Allied Motion Technologies, Inc. engages in the provision of motion control products, marketed to original equipment manufacturers and end users. The firm's activities include designing, manufacturing and selling of motors, electronic motion controls, gearing and optical encoders. It offers brush and brushless DC motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, and associated motion control-related products to the automotive, medical, aerospace and defense, as well as in electronics and industrial markets. The company was founded in 1962 and is headquartered in Amherst, NY.
NET INCOME AND ADJUSTED NET INCOME: Net income increased during 2018 reflecting a significant increase in revenues and the leveraging of fixed costs.
Adjusted net income for the years ended December 31, 2018, and 2017 were $16,276 and $11,316, respectively. Adjusted diluted earnings per share for 2018 and 2017 were $1.74 and $1.22, respectively. Adjusted net income and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income for 2018 excludes $762 ($586 net of tax) and for 2017 excludes $213 ($147 net of tax) of business development costs. Adjusted net income for 2018 and 2017 also excludes $235 of tax benefit and $3,133 of tax provision, respectively resulting from the Tax Cuts and Jobs Act. See information included in “Non — GAAP Measures” below for a discussion of the non-GAAP measure and reconciliation of net income to Adjusted net income and earnings per share to Adjusted earnings per share.
EBITDA AND ADJUSTED EBITDA: EBITDA was $34,958 for 2018 compared to $28,884 for 2017. Adjusted EBITDA was $38,363 and $31,123 for 2018 and 2017, respectively. EBITDA and adjusted EBITDA are non-GAAP measures. EBITDA consists of income before interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA also excludes stock compensation expense and certain other items. Refer to information included in “Non - GAAP Measures” below for a discussion of the non-GAAP measure and a reconciliation of net income to EBITDA and Adjusted EBITDA.