Allied Motion posts record results
Allied Motion Technologies Inc.announced it achieved record revenues and net income for 2011.
Net income for the year was $6.9 million, or 81 cents per diluted share, compared to $3.5 million, or 45 cents per diluted share, for 2010.
Revenues for the year were a record $110.9 million compared to $80.5 million for last year, or a 38% increase. Of this 38% increase, revenues from existing businesses increased 12% and incremental revenues achieved by the two companies acquired in 2010, Ostergrens and Agile Systems Inc., a subsidiary now operating as Allied Motion Canada, contributed 26% of the increase.
The manufacturer of motion control products also achieved record profit for the fourth quarter, with net income of $2.7 million, or 32 cents per diluted share, compared to $983,000, or 12 cents per diluted share, for the same period last year.
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.
