Business
Allied Motion Reports Second Quarter 2020 Results
Achieved gross margin of 30.5%, as solid Medical market demand partially offset softness from other markets impacted by COVID-19 Generated $9.6 million in
About this update from Allient Inc.
[{"type":"text","content":"\n\nAchieved gross margin of 30.5%, as solid Medical market demand partially offset softness from other markets impacted by COVID-19\n\n\nGenerated $9.6 million in cash from operations resulting in $7.6 million of free cash flow\n\n\nPaid down nearly $8 million of debt in the quarter\n\n\n AMHERST, N.Y.--(BUSINESS WIRE)--\nAllied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer that sells precision and specialty controlled motion products and solutions to the global market, today reported financial results for its second quarter ended June 30, 2020. Results include the Dynamic Controls Group (“Dynamic Controls”) acquisition that was completed on March 7, 2020.\n\n\n“I want to acknowledge the incredible efforts and dedication of our employees who have done an excellent job helping us navigate the challenges of the COVID-19 pandemic. We have continued to operate all of our facilities and were able to flex up and support the increased demand from various Medical market customers, many of which are at the forefront of combating this pandemic. Moving forward, we will remain vigilant and continue to implement the measures required to ensure the health and safety of all our employees and their families,” commented Dick Warzala, Chairman and CEO. “Our second quarter performance was relatively solid and demonstrated the success of our One Allied strategy and the execution of our Allied Systematic Tools. We were pleased with our gross margin level given the decline in revenue and we continued to generate significant cash from operations in the quarter.”\n\n\nHe further added, “While we are somewhat subject to macroeconomic conditions, we can control the success of our new product development efforts, which continue to be a priority. We are on-track to create several exciting new products and solutions to ensure that we will meet the emerging needs of our served target markets. With the uncertainty of the current COVID-19 environment, the demand signals continue to be mixed and highly dependent on the vitality of the end markets we serve. For Allied, this translates into effectively managing the encouraging trends and stabilization within certain markets, while at the same time dealing with the continued volatility and uncertainty in various other markets. Overall, I am confident that our ...