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Allied Healthcare Products Reports Loss on Sales Decline

ST. LOUIS, May 10, 2012 /PRNewswire/ -- Challenged by weak demand in its domestic markets, Allied Healthcare Products Inc. (NASDAQ: AHPI) reported a loss for the third quarter of fiscal year 2012 on a decline in sales.

Net income for the quarter ending March 31 was a negative $146,000, or negative 2 cents per basic and diluted share, versus net income of $60,000, or 1 cent per share, for the prior year. Sales for the quarter declined from about $11.3 million to $10.7 million, or about 5.3 percent, from the previous year.

For the first three quarters of the 2012 fiscal year, net income fell from almost $90,000, or 1 cent per basic and diluted share, to a negative $268,000, or a negative 3 cents per share. Sales for the first three quarters declined from about $34.7 million to $32.8 million, or about 5.5 percent, compared to the previous year.

The bright spot in the sales picture was international sales which increased about 12.9 percent over the previous year's quarter and by about 6.4 percent for the first three quarters.

Commodity prices increased about 12.4 percent over the previous year. However, cost reduction projects in manufacturing offset increased material costs.

Allied will introduce cartridges that will facilitate use of its CO2 absorbent Litholyme® product in the fourth quarter of 2012, said Earl Refsland, Allied Healthcare Products president and chief executive officer.

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.CONSOLIDATED STATEMENT OF OPERATIONS(UNAUDITED)Three months ended,Nine months ended,March 31,March 31,2012201120122011Net sales

$10,702,421$11,338,196$32,778,824$34,681,610Cost of sales

8,377,3078,729,82325,312,75626,712,541Gross profit

2,325,1142,608,3737,466,0687,969,069Selling General and administrative expenses

2,555,6492,494,8067,883,6317,780,116Income (loss) from operations

(230,535)113,567(417,563)188,953Interest income

(5,692)(8,150)(21,984)(23,692)Interest expense

--33666Other, net

10,29724,42136,44667,9314,60516,27114,79844,305Income (loss) before provision for(benefit from) income taxes

(235,140)97,296(432,361)144,648Provision for (benefit from) income taxes

(89,353)36,972(164,297)54,966Net income (loss)

($145,787)$60,324($268,064)$89,682Net income (loss) per share - Basic 

($0.02)$0.01($0.03)$0.01Net income (loss) per share - Diluted

($0.02)$0.01($0.03)$0.01Weighted average common shares outstanding - Basic

8,124,3868,113,4348,124,3868,101,643Weighted average common shares outstanding - Diluted

8,124,3868,195,1748,124,3868,121,042ALLIED HEALTHCARE PRODUCTS, INC.CONSOLIDATED BALANCE SHEET(UNAUDITED)March 31, 2012June 30, 2011ASSETSCurrent assets:Cash and cash equivalents

,512,887Accounts receivable, net of allowances  of $300,000

4,123,9405,366,860Inventories, net

10,338,00310,553,289Income tax receivable

-95,578Other current assets

665,404213,745Total current assets

21,502,63222,742,359Property, plant and equipment, net

9,307,6478,660,507Other assets, net

562,112362,480Total assets

31,765,346LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

,644,910Other accrued liabilities

2,073,8991,645,552Deferred income taxes

499,417512,572Deferred revenue

286,750688,200Total current liabilities

4,448,1574,491,234Deferred revenue

-114,700Commitments and contingenciesStockholders' equity:Preferred stock; $0.01 par value; 1,500,000 shares

--  authorized; no shares issued and outstandingSeries A preferred stock; $0.01 par value; 200,000 shares

--  authorized; no shares issued and outstandingCommon stock; $0.01 par value; 30,000,000 shares  authorized; 10,427,878 shares issued at March 31,   2012 and June 30, 2011; 8,124,386 shares outstanding  at March 31, 2012 and June 30, 2011

104,279104,279Additional paid-in capital

48,531,98948,499,103Accumulated deficit

(980,606)(712,542)Less treasury stock, at cost; 2,303,492 shares atMarch 31, 2012 and June 30, 2011

(20,731,428)(20,731,428)Total stockholders' equity

26,924,23427,159,412Total liabilities and stockholders' equity


SOURCE Allied Healthcare Products, Inc.
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