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Allied Healthcare's Net Suffers on Flat Sales, Performance Issues
Date:2/8/2008

ST. LOUIS, Feb. 8 /PRNewswire-FirstCall/ -- Allied Healthcare Products, Inc. (Nasdaq: AHPI) reported today that its net income in the second quarter ending December 31 fell almost 98 percent from $293,000 last year, or 4 cents per share, to about $6,500 in the current quarter, or zero cents per share.

For the first half of the 2008 fiscal year ending December 31, net income fell about 81 percent, from about $495,000 last year, or six cents per share, to about $93,500, or one cent per share, in the current fiscal year.

Customer orders for the first two quarters of fiscal 2008 were consistent with those of the prior year, declining only about $235,000. Sales, however, which depend on customer purchase order releases, declined about $1,000,000 or 3.6 percent, for the first two quarters of this fiscal year. Customer release rates are expected to return to more normal levels in the second half of the year, Allied said.

The sharp decline in net income resulted from gross margins that fell by about $960,000 compared to last year. Low production levels, caused by lower sales, combined with decreases in inventory to result in lower absorption of fixed costs. Also, cost reduction programs to offset higher labor and material costs did not take effect as planned in the first two quarters.

Material costs increased by 2.2 percent and labor costs by 4.5 percent compared to the previous year, Allied said. "Those increases should have been offset by cost reduction efforts, but we failed to execute in the first two quarters," said Earl Refsland, Allied president and chief executive officer. Difficulties in introducing a new product contributed to production delays, Refsland said.

"We know what we have to do to correct pro
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SOURCE Allied Healthcare Products, Inc.
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