Intrinsic value of Altra Industrial Motion - AIMC

Previous Close

$51.65

  Intrinsic Value

$156.54

stock screener

  Rating & Target

str. buy

+203%

Previous close

$51.65

 
Intrinsic value

$156.54

 
Up/down potential

+203%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AIMC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.09
  24.30
  22.37
  20.63
  19.07
  17.66
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
Revenue, $m
  709
  881
  1,078
  1,301
  1,549
  1,823
  2,121
  2,445
  2,793
  3,165
  3,560
  3,977
  4,417
  4,879
  5,362
  5,867
  6,393
  6,941
  7,512
  8,105
  8,722
  9,362
  10,028
  10,720
  11,440
  12,188
  12,966
  13,776
  14,619
  15,498
  16,414
Variable operating expenses, $m
 
  437
  530
  636
  754
  883
  1,025
  1,179
  1,344
  1,520
  1,707
  1,887
  2,095
  2,314
  2,543
  2,783
  3,033
  3,293
  3,563
  3,845
  4,137
  4,441
  4,757
  5,085
  5,426
  5,781
  6,150
  6,535
  6,935
  7,351
  7,786
Fixed operating expenses, $m
 
  324
  332
  340
  349
  358
  366
  376
  385
  395
  405
  415
  425
  436
  446
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  600
  616
  631
  647
  663
Total operating expenses, $m
  663
  761
  862
  976
  1,103
  1,241
  1,391
  1,555
  1,729
  1,915
  2,112
  2,302
  2,520
  2,750
  2,989
  3,241
  3,502
  3,774
  4,056
  4,350
  4,655
  4,972
  5,301
  5,643
  5,998
  6,367
  6,750
  7,151
  7,566
  7,998
  8,449
Operating income, $m
  46
  120
  216
  325
  447
  582
  730
  891
  1,064
  1,250
  1,448
  1,676
  1,897
  2,129
  2,372
  2,626
  2,892
  3,168
  3,456
  3,755
  4,067
  4,391
  4,727
  5,078
  5,442
  5,821
  6,215
  6,626
  7,054
  7,500
  7,965
EBITDA, $m
  76
  164
  265
  380
  509
  652
  809
  979
  1,162
  1,358
  1,567
  1,788
  2,022
  2,267
  2,523
  2,792
  3,072
  3,364
  3,668
  3,984
  4,313
  4,655
  5,011
  5,380
  5,765
  6,165
  6,582
  7,015
  7,467
  7,938
  8,429
Interest expense (income), $m
  7
  11
  16
  21
  27
  34
  41
  49
  58
  67
  77
  88
  99
  111
  123
  136
  150
  164
  179
  194
  210
  226
  243
  261
  280
  299
  319
  340
  362
  384
  408
Earnings before tax, $m
  34
  109
  200
  303
  419
  548
  689
  841
  1,006
  1,183
  1,371
  1,588
  1,798
  2,018
  2,249
  2,490
  2,742
  3,004
  3,277
  3,562
  3,857
  4,164
  4,484
  4,816
  5,162
  5,522
  5,896
  6,286
  6,692
  7,116
  7,557
Tax expense, $m
  9
  29
  54
  82
  113
  148
  186
  227
  272
  319
  370
  429
  485
  545
  607
  672
  740
  811
  885
  962
  1,041
  1,124
  1,211
  1,300
  1,394
  1,491
  1,592
  1,697
  1,807
  1,921
  2,040
Net income, $m
  25
  80
  146
  221
  306
  400
  503
  614
  735
  863
  1,000
  1,159
  1,312
  1,473
  1,642
  1,818
  2,002
  2,193
  2,392
  2,600
  2,816
  3,040
  3,273
  3,516
  3,768
  4,031
  4,304
  4,589
  4,885
  5,194
  5,517

