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Allied Healthcare Reports First Quarter Loss
Date:11/7/2012

ST. LOUIS, Nov. 7, 2012 /PRNewswire/ -- Allied Healthcare Products, Inc., (NASDAQ: AHPI) reported a loss for the first quarter with sales that continue to be dampened by a restrained economy and uncertainties in U.S. healthcare markets about future national policy.

The net loss for the first quarter ending September 30 was about $411,000, or a negative 5 cents per share, versus a loss of about $145,000, or a negative 2 cents per share, for the previous year. Sales for the current quarter declined from about $11.4 million to about $9.3 million, or about 18.4 percent, from the previous year.

International orders increased strongly from the previous year, from about $2.4 million to about $2.7 million, or about 12.5 percent. However, about one-fourth of the order volume was not ordered for immediate shipment during the first quarter.

Allied also saw growth in sales from the introduction of its new CO2 absorbent Litholyme® product.  Sales for CO2 absorbents increased by 29 percent over the previous year sales. 

"We expect to see continued growth in Litholyme® sales throughout this fiscal year," 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 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 30,20122011Net sales

$
9,287,091$
,395,008Cost of sales

7,308,1168,988,991Gross profit

1,978,9752,406,017Selling, general and administrative expenses

2,638,5752,634,089Loss from operations

(659,600)(228,072)Interest income

(4,226)(8,994)Interest expense

-336Other expense, net

7,58114,4053,3555,747Loss before benefit from income taxes

(662,955)(233,819)Benefit from income taxes

(251,923)(88,851)Net loss

$
(411,032)$
(144,968)Basic and diluted loss per share

$
(0.05)$
(0.02)Weighted average common sharesoutstanding - basic and diluted

8,124,3868,124,386 

 

 ALLIED HEALTHCARE PRODUCTS, INC.CONSOLIDATED BALANCE SHEET(UNAUDITED)September 30, 2012June 30, 2012ASSETSCurrent assets:Cash and cash equivalents

$
5,386,060$
5,284,543Accounts receivable, net of allowances  of $300,000

3,703,3484,843,593Inventories, net

10,341,12310,001,226Income tax receivable

301,94446,042Other current assets

658,107400,677Total current assets

20,390,58220,576,081Property, plant and equipment, net

9,581,0089,603,556Other assets, net

1,151,7951,167,432Total assets

$
31,123,385$
31,347,069LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
,834,952$
,797,144Other accrued liabilities

2,112,9641,855,579Deferred income taxes

798,392802,961Deferred revenue

-114,700Total current liabilities

4,746,3084,570,384Commitments 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 September 30,   2012 and June 30, 2012; 8,124,386 shares outstanding  at September 30, 2012 and June 30, 2012

104,279104,279Additional paid-in capital

48,552,22648,540,802Accumulated deficit

(1,548,000)(1,136,968)Less treasury stock, at cost; 2,303,492 shares atSeptember 30, 2012 and June 30, 2012

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

26,377,07726,776,685Total liabilities and stockholders' equity

$
31,123,385$
31,347,069


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SOURCE Allied Healthcare Products, Inc.
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