Navigation Links
Allied Healthcare Products Reports Loss On Depressed Sales
Date:5/10/2013

ST. LOUIS, May 10, 2013 /PRNewswire/ -- The continuing recession in domestic hospital equipment and a dip in international sales resulted in a loss for Allied Healthcare Products (NASDAQ: AHPI) in its third quarter of fiscal year 2013.

Net loss for the quarter ending March 31, 2013, was about $280,000, or a negative 3 cents per basic and diluted share, versus a loss of about $146,000, or a negative 2 cents per basic and diluted share, for the prior year. Sