Allied Motion Technologies, Inc.

Greetings and welcome to the Allied Motion Technologies, Inc. first quarter fiscal year 2022 financial results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Craig Mihalik of Investor Relations. Please go ahead.

Thank you, and good morning, everyone. I certainly appreciate your time today as well as your interest in Allied Motion. Joining me on the call are Dick Rosella, our Chairman, President, and CEO, and Mike Leach, our Chief Financial Officer. Dick and Mike are going to review our first quarter 2022 results and provide an update on the company's strategic progress and outlook, after which we'll open it up for Q&A. You should have a copy of the financial results that were released yesterday after the market closed. If not, you can find it on our website at alliedmotion.com. along with the slides that accompany today's discussion. If you're reviewing those slides, please turn to slide two for the Safe Harbor Statement. As you are aware, we may make some forward-looking statements on this call during the formal discussion, as well as during the Q&A. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated on today's call. These risks and uncertainties and other factors are discussed at the audience release as well as with other documents filed by the company with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov. I want to point out as well that during today's call, we'll discuss some non-GAAP measures, which we believe will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release, and fly. So with that, please turn to slide three and I'll turn it over to Dick to begin. Dick?

Thank you, Craig, and welcome everyone. Our results continue to demonstrate the successful execution of our strategic growth initiatives. First quarter revenue grew 13% to nearly $115 million, with organic growth representing 5.3%. Our industrial market saw strong demand resulting in market growth of 46% over last year. We are benefiting from continued economic recovery in a number of submarkets, including material handling, pumps, oil and gas, industrial automation, and instrumentation. Recent acquisitions also contributed to the growth in our industrial and A&D markets. While we are doing relatively well on the top line, the challenge, like many others, is on margins as supply chain issues and inflationary pressures on logistics, energy, materials, and labor continue to persist. We are actively managing these challenges and believe our operating performance will reflect our efforts over the long term. This includes being proactive on pricing and realizing the full potential of our margin-enhancing acquisitions. Excluding non-recurring items We achieved an adjusted net income of $3.8 million, or $0.24 per share for the quarter, versus a reported net income of $2.5 million, or $0.16 per diluted share. Order levels continue to be strong. And we ended the first quarter with a record backlog of $289 million. I will talk to this performance later in the presentation. And with that, let me turn it over to Mike for a more in-depth review of the financials. Mike? Thank you, Dick.