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Allied Motion Technologies Inc. (NASDAQ: AMOT), Denver, CO, reported third-quarter sales of $22 million, an increase of 47 percent from the same period a year ago. Profit was $1.13 million, compared to $279,000 for third quarter of 2009.
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For the first nine months, sales were $59.5 million, up 34.5 percent from a year ago. Profit was $2.6 million, compared to a year-ago net loss of $12.6 million. Excluding the business interruption settlement related to the October 2008 fire at the Chatsworth, CA, facility and non-recurring expenses, profit for the nine months this year was $2.31 million.
"The record profits achieved in the third quarter represent the impact of an improving economy combined with the restructuring and process improvements we made through the utilization of Allied's Systematic Tools during the downturn in late 2008 through 2009," said Dick Warzala, president and CEO.
Allied Motion designs, manufactures and sells precision and specialty motion control components and systems.