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Recession Leads to Sales Decline and Loss for Allied Healthcare Products in Fiscal 2010
Date:8/30/2010

ST. LOUIS, Aug. 30 /PRNewswire-FirstCall/ -- Recession-driven budget cuts by hospitals and governmental entities reduced sales for Allied Healthcare Products, Inc. (Nasdaq: AHPI) throughout fiscal 2010.  The company managed to offset much of the year's sales decline by cutting overhead and operating costs.  Still, the company reported a loss for the year.

For the fiscal year ending June 30, 2010, Allied sales fell about $6 million, or more than 11.7 percent, from about $52.1 million in 2009 to $46.0 million in the current fiscal year.  The cost of sales was reduced by 13.4 percent, from about $40.3 million to $34.9 million.  The company also cut its selling, general and administrative costs by about 8.5 percent, from about $13.0 million to $11.9 million in the current year.

The net loss for fiscal 2010 was $600,000, or a negative seven cents per basic and diluted share.  This compared to a loss of more than $16.8 million, or a negative $2.12 per basic and diluted share, for fiscal 2009.  The 2009 loss included the effect of a non-cash accounting charge of $16.0 million relating to the impairment of goodwill in the fourth quarter.  The 2009 goodwill impairment was caused by the decline of the Allied stock price in the year and a general downturn in orders caused by the recession.

Sales for the fourth quarter ending June 30, 2010, fell about 7.9 percent, from about $12.7 million to $11.7 million.  As it had throughout fiscal 2010, Allied reduced its cost of sales in the quarter by about 8.3 percent from approximately $9.6 million to less than $8.8 million.  The company also cut selling, general and administrative costs by about 18.2 percent, or $585,000, compared to the previous year.

Net income for the fourth quarter of fiscal 2010 was about $86,000, or one cent per basic and diluted share.  This compared
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SOURCE Allied Healthcare Products, Inc.
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