Allied Motion income falls
Allied Motion Technologies achieved 3Q net income of $1.31 million, or 15 cents per diluted share, compared to $1.55 million, 18 cents per diluted share for the same quarter last year.
Revenues for the quarter decreased 11% to $24.3 million compared to $27.3 million last year, with 74% of the decrease due to lower volume and 26% due to the dollar strengthening against the Euro and the Swedish Krona.
"When you eliminate the impact of the U.S. dollar strengthening, the actual revenue decrease amounts to an 8% decrease in the third quarter of 2012 compared to the third quarter of 2011," said Dick Warzala, president and CEO of Allied Motion. "With all of our operating units and all of our served markets experiencing decreased levels of business, it is our opinion that the results reflect a broad-based economic decline and as a company, we were not immune to the impact of that decline."
For the first nine months of the year, net income was $4.2 million, or 50 cents per diluted share, which was flat compared to the same nine months last year. Revenues for the first nine months this year were $77.99 million compared to $82.91 million for the same period last year, a 6% decrease.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
