Allient Inc. (ALNT) Earnings Call Transcript & Summary

Good morning, everyone. I am Deborah Pawlowski, Investor Relations for Allied Motion. And I am pleased to welcome you to the company's virtual Annual Meeting of Shareholders. Before we formally start the meeting, I want to walk you through the procedures for the conduct of the meeting. Regarding voting, you do not need to recast your vote today if you have already voted. However, if you would like to vote today, you can do so by clicking on the voting button on the Web portal and follow the instructions there. The polls are open now and will be closing shortly when the Chairman announces they are closed. The rules of conduct are available on the site as well. So now let me turn it over to Dick Warzala, Chairman of the Board, to begin the meeting. Mr. Warzala?

Good morning, everyone. Thank you for joining us for the 2020 Annual Shareholders' Meeting of Allied Motion Technologies, which I will now call to order. As a result of the pandemic, we are holding our meeting virtually for the first time. I personally want to thank our global management team and all our employees who have worked together to create a safe environment while at the same time making necessary adjustments to ensure the needs of our customers are continuing to be met. The Board of Directors fixed March 11, 2020, as the record date for determining shareholders entitled to vote at this meeting. We have a list of those shareholders, which may be inspected at any time during the meeting on the Web portal. A copy of this list has been on file at the office of the company for the past 10 days. Mr. Kubarek has been appointed secretary for the meeting and has provided a notice of Internet availability and/or mailing of the Notice of Annual Meeting, the proxy statement and the company's 2019 annual report, together with an affidavit of their mailing to our shareholders on or about April 3, 2020. These documents will be incorporated into the minutes of this meeting. Now we'd like to introduce Ms. Chiarmonte who has been appointed inspector of elections for this meeting. Will the inspector now please report on whether a quorum is present?

Mr. Chairman, the total number of shares outstanding and entitled to vote at this meeting is 9,642,428. Of that number, approximately 8,532,000 shares or approximately 88.5% are represented at this meeting. Therefore, a quorum is present.

Proper Notice of the Meeting having been given and a quorum being present, we will open the meeting for the business. As noted, the polls are open as well. There are 3 business items to be acted upon at the meeting this morning. First matter is the proposal to elect Linda P. Duch, Robert B. Engel, Richard D. Federico, Gerald J. Bud Laber, James J. Tanous, Richard S. Warzala and Michael R. Winter to the Board of Directors. I also want to acknowledge and thank Dick Smith for his leadership and dedication to Allied Motion. Dick spent 37 years with the company, which included 24 years on our Board. I've truly enjoyed working with Dick and wish him and his family all the best in the future. The second matter is the proposal to provide an advisory vote on the approval of the compensation of our named executive officers. And the third item is the proposal to ratify the appointment of the company's independent public accounting firm for 2020. I now declare the polls for the 2020 Annual Stockholders' Meeting closed. Will the inspector of elections present the preliminary report of the vote?

Mr. Chairman, each nominee for director received a sufficient number of votes to be elected. The advisory vote on executive compensation has been approved. And the appointment of Deloitte & Touche as the company's independent public accounting firm for 2020 has been ratified. Detailed vote tallies will be included in our Form 8-K to be filed by the company.

Thank you, Ms. Chiarmonte. I hereby declare that proposals presented to the shareholders have all been approved as required by law. The secretary is instructed to cause the report of the inspector to be affixed to the minutes of this meeting. For your information, Mr. Jim Brennan of Deloitte & Touche, our auditors, is present and has informed me that he has no statement. He will respond at a later time to appropriate questions, if any, which were submitted to the portal. Ladies and gentlemen, that concludes the business, which was scheduled to come before the meeting. I declare the meeting is now adjourned. Thank you, everyone, for attending, and I look forward to talking to you again next year. Bye now.

Thank you. This concludes today's conference call. We thank you for your participation. You may disconnect your lines at this time, and have a great day.