Allied Motion Sales Up 2.3% in 3Q - Modern Distribution Management

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Allied Motion Sales Up 2.3% in 3Q

CEO: We believe our markets have stabilized."

Motion control manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Amherst, NY, reported sales for the third quarter of $24.9 million, an increase of 2.3 percent compared to the same period a year ago, with foreign sales up 13 percent and sales in the U.S. down 5.4 percent. Profit decreased 36.9 percent to $833,000.

“We believe our markets have stabilized as the third quarter 2013 results were in line with our expectations,” Dick Warzala, president and CEO, said. “Comparing the third quarter of 2013 to the same quarter in 2012, our served markets in medical, industrial, and distribution were up, while vehicle and aerospace and defense were down and electronics was flat. In this quarter, we did incur significant new business development expenses in conjunction with the acquisition of Globe Motors completed on October 18, 2013."

For the first nine months, sales were $75.4 million, a decrease of 3.4 percent compared to the same period a year ago. Profit decreased 39.2 percent to $2.6 million.

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