Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - ALLIED HEALTHCARE PRODUCTS INC | v359514_10q.htm |
| EX-31.1 - EXHIBIT 31.1 - ALLIED HEALTHCARE PRODUCTS INC | v359514_ex31-1.htm |
| EX-32.1 - EXHIBIT 32.1 - ALLIED HEALTHCARE PRODUCTS INC | v359514_ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - ALLIED HEALTHCARE PRODUCTS INC | v359514_ex31-2.htm |
| EX-32.2 - EXHIBIT 32.2 - ALLIED HEALTHCARE PRODUCTS INC | v359514_ex32-2.htm |
| EXCEL - IDEA: XBRL DOCUMENT - ALLIED HEALTHCARE PRODUCTS INC | Financial_Report.xls |
Exhibit 99.1
Contact: Daniel C. Dunn
Chief Financial Officer
314/771-2400
Allied Healthcare Products Reports Loss
On Depressed Sales
ST. LOUIS, November 13, 2013 – Allied Healthcare Products, Inc., (NASDAQ: AHPI) reported a loss in the first quarter of its 2014 fiscal year on sales depressed by continuing sluggish economic conditions in the hospital market and related uncertainty about how new healthcare legislation will evolve.
The net loss for the first quarter ending September 30 was about $591,000, or a negative 7 cents per basic and diluted share. That compares to a net loss in the prior year of about $411,000, or 5 cents per share.
Sales for the first quarter of fiscal 2014 declined from about $9.3 million for the prior year to about $8.7 million, or about 6 percent.
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, the outcome of litigation proceedings 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.
STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended September 30, | ||||||||
| 2013 | 2012 | |||||||
| Net sales | $ | 8,708,297 | $ | 9,287,091 | ||||
| Cost of sales | 6,947,731 | 7,308,116 | ||||||
| Gross profit | 1,760,566 | 1,978,975 | ||||||
| Selling, general and administrative expenses | 2,622,202 | 2,638,575 | ||||||
| Loss from operations | (861,636 | ) | (659,600 | ) | ||||
| Interest income | (1,890 | ) | (4,226 | ) | ||||
| Other expense, net | 8,723 | 7,581 | ||||||
| 6,833 | 3,355 | |||||||
| Loss before benefit from income taxes | (868,469 | ) | (662,955 | ) | ||||
| Benefit from income taxes | (277,910 | ) | (251,923 | ) | ||||
| Net loss | $ | (590,559 | ) | $ | (411,032 | ) | ||
| Basic and diluted loss per share | $ | (0.07 | ) | $ | (0.05 | ) | ||
Weighted average common shares outstanding - basic and diluted | 8,027,147 | 8,124,386 | ||||||
ALLIED HEALTHCARE PRODUCTS, INC.
BALANCE SHEET
(UNAUDITED)
| September 30, 2013 | June 30, 2013 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,077,132 | $ | 3,687,919 | ||||
Accounts receivable, net of allowances of $170,000 | 3,625,782 | 4,221,970 | ||||||
| Inventories, net | 10,245,692 | 9,338,343 | ||||||
| Income tax receivable | 48,520 | 36,766 | ||||||
| Other current assets | 606,946 | 420,978 | ||||||
| Total current assets | 17,604,072 | 17,705,976 | ||||||
| Property, plant and equipment, net | 9,618,798 | 9,722,344 | ||||||
| Deferred income taxes | 1,943,627 | 1,667,699 | ||||||
| Other assets, net | 228,824 | 242,712 | ||||||
| Total assets | $ | 29,395,321 | $ | 29,338,731 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,695,665 | $ | 1,317,202 | ||||
| Other accrued liabilities | 2,126,954 | 1,861,241 | ||||||
| Deferred income taxes | 843,557 | 845,539 | ||||||
| Total current liabilities | 4,666,176 | 4,023,982 | ||||||
| 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 September 30, 2013 and June 30, 2013; 8,027,147 shares outstanding at September 30, 2013 and June 30, 2013 | 104,279 | 104,279 | ||||||
| Additional paid-in capital | 48,589,954 | 48,584,999 | ||||||
| Accumulated deficit | (2,984,300 | ) | (2,393,741 | ) | ||||
Less treasury stock, at cost; 2,400,731 shares at September 30, 2013 and June 30, 2013 | (20,980,788 | ) | (20,980,788 | ) | ||||
| Total stockholders' equity | 24,729,145 | 25,314,749 | ||||||
| Total liabilities and stockholders' equity | $ | 29,395,321 | $ | 29,338,731 | ||||