Allied Motion Technologies Sales Down 5.5% in 2Q - Modern Distribution Management

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Allied Motion Technologies Sales Down 5.5% in 2Q

U.S. sales declined 11.6 percent.

Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, NY, reported sales for the second quarter of $25.4 million, a decrease of 5.5 percent compared to the same period a year ago, with foreign sales up 2.7 percent and sales in the U.S. down 11.6 percent. Profit decreased 54.9 percent to $819,000.

“Sales in the second quarter of 2013 were up slightly from the first quarter of the year with our served markets in medical, vehicle and A&D down, while our electronics and industrial markets were up. During the remainder of 2013, we will continue to closely monitor our served markets as we believe they have stabilized and, other than for the normal summer season business downturns in Europe, we do expect modest growth as we move through the year,” said Dick Warzala, president and CEO. “As previously mentioned, we did incur new business development expenses in conjunction with a potential acquisition which the company is continuing to pursue.”

For the first six months, Allied Motion sales were $50.5 million, a decrease of 5.9 percent compared to the same period a year ago. Profit decreased 40 percent to $1.8 million.

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