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  870
  996
  1,219
  1,470
  1,750
  2,059
  2,397
  2,763
  3,156
  3,576
  4,022
  4,494
  4,991
  5,513
  6,059
  6,629
  7,224
  7,843
  8,488
  9,158
  9,855
  10,579
  11,331
  12,113
  12,926
  13,772
  14,651
  15,566
  16,519
  17,512
  18,547
Adjusted assets (=assets-cash), $m
  801
  996
  1,219
  1,470
  1,750
  2,059
  2,397
  2,763
  3,156
  3,576
  4,022
  4,494
  4,991
  5,513
  6,059
  6,629
  7,224
  7,843
  8,488
  9,158
  9,855
  10,579
  11,331
  12,113
  12,926
  13,772
  14,651
  15,566
  16,519
  17,512
  18,547
Revenue / Adjusted assets
  0.885
  0.885
  0.884
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
Average production assets, $m
  287
  356
  436
  526
  626
  736
  857
  988
  1,128
  1,279
  1,438
  1,607
  1,784
  1,971
  2,166
  2,370
  2,583
  2,804
  3,035
  3,274
  3,524
  3,782
  4,051
  4,331
  4,622
  4,924
  5,238
  5,566
  5,906
  6,261
  6,631
Working capital, $m
  172
  182
  223
  269
  321
  377
  439
  506
  578
  655
  737
  823
  914
  1,010
  1,110
  1,214
  1,323
  1,437
  1,555
  1,678
  1,805
  1,938
  2,076
  2,219
  2,368
  2,523
  2,684
  2,852
  3,026
  3,208
  3,398
Total debt, $m
  370
  458
  609
  780
  970
  1,179
  1,408
  1,656
  1,923
  2,208
  2,510
  2,830
  3,167
  3,521
  3,891
  4,277
  4,681
  5,101
  5,538
  5,992
  6,465
  6,956
  7,466
  7,996
  8,547
  9,120
  9,716
  10,337
  10,983
  11,656
  12,358
Total liabilities, $m
  586
  675
  826
  997
  1,187
  1,396
  1,625
  1,873
  2,140
  2,425
  2,727
  3,047
  3,384
  3,738
  4,108
  4,494
  4,898
  5,318
  5,755
  6,209
  6,682
  7,173
  7,683
  8,213
  8,764
  9,337
  9,933
  10,554
  11,200
  11,873
  12,575
Total equity, $m
  283
  321
  392
  473
  564
  663
  772
  890
  1,016
  1,151
  1,295
  1,447
  1,607
  1,775
  1,951
  2,135
  2,326
  2,526
  2,733
  2,949
  3,173
  3,406
  3,649
  3,901
  4,162
  4,434
  4,718
  5,012
  5,319
  5,639
  5,972
Total liabilities and equity, $m
  869
  996
  1,218
  1,470
  1,751
  2,059
  2,397
  2,763
  3,156
  3,576
  4,022
  4,494
  4,991
  5,513
  6,059
  6,629
  7,224
  7,844
  8,488
  9,158
  9,855
  10,579
  11,332
  12,114
  12,926
  13,771
  14,651
  15,566
  16,519
  17,512
  18,547
Debt-to-equity ratio
  1.307
  1.430
  1.550
  1.650
  1.720
  1.780
  1.820
  1.860
  1.890
  1.920
  1.940
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
  2.030
  2.040
  2.040
  2.050
  2.050
  2.050
  2.060
  2.060
  2.060
  2.060
  2.070
  2.070
Adjusted equity ratio
  0.267
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  80
  146
  221
  306
  400
  503
  614
  735
  863
  1,000
  1,159
  1,312
  1,473
  1,642
  1,818
  2,002
  2,193
  2,392
  2,600
  2,816
  3,040
  3,273
  3,516
  3,768
  4,031
  4,304
  4,589
  4,885
  5,194
  5,517
Depreciation, amort., depletion, $m
  30
  44
  49
  56
  63
  70
  79
  88
  98
  108
  119
  112
  125
  138
  151
  166
  181
  196
  212
  229
  246
  265
  283
  303
  323
  344
  366
  389
  413
  438
  464
Funds from operations, $m
  82
  123
  195
  277
  369
  470
  581
  702
  832
  972
  1,120
  1,272
  1,437
  1,611
  1,793
  1,983
  2,182
  2,389
  2,605
  2,829
  3,062
  3,305
  3,557
  3,819
  4,091
  4,375
  4,670
  4,978
  5,298
  5,632
  5,981
Change in working capital, $m
  5
  36
  41
  46
  51
  57
  62
  67
  72
  77
  82
  86
  91
  96
  100
  105
  109
  113
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  182
  190
Cash from operations, $m
  77
  88
  155
  231
  317
  414
  520
  635
  760
  895
  1,038
  1,185
  1,346
  1,515
  1,693
  1,879
  2,073
  2,276
  2,487
  2,706
  2,934
  3,172
  3,419
  3,676
  3,943
  4,220
  4,509
  4,810
  5,124
  5,450
  5,791
Maintenance CAPEX, $m
  0
  -20
  -25
  -30
  -37
  -44
  -51
  -60
  -69
  -79
  -89
  -101
  -112
  -125
  -138
  -151
  -166
  -181
  -196
  -212
  -229
  -246
  -265
  -283
  -303
  -323
  -344
  -366
  -389
  -413
  -438
New CAPEX, $m
  -19
  -70
  -80
  -90
  -100
  -111
  -121
  -131
  -141
  -150
  -160
  -169
  -178
  -186
  -195
  -204
  -213
  -222
  -230
  -240
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -341
  -355
  -370
Cash from investing activities, $m
  -207
  -90
  -105
  -120
  -137
  -155
  -172
  -191
  -210
  -229
  -249
  -270
  -290
  -311
  -333
  -355
  -379
  -403
  -426
  -452
  -478
  -505
  -534
  -563
  -594
  -625
  -658
  -693
  -730
  -768
  -808
Free cash flow, $m
  -130
  -2
  50
  111
  180
  259
  347
  445
  551
  666
  789
  916
  1,056
  1,204
  1,360
  1,524
  1,695
  1,874
  2,060
  2,254
  2,456
  2,667
  2,885
  3,113
  3,349
  3,595
  3,851
  4,117
  4,394
  4,682
  4,983
Issuance/(repayment) of debt, $m
  168
  132
  151
  170
  190
  210
  229
  248
  267
  285
  303
  320
  337
  354
  370
  387
  403
  420
  437
  454
  472
  491
  510
  530
  551
  573
  596
  621
  646
  673
  702
Issuance/(repurchase) of shares, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  162
  132
  151
  170
  190
  210
  229
  248
  267
  285
  303
  320
  337
  354
  370
  387
  403
  420
  437
  454
  472
  491
  510
  530
  551
  573
  596
  621
  646
  673
  702
Total cash flow (excl. dividends), $m
  31
  130
  201
  281
  370
  469
  576
  693
  817
  950
  1,092
  1,236
  1,393
  1,558
  1,730
  1,910
  2,098
  2,294
  2,497
  2,709
  2,929
  3,158
  3,395
  3,643
  3,900
  4,168
  4,447
  4,737
  5,040
  5,356
  5,685
Retained Cash Flow (-), $m
  -40
  -63
  -72
  -81
  -90
  -100
  -109
  -118
  -127
  -135
  -144
  -152
  -160
  -168
  -176
  -184
  -192
  -199
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -295
  -307
  -320
  -333
Prev. year cash balance distribution, $m
 
