The 2020 Mid-Year Economic Update_long

Allied Motion Sales Down 1.6% in 1Q

The decline reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls.

Motion control manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, New York, reported sales for the first quarter of $92.4 million was down 1.6%, and reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls. Organic revenue declined 2.8% in the quarter. First quarter net income was $4 million

Dick Warzala, chairman and CEO, commented, “The business impact due to COVID-19 started in March and was primarily related to a decline in demand in our Vehicle markets. As we worked through the various issues caused by COVID-19, our first and foremost commitment was to our workforce and to ensure the health and safety of all employees and their families. I personally want to thank our global management team and all our employees who worked tirelessly together to create a safe environment, while at the same time making the necessary adjustments to ensure the needs of our customers were continuing to be met. Wherever possible, our team is working remotely, and our manufacturing operations have continued to produce under stringent practices to protect our employees. I believe we will come out of this crisis stronger and better than ever as we operate within the guiding principles of our One Allied Culture and the focus provided by our Long-Term Strategy.”

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