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 2021 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. As you can see, the agenda and the rules of conduct are available on the web portal. Regarding voting, you do not need to recast your vote today if you've already voted. However, if you would like to vote today, you can do so by clicking on the Voting button and following the instructions. [Operator Instructions] Questions pertinent to meeting matters will be answered at the conclusion of the formal business of the meeting. Any questions that cannot be answered during the meeting will be answered separately and directly to you. The polls are open now and will be closing shortly when the Chairman announces they are closed. So now let me turn it over to Dick Warzala, Chairman of the Board, to begin the meeting. Dick?

Good morning, everyone. It is my pleasure on behalf of the Board of Directors and officers of Allied Motion Technologies to welcome you and to express our appreciation for attending our 2021 Virtual Annual Meeting, which I will now call to order. The Board of Directors fixed March 10, 2021 as the record date for determining shareholders entitled to vote at this meeting. The list of those shareholders is available to shareholders of record and may be inspected at any time during the meeting. 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 2020 annual report, together with an affidavit of the mailing to our shareholders on or about April 7, 2021. These documents will be incorporated into the minutes of this meeting. Now I would like to introduce Mr. Thome, who has been appointed inspector of elections for this meeting. Will the inspector now please report on whether a quorum is present?

Thanks, Dick. The total number of shares outstanding and entitled to vote at this meeting is 9,772,519. Of that number, approximately 8,709,000 shares or approximately 89.1% 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. The first matter is the proposal to elect Robert B. Engel, Richard D. Federico, Stephen C. Finch, James J. Tanous, Nicole R. Tzetzo, Richard S. Warzala and Michael R. Winter to the Board of Directors. I want to acknowledge and thank Linda Duch and Bud Laber, who did not stand for reelection at this meeting and will be retiring from the Board. We are deeply appreciative of their years of service to our Board and the company. And we wish them the very best. Their contributions will have a lasting impact on us for years to come. The second matter is the proposal to provide an advisory note 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 2021. I now declare the polls for 2021 Annual Stockholder 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 2021 has been ratified. Detailed vote tallies will be included in a Form 8-K to be filed by the company.

Thank you, Mr. Thome. 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. Ladies and gentlemen, that concludes the formal business which is scheduled to come before this meeting. The meeting is now adjourned. Having had no questions submitted, I would now like to make you aware that Mr. Joseph Kick of Deloitte & Touche, our auditors, is present and has informed me that he has no statement. He will respond to appropriate questions, if any, which were submitted to the portal, which there were none. Okay. Thank you. Given that there are no further questions, I will declare the meeting concluded, and I would like to thank everyone for joining us today. Take care.