Navigation Links
Allied Healthcare Products Reports Narrow Loss for Quarter But Improves Year-Over-Year Performance
Date:11/5/2010

ST. LOUIS, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Despite difficult economic conditions, Allied Healthcare Products (Nasdaq: AHPI) managed to increase sales by 5.3 percent in the first quarter of fiscal year 2011. Sales increased by $600,000 to total $11.9 million compared to $11.3 million for the first quarter of fiscal 2010.

An unanticipated $350,000 in shipping and other start-up production costs for carbon dioxide absorbent products used in anesthesia procedures narrowly tipped the company into a net loss of about $88,000 for the quarter, or a negative one cent per basic and diluted share, compared to a loss of about $745,000, or a negative nine cents per basic and diluted share, for the previous year's quarter. Allied earnings in the prior year quarter were affected by a non-cash charge of $609,000 for the company's grant of stock options.

Allied Healthcare Products continued to exercise strict cost controls, reducing selling, general and administrative expenses by about $300,000, or 10.0 percent, compared to the previous year's first quarter and eliminating the effect of the $609,000 stock option expense in that period. Also, despite the net loss for the quarter, the company increased its cash balance to about $5.3 million at the end of the quarter.

A new Allied product – Litholyme™, a patented carbon dioxide absorbent formulation with the safety benefits of premium products but priced closer to non-premium offerings – has received "extremely positive" customer reviews, said Earl Refsland, president and chief executive officer, but is not expected to affect results until the third and fourth quarters.

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 products 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 products 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 September 30,20102009Net sales

$
,940,733$
,323,676Cost of sales

9,390,0068,920,800Gross profit

2,550,7272,402,876Selling, general and administrative expenses

2,684,5763,591,776Loss from operations

(133,849)(1,188,900)Interest income

(7,475)(984)Interest expense

662,413Other expense, net

15,10011,0147,69112,443Loss before benefit from income taxes

(141,540)(1,201,343)Benefit from income taxes

(53,785)(456,405)Net loss

$
(87,755)$
(744,938)Basic and diluted loss per share

$
(0.01)$
(0.09)Weighted average common shares   outstanding - basic and diluted

8,093,3867,988,321ALLIED HEALTHCARE PRODUCTS, INC.CONSOLIDATED BALANCE SHEET(UNAUDITED)September 30, 2010June 30, 2010ASSETSCurrent assets:Cash and cash equivalents

$
5,338,748$
5,263,324Accounts receivable, net of allowances of $300,000

5,617,6245,418,253Inventories, net

10,954,90911,155,456Income tax receivable

865,029877,665Other current assets

216,481221,840Total current assets

22,992,79122,936,538Property, plant and equipment, net

9,335,3699,661,395Other assets, net

330,023333,084Total assets

$
32,658,183$
32,931,017LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
2,186,504$
,950,446Other accrued liabilities

1,987,9562,241,259Deferred income taxes

426,889429,699Deferred revenue

688,200688,200Total current liabilities

5,289,5495,309,604Deferred revenue

630,850802,900Commitments and contingenciesStockholders' equity:   Preferred stock; $0.01 par value; 1,500,000 sharesauthorized; no shares issued and outstanding

--   Series A preferred stock; $0.01 par value; 200,000 sharesauthorized; no shares issued and outstanding

--   Common stock; $0.01 par value; 30,000,000 sharesauthorized; 10,396,878 shares issued at September 30,2010 and  June 30, 2010; 8,093,386 shares outstandingat September 30, 2010 and June 30, 2010

103,969103,969   Additional paid-in capital

48,369,94848,362,922   Accumulated deficit

(1,004,705)(916,950)   Less: treasury stock, at cost; 2,303,492 shares atSeptember 30, 2010 and June 30, 2010, respectively

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

26,737,78426,818,513Total liabilities and stockholders' equity

$
32,658,183$
32,931,017
'/>"/>

SOURCE Allied Healthcare Products, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Recession Continues to Depress Sales at Allied Healthcare Products
2. Allied Healthcare Products Returns to Profitability By Offsetting Depressed Sales with Cost Reductions
3. Allied Healthcare Announces Litholyme(TM) -- New CO2 Absorbent Used in Anesthesia
4. Recession Leads to Sales Decline and Loss for Allied Healthcare Products in Fiscal 2010
5. Allied Telesis, Hosted PACS Solutions Join Forces to Deliver Managed Cloud-Based Picture Archiving and Communications Systems (PACS) Services
6. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
7. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
8. ViroPharma to Present at Three Upcoming Healthcare Conferences
9. AIDS Healthcare Foundation Names Homayoon Khanlou, M.D. as its Chief of Medicine, U.S.
10. CEL-SCI CEO to Present Tomorrow at the Biotech / Pharma / Healthcare On-Line Forum
11. Tablet PC Technology Helps Doctors and Patients Focus on Chemotherapy Side Effects, According to Thomson Healthcare Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ANDOVER, Mass. and SAN CLEMENTE, Calif. ... California -based mobile pulmonary function testing company, is now ... portable PFT devices developed by ndd Medical Technologies , Inc. ... PFT testing done in hospital-based labs.  Thanks to ndd,s EasyOne PRO ... CA , can get any needed testing done in the ...
(Date:6/24/2016)... India , June 24, 2016 ... Needles Market by Type (Standard Pen Needles, Safety Pen ... Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, ... by MarketsandMarkets, This report studies the market for the ... expected to reach USD 2.81 Billion by 2021 from ...
(Date:6/24/2016)... Belgium , June 24, 2016 ... the appointment of Dr. Edward Futcher ... Non-Executive Director, effective June 23, 2016.Dr. Futcher was ... Nominations and Governance Committees.  As a non-executive member ... independent expertise and strategic counsel to VolitionRx in ...
Breaking Medicine Technology:
(Date:6/26/2016)... , ... June 26, 2016 , ... Brent Kasmer, a legally blind and certified personal ... personalized through a fitness app. The fitness app plans to fix the two major problems ... offer a one size fits all type program , They don’t eliminate all ...
(Date:6/25/2016)... ... June 25, 2016 , ... "With 30 hand-drawn hand ... project," said Christina Austin - CEO of Pixel Film Studios. , ProHand Cartoon’s ... within Final Cut Pro X . Simply select a ProHand generator and drag ...
(Date:6/25/2016)... ... 25, 2016 , ... Conventional wisdom preaches the benefits of moderation, whether it’s ... setting the bar too high can result in disappointment, perhaps even self-loathing. However, those ... goal. , Research from PsychTests.com reveals that behind the tendency to ...
(Date:6/24/2016)... ... 24, 2016 , ... The Pulmonary Hypertension Association (PHA) learned ... receive two significant new grants to support its work to advance research and ... by recognizing patients, medical professionals and scientists for their work in fighting pulmonary ...
(Date:6/24/2016)... TX (PRWEB) , ... June 24, 2016 , ... People ... part in Genome magazine’s Code Talker Award, an essay contest in which patients and ... an award to be presented at the 2016 National Society of Genetic Counselors (NSGC) ...
Breaking Medicine News(10 mins):