ST. LOUIS, Sept. 28, 2012 /PRNewswire/ -- Allied Healthcare
Products, Inc., (NASDAQ: AHPI) reported a loss for the fourth
quarter and fiscal year on sales depressed by the lingering effects
of recession and uncertainty about future healthcare
legislation.
Net loss for the fourth quarter ending June 30 was $156,000, or negative 2
cents per share, compared to net income of almost
$115,000, or 1
cent per share, for the previous year. Sales for the quarter
fell from about $12.1 million to
about $10.7 million, or about 11.6
percent, from the previous year.
For the fiscal year, Allied's net loss was $424,000, or a negative 5
cents per share, compared to net income of $204,000, or 3
cents per share, for the previous year. Sales for the year
declined from about $46.8 million to $43.4
million, or about 7.3 percent.
The one market that registered an increase for Allied was
international sales. Boosted by increases mostly from Central and
South America, international sales
increased about 5.5 percent to about $9.6
million during the fiscal year.
Allied incurred higher than expected costs for new products in
2012. "Capital expenditures of about $1.5
million supported new product development efforts," said
Earl Refsland, Allied Healthcare
Products president and chief executive officer. "We should see
positive sales results within the next two quarters from investment
in our new CO2 absorbent Litholyme® product."
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.
|
|
STATEMENT
OF OPERATIONS
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Three
months ended,
|
|
Twelve
months ended,
|
|
June
30,
|
|
June
30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$10,666,797
|
|
$12,101,826
|
|
$43,445,621
|
|
$46,783,436
|
|
Cost of
sales
|
8,171,756
|
|
9,068,116
|
|
33,484,512
|
|
35,780,657
|
|
Gross
profit
|
2,495,041
|
|
3,033,710
|
|
9,961,109
|
|
11,002,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses
|
2,727,227
|
|
2,813,753
|
|
10,610,858
|
|
10,593,869
|
|
Income
(loss) from operations
|
(232,186)
|
|
219,957
|
|
(649,749)
|
|
408,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(5,384)
|
|
(9,041)
|
|
(27,368)
|
|
(32,733)
|
|
Interest
expense
|
-
|
|
-
|
|
336
|
|
66
|
|
Other,
net
|
11,183
|
|
10,219
|
|
47,629
|
|
78,150
|
|
5,799
|
|
1,178
|
|
20,597
|
|
45,483
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision for
|
|
|
|
|
|
|
|
|
(benefit
from) income taxes
|
(237,985)
|
|
218,779
|
|
(670,346)
|
|
363,427
|
|
|
|
|
|
|
|
|
|
Provision
for (benefit from) income taxes
|
(81,623)
|
|
104,053
|
|
(245,920)
|
|
159,019
|
|
Net income
(loss)
|
($156,362)
|
|
$114,726
|
|
($424,426)
|
|
$204,408
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share - Basic
|
($0.02)
|
|
$0.01
|
|
($0.05)
|
|
$0.03
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share - Diluted
|
($0.02)
|
|
$0.01
|
|
($0.05)
|
|
$0.03
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding - Basic
|
8,124,386
|
|
8,124,386
|
|
8,124,386
|
|
8,107,313
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding - Diluted
|
8,124,386
|
|
8,136,743
|
|
8,124,386
|
|
8,124,957
|
|
ALLIED
HEALTHCARE PRODUCTS, INC.
|
|
BALANCE
SHEET
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
June 30,
2012
|
|
June 30,
2011
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
$
5,284,543
|
|
$
6,512,887
|
|
Accounts
receivable, net of allowances
|
|
|
|
|
of
$300,000
|
4,843,593
|
|
5,366,860
|
|
Inventories, net
|
10,001,226
|
|
10,553,289
|
|
Income tax
receivable
|
46,042
|
|
95,578
|
|
Other
current assets
|
400,677
|
|
213,745
|
|
Total current assets
|
20,576,081
|
|
22,742,359
|
|
Property,
plant and equipment, net
|
9,603,556
|
|
8,660,507
|
|
Other
assets, net
|
1,167,432
|
|
362,480
|
|
Total assets
|
$
31,347,069
|
|
$
31,765,346
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
1,797,144
|
|
$
1,644,910
|
|
Other
accrued liabilities
|
1,855,579
|
|
1,645,552
|
|
Deferred
income taxes
|
802,961
|
|
512,572
|
|
Deferred
revenue
|
114,700
|
|
688,200
|
|
Total current
liabilities
|
4,570,384
|
|
4,491,234
|
|
|
|
|
|
|
Deferred
revenue
|
-
|
|
114,700
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
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 June 30,
|
|
|
|
|
2012 and June 30, 2011; 8,124,386 shares outstanding
|
|
|
|
|
at
June 30, 2012 and June 30, 2011
|
104,279
|
|
104,279
|
|
Additional
paid-in capital
|
48,540,802
|
|
48,499,103
|
|
Accumulated deficit
|
(1,136,968)
|
|
(712,542)
|
|
Less
treasury stock, at cost; 2,303,492 shares at
|
|
|
|
|
June 30, 2012 and 2011
|
(20,731,428)
|
|
(20,731,428)
|
|
Total stockholders'
equity
|
26,776,685
|
|
27,159,412
|
|
Total liabilities and
stockholders' equity
|
$
31,347,069
|
|
$
31,765,346
|
SOURCE Allied Healthcare Products, Inc.