September 28, 2012 at 12:45 PM EDT
Allied Healthcare Reports Loss On Depressed Sales

ST. LOUIS, Sept. 28, 2012 /PRNewswire/ -- Allied Healthcare Products, Inc., (NASDAQ: AHPI) reported a loss for the fourth quarter and fiscal year on sales depressed by the lingering effects of recession and uncertainty about future healthcare legislation.

Net loss for the fourth quarter ending June 30 was $156,000, or negative 2 cents per share, compared to net income of almost $115,000, or 1 cent per share, for the previous year. Sales for the quarter fell from about $12.1 million to about $10.7 million, or about 11.6 percent, from the previous year.

For the fiscal year, Allied's net loss was $424,000, or a negative 5 cents per share, compared to net income of $204,000, or 3 cents per share, for the previous year. Sales for the year declined from about $46.8 million to $43.4 million, or about 7.3 percent.

The one market that registered an increase for Allied was international sales. Boosted by increases mostly from Central and South America, international sales increased about 5.5 percent to about $9.6 million during the fiscal year.

Allied incurred higher than expected costs for new products in 2012. "Capital expenditures of about $1.5 million supported new product development efforts," said Earl Refsland, Allied Healthcare Products president and chief executive officer. "We should see positive sales results within the next two quarters from investment in our new CO2 absorbent Litholyme® product."

Allied Healthcare Products manufactures a variety of respiratory products used in the healthcare industry in a range of hospital and alternate care settings including sub-acute facilities, home healthcare and emergency medical care. Allied product lines include respiratory care products, medical gas equipment and emergency medical products. Allied products are marketed to hospitals, hospital equipment dealers, hospital construction contractors, home healthcare dealers and emergency medical product dealers.

"SAFE HARBOR" STATEMENT: Statements contained in this release that are not historical facts or information are "forward-looking statements."  Words such as "believe," "expect," "intend," "will," "should," and other expressions that indicate future events and trends identify such forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome and future results of operations and financial condition to be materially different than stated or anticipated based on the forward-looking statements. Such risks and uncertainties include both general economic risks and uncertainties, risks and uncertainties affecting the demand for and economic factors affecting the delivery of health care services, and specific matters which relate directly to the Company's operations and properties as discussed in its periodic filings with the Securities and Exchange Commission. The Company cautions that any forward-looking statement contained in this report reflects only the belief of the Company or its management at the time the statement was made. Although the Company believes such forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately prove inaccurate or incomplete. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement was made.

 

ALLIED HEALTHCARE PRODUCTS, INC.

STATEMENT OF OPERATIONS

(UNAUDITED)










Three months ended,


Twelve months ended,


June 30,


June 30,


2012


2011


2012


2011









Net sales

$10,666,797


$12,101,826


$43,445,621


$46,783,436

Cost of sales

8,171,756


9,068,116


33,484,512


35,780,657

Gross profit

2,495,041


3,033,710


9,961,109


11,002,779

















Selling, general and administrative expenses

2,727,227


2,813,753


10,610,858


10,593,869

Income (loss) from operations

(232,186)


219,957


(649,749)


408,910

















Interest income

(5,384)


(9,041)


(27,368)


(32,733)

Interest expense

-


-


336


66

Other, net

11,183


10,219


47,629


78,150


5,799


1,178


20,597


45,483









Income (loss) before provision for








(benefit from) income taxes

(237,985)


218,779


(670,346)


363,427









Provision for (benefit from) income taxes

(81,623)


104,053


(245,920)


159,019

Net income (loss)

($156,362)


$114,726


($424,426)


$204,408









Net income (loss) per share - Basic 

($0.02)


$0.01


($0.05)


$0.03









Net income (loss) per share - Diluted

($0.02)


$0.01


($0.05)


$0.03









Weighted average common shares outstanding - Basic

8,124,386


8,124,386


8,124,386


8,107,313









Weighted average common shares outstanding - Diluted

8,124,386


8,136,743


8,124,386


8,124,957

 

 

ALLIED HEALTHCARE PRODUCTS, INC.

BALANCE SHEET

(UNAUDITED)








June 30, 2012


June 30, 2011

ASSETS




Current assets:





Cash and cash equivalents

$           5,284,543


$         6,512,887


Accounts receivable, net of allowances





  of $300,000

4,843,593


5,366,860


Inventories, net

10,001,226


10,553,289


Income tax receivable

46,042


95,578


Other current assets

400,677


213,745


    Total current assets

20,576,081


22,742,359


Property, plant and equipment, net

9,603,556


8,660,507


Other assets, net

1,167,432


362,480


    Total assets

$         31,347,069


$       31,765,346






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





Accounts payable

$           1,797,144


$         1,644,910


Other accrued liabilities

1,855,579


1,645,552


Deferred income taxes

802,961


512,572


Deferred revenue

114,700


688,200


    Total current liabilities

4,570,384


4,491,234






Deferred revenue

-


114,700






Commitments and contingencies









Stockholders' equity:





Preferred stock; $0.01 par value; 1,500,000 shares

-


-


  authorized; no shares issued and outstanding





Series A preferred stock; $0.01 par value; 200,000 shares

-


-


  authorized; no shares issued and outstanding





Common stock; $0.01 par value; 30,000,000 shares





  authorized; 10,427,878 shares issued at June 30,





  2012 and June 30, 2011; 8,124,386 shares outstanding





  at June 30, 2012 and June 30, 2011

104,279


104,279


Additional paid-in capital

48,540,802


48,499,103


Accumulated deficit

(1,136,968)


(712,542)


Less treasury stock, at cost; 2,303,492 shares at





   June 30, 2012 and 2011

(20,731,428)


(20,731,428)


    Total stockholders' equity

26,776,685


27,159,412


    Total liabilities and stockholders' equity

$         31,347,069


$       31,765,346

 

 

SOURCE Allied Healthcare Products, Inc.

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