  25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  93
  129
  200
  280
  369
  468
  575
  691
  815
  948
  1,084
  1,233
  1,390
  1,554
  1,727
  1,906
  2,094
  2,289
  2,493
  2,704
  2,924
  3,153
  3,391
  3,638
  3,896
  4,164
  4,443
  4,733
  5,036
  5,352
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  86
  111
  158
  202
  240
  272
  297
  313
  320
  320
  310
  295
  274
  250
  222
  193
  164
  136
  111
  88
  68
  51
  37
  27
  18
  12
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Altra Industrial Motion Corp. is a designer, producer and marketer of a range of mechanical power transmission (MPT) components. The Company operates through three segments: Couplings, Clutches and Brakes; Electromagnetic Clutches and Brakes, and Gearing. It manufactures a range of couplings suitable for various industrial and specialty applications. The Electromagnetic Clutches and Brakes segment products include brakes and clutches that are used to electronically slow, stop, engage or disengage equipment utilizing electromagnetic friction type connections. The Gearing segment product lines include vertical and horizontal gear drives, speed reducers and increasers, high-speed compressor drives, enclosed custom gear drives, various enclosed gear drive and gear motor configurations, and open gearing products, such as spur, helical, worm and miter/bevel gears. Its products are used to control and transmit power and torque in virtually any industrial application involving movement.

FINANCIAL RATIOS  of  Altra Industrial Motion (AIMC)

Valuation Ratios
P/E Ratio 56.2
Price to Sales 2
Price to Book 5
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow 24.2
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 115.2%
Total Debt to Equity 130.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 31.3%
Gross Margin - 3 Yr. Avg. 30.7%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 48%

AIMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIMC stock intrinsic value calculation we used $709 million for the last fiscal year's total revenue generated by Altra Industrial Motion. The default revenue input number comes from 2016 income statement of Altra Industrial Motion. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AIMC stock valuation model: a) initial revenue growth rate of 24.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.4%, whose default value for AIMC is calculated based on our internal credit rating of Altra Industrial Motion, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Altra Industrial Motion.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AIMC stock the variable cost ratio is equal to 50.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $316 million in the base year in the intrinsic value calculation for AIMC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Altra Industrial Motion.

Corporate tax rate of 27% is the nominal tax rate for Altra Industrial Motion. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AIMC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AIMC are equal to 40.4%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Altra Industrial Motion operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AIMC is equal to 20.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $283 million for Altra Industrial Motion - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 29.365 million for Altra Industrial Motion is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Altra Industrial Motion at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Altra Industrial Motion Sees Composite Rating Climb To 96   [Jan-05-18 03:00AM  Investor's Business Daily]
▶ Altra beats Street 3Q forecasts   [Oct-20-17 07:13AM  Associated Press]
▶ Altra Reports Third-Quarter 2017 Results   [07:00AM  GlobeNewswire]
▶ Colfax Gets Relative Strength Rating Upgrade   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Stocks Flashing Renewed Technical Strength: Fortive   [03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for August 11th   [Aug-11-17 06:51AM  Zacks]
▶ New Strong Buy Stocks for August 8th   [Aug-08-17 09:44AM  Zacks]
▶ Altra tops Street 2Q forecasts   [Jul-25-17 04:55PM  Associated Press]
▶ Altra Reports Second-Quarter 2017 Results   [07:00AM  GlobeNewswire]
Financial statements of AIMC
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