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.
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ALLIED
HEALTHCARE PRODUCTS, INC.
|
|
CONSOLIDATED STATEMENT OF
OPERATIONS
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three
months ended,
|
|
Nine
months ended,
|
|
March
31,
|
|
March
31,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$10,702,421
|
|
$11,338,196
|
|
$32,778,824
|
|
$34,681,610
|
|
Cost of
sales
|
8,377,307
|
|
8,729,823
|
|
25,312,756
|
|
26,712,541
|
|
Gross
profit
|
2,325,114
|
|
2,608,373
|
|
7,466,068
|
|
7,969,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
General and administrative expenses
|
2,555,649
|
|
2,494,806
|
|
7,883,631
|
|
7,780,116
|
|
Income
(loss) from operations
|
(230,535)
|
|
113,567
|
|
(417,563)
|
|
188,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(5,692)
|
|
(8,150)
|
|
(21,984)
|
|
(23,692)
|
|
Interest
expense
|
-
|
|
-
|
|
336
|
|
66
|
|
Other,
net
|
10,297
|
|
24,421
|
|
36,446
|
|
67,931
|
|
4,605
|
|
16,271
|
|
14,798
|
|
44,305
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision for
|
|
|
|
|
|
|
|
|
(benefit
from) income taxes
|
(235,140)
|
|
97,296
|
|
(432,361)
|
|
144,648
|
|
|
|
|
|
|
|
|
|
Provision
for (benefit from) income taxes
|
(89,353)
|
|
36,972
|
|
(164,297)
|
|
54,966
|
|
Net income
(loss)
|
($145,787)
|
|
$60,324
|
|
($268,064)
|
|
$89,682
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share - Basic
|
($0.02)
|
|
$0.01
|
|
($0.03)
|
|
$0.01
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share - Diluted
|
($0.02)
|
|
$0.01
|
|
($0.03)
|
|
$0.01
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding - Basic
|
8,124,386
|
|
8,113,434
|
|
8,124,386
|
|
8,101,643
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding - Diluted
|
8,124,386
|
|
8,195,174
|
|
8,124,386
|
|
8,121,042
|
|
|
|
|
|
|
|
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ALLIED
HEALTHCARE PRODUCTS, INC.
|
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CONSOLIDATED BALANCE SHEET
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
March 31,
2012
|
|
June 30,
2011
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
$
6,375,285
|
|
$
6,512,887
|
|
Accounts
receivable, net of allowances
|
|
|
|
|
of
$300,000
|
4,123,940
|
|
5,366,860
|
|
Inventories, net
|
10,338,003
|
|
10,553,289
|
|
Income tax
receivable
|
-
|
|
95,578
|
|
Other
current assets
|
665,404
|
|
213,745
|
|
Total current assets
|
21,502,632
|
|
22,742,359
|
|
Property,
plant and equipment, net
|
9,307,647
|
|
8,660,507
|
|
Other
assets, net
|
562,112
|
|
362,480
|
|
Total assets
|
$
31,372,391
|
|
$
31,765,346
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
1,588,091
|
|
$
1,644,910
|
|
Other
accrued liabilities
|
2,073,899
|
|
1,645,552
|
|
Deferred
income taxes
|
499,417
|
|
512,572
|
|
Deferred
revenue
|
286,750
|
|
688,200
|
|
Total current
liabilities
|
4,448,157
|
|
4,491,234
|
|
|
|
|
|
|
Deferred
revenue
|
-
|
|
114,700
|
|
|
|
|
|
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Commitments and contingencies
|
|
|
|
|
|
|
|
|
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Stockholders' equity:
|
|
|
|
|
Preferred
stock; $0.01 par value; 1,500,000 shares
|
-
|
|
-
|
|
authorized; no shares issued and outstanding
|
|
|
|
|
Series A
preferred stock; $0.01 par value; 200,000 shares
|
-
|
|
-
|
|
authorized; no shares issued and outstanding
|
|
|
|
|
Common
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
|
104,279
|
|
104,279
|
|
Additional
paid-in capital
|
48,531,989
|
|
48,499,103
|
|
Accumulated deficit
|
(980,606)
|
|
(712,542)
|
|
Less
treasury stock, at cost; 2,303,492 shares at
|
|
|
|
|
March 31, 2012 and June 30,
2011
|
(20,731,428)
|
|
(20,731,428)
|
|
Total stockholders'
equity
|
26,924,234
|
|
27,159,412
|
|
Total liabilities and
stockholders' equity
|
$
31,372,391
|
|
$
31,765,346
|
SOURCE Allied Healthcare Products, Inc.