from the fourth quarter of 2015 into 2016, the company said.
Sales to U.S. customers were 65% of total sales for the quarter, a decline from 67% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Net income was $0.7 million, or 7 cents per diluted share, compared with $4.9 million, or 53 cents, for the prior-year period.
For the full year, revenue decreased by 6.9% to $232.4 million compared with $249.7 million last year. Net income was $11.1 million, or $1.20 per diluted share, compared with net income of $13.9 million, or $1.51, in 2014.