Allied Motion Sales Down 29% in 2009

Resource from: CBCC Likes:2936

Apr 12,2010

Allied Motion Technologies Inc. (NASDAQ: AMOT), reported sales for 2009 were $61.2 million, down 29% from 2008. The manufacturer of motion control components recorded a full year loss of $12.4 million, compared to a year ago profit of $2.9 million. For the fourth quarter ended Dec. 31, sales were $17 million, down 3% from the prior year period. Profit declined 58% to $117,000. "At the beginning of 2009 our stated objective was to weather the recession by focusing on positive cash flow, reducing operating costs and maintaining the resources critical to our growth in the future. Looking at our results, we can clearly say that we accomplished those objectives," said Dick Warzala, president and CEO. "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."

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