Allied Motion net income up YoY

Allied Motion Technologies Inc. (NASDAQ: AMOT) said it has announced net income increased 16 percent to USD3,125,000 or USD0.34 per diluted share for the quarter ended June 30, 2015 compared to USD2,693,000 or USD0.29 per diluted share for the quarter ended June 30, 2014.

Revenues for the quarter declined three percent to USD60,479,000 compared to USD62,069,000 last year. The strength of the US dollar against foreign currencies continued to have an impact on the reported results of the second quarter as well as for the year.

“Without the strengthening of the US dollar, revenues for the second quarter of 2015 would have increased five percent and fully diluted earnings per share would have increased 30 percent compared to the same quarter in 2014, as measured in constant currency,” said Dick Warzala, Chairman and CEO.

For the quarter, the overall decrease in revenue was due to a five percent volume increase, offset by an eight percent unfavorable currency impact, the company said.

Headquartered in Amherst, NY, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. It is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.