Allied Motion Technologies Inc., Denver, CO, sales for 2008 of $86 million, an increase of 2% over 2007. Profit increased 21% to $2.9 million.
During the fourth quarter, sales were $17.6 million, down 17% from the prior year period. Profit was $280,000, compared to $648,000 during fourth quarter 2007.
While we were able to achieve continuous improvements in sales and profit through our third quarter, the economic downturn caught up to us in the fourth quarter resulting in a drop in sales and profit compared to last year and to the third quarter, CEO Dick Smith said. "We have and will continue to take actions to try and mitigate the adverse effects this economic downturn has on the Company. While the economy is down, we will continue to improve our efficiencies, finish development of new products and put ourselves in a strong position to begin growing the Company once the economy begins to turn around."
Allied Motion designs, manufactures and sells motion control products to a broad spectrum of customers throughout the world.