Attached files
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10-Q - ALLIED HEALTHCARE PRODUCTS INC | v210370_10q.htm |
EX-32.2 - ALLIED HEALTHCARE PRODUCTS INC | v210370_ex32-2.htm |
EX-31.1 - ALLIED HEALTHCARE PRODUCTS INC | v210370_ex31-1.htm |
EX-31.2 - ALLIED HEALTHCARE PRODUCTS INC | v210370_ex31-2.htm |
EX-32.1 - ALLIED HEALTHCARE PRODUCTS INC | v210370_ex32-1.htm |
Exhibit
99.1
Contact:
|
Daniel
C. Dunn
|
Chief
Financial Officer
|
|
314/771-2400
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Allied
Healthcare Products Reports Modest Profit for Quarter
ST.
LOUIS, February 8, 2011 –
With its governmental markets still depressed, Allied Healthcare Products
(NASDAQ: AHPI) earned a modest profit in the second quarter of fiscal year 2011
and improvement in its year-over-year performance.
Net income for the quarter ending
December 31, was $117,000, or 1 cent per basic and diluted share, compared to
$22,000, or zero cents per share, for the previous year’s quarter. For the first
two quarters of the fiscal year, net income was about $29,000, or zero cents per
basic and diluted share, compared to a loss of $723,000, or a negative 9 cents
per share, for the previous year’s first two quarters. Allied earnings in the
previous year were affected by a non-cash charge of $609,000 for a grant of
stock options.
Sales for the second quarter totaled
about $11.4 million, slightly below the mark set in the previous year’s quarter.
For the first six months of the fiscal year, sales increased by about $605,000,
or 2.7 percent, to about $23.3 million.
Unanticipated costs of about $280,000
associated with the introduction of a new product depressed results for the
quarter. Most of those costs were a one-time event.
In the first half of the fiscal year,
prices for commodity materials such as brass and steel increased 8 percent.
Still, Allied managed to hold overall purchased material costs to an increase of
less than 1 percent. Also, the company reduced selling, general and
administrative (SG&A) costs by about 10 percent for the quarter, the second
consecutive quarter in which significant SG&A reductions were
achieved.
“Our cost structure is strong, so we
are well-positioned to take advantage of an upturn in the market,” said Earl
Refsland, Allied 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.
##
ALLIED
HEALTHCARE PRODUCTS, INC.
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CONSOLIDATED
STATEMENT OF OPERATIONS
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(UNAUDITED)
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Three
months ended,
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Six
months ended,
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|||||||||||||||
December
31,
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December
31,
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|||||||||||||||
2010
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2009
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2010
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2009
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|||||||||||||
Net
sales
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$ | 11,402,681 | $ | 11,414,908 | $ | 23,343,414 | $ | 22,738,584 | ||||||||
Cost
of sales
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8,592,712 | 8,470,169 | 17,982,718 | 17,390,969 | ||||||||||||
Gross
profit
|
2,809,969 | 2,944,739 | 5,360,696 | 5,347,615 | ||||||||||||
Selling
General and administrative expenses
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2,600,734 | 2,900,113 | 5,285,310 | 6,491,891 | ||||||||||||
Income
(loss) from operations
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209,235 | 44,626 | 75,386 | (1,144,276 | ) | |||||||||||
Interest
income
|
(8,067 | ) | (464 | ) | (15,542 | ) | (1,448 | ) | ||||||||
Interest
expense
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- | 162 | 66 | 2,574 | ||||||||||||
Other,
net
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28,410 | 11,785 | 43,509 | 22,798 | ||||||||||||
20,343 | 11,483 | 28,033 | 23,924 | |||||||||||||
Income
(loss) before provision for
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||||||||||||||||
(benefit
from) income taxes
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188,892 | 33,143 | 47,353 | (1,168,200 | ) | |||||||||||
Provision
for (benefit from) income taxes
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71,779 | 11,573 | 17,994 | (444,832 | ) | |||||||||||
Net
income (loss)
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$ | 117,113 | $ | 21,570 | $ | 29,359 | $ | (723,368 | ) | |||||||
Net
income (loss) per share - Basic
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$ | 0.01 | $ | 0.00 | $ | 0.00 | $ | (0.09 | ) | |||||||
Net
income (loss) per share - Diluted
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$ | 0.01 | $ | 0.00 | $ | 0.00 | $ | (0.09 | ) | |||||||
Weighted
average common shares outstanding - Basic
|
8,098,366 | 8,092,734 | 8,095,876 | 8,040,528 | ||||||||||||
Weighted
average common shares outstanding - Diluted
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8,119,386 | 8,217,103 | 8,114,724 | 8,040,528 |
ALLIED
HEALTHCARE PRODUCTS, INC.
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CONSOLIDATED
BALANCE SHEET
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(UNAUDITED)
|
December
31, 2010
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June
30, 2010
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|||||||
ASSETS
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||||||||
Current
assets:
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||||||||
Cash
and cash equivalents
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$ | 6,239,426 | $ | 5,263,324 | ||||
Accounts
receivable, net of allowances
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||||||||
of
$300,000
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4,224,975 | 5,418,253 | ||||||
Inventories,
net
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11,423,933 | 11,155,456 | ||||||
Income
tax receivable
|
811,347 | 877,665 | ||||||
Other
current assets
|
237,635 | 221,840 | ||||||
Total
current assets
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22,937,316 | 22,936,538 | ||||||
Property,
plant and equipment, net
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9,015,107 | 9,661,395 | ||||||
Other
assets, net
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326,961 | 333,084 | ||||||
Total
assets
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$ | 32,279,384 | $ | 32,931,017 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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||||||||
Current
liabilities:
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||||||||
Accounts
payable
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$ | 2,123,410 | $ | 1,950,446 | ||||
Other
accrued liabilities
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1,653,519 | 2,241,259 | ||||||
Deferred
income taxes
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425,036 | 429,699 | ||||||
Deferred
revenue
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688,200 | 688,200 | ||||||
Total
current liabilities
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4,890,165 | 5,309,604 | ||||||
Deferred
revenue
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458,800 | 802,900 | ||||||
Commitments
and contingencies
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||||||||
Stockholders'
equity:
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||||||||
Preferred
stock; $0.01 par value; 1,500,000 shares
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||||||||
authorized;
no shares issued and outstanding
|
- | - | ||||||
Series
A preferred stock; $0.01 par value; 200,000 shares
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||||||||
authorized;
no shares issued and outstanding
|
- | - | ||||||
Common
stock; $0.01 par value; 30,000,000 shares
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||||||||
authorized;
10,415,709 and 10,396,878 shares issued
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||||||||
at
December 31, 2010 and June 30, 2010, respectively;
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||||||||
8,112,217
and 8,093,386 shares outstanding at
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||||||||
December
31, 2010 and June 30, 2010, respectively
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104,157 | 103,969 | ||||||
Additional
paid-in capital
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48,445,281 | 48,362,922 | ||||||
Accumulated
deficit
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(887,591 | ) | (916,950 | ) | ||||
Less
treasury stock, at cost; 2,303,492 shares at
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||||||||
December
31, 2010 and June 30, 2010, respectively
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(20,731,428 | ) | (20,731,428 | ) | ||||
Total
stockholders' equity
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26,930,419 | 26,818,513 | ||||||
Total
liabilities and stockholders' equity
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$ | 32,279,384 | $ | 32,931,017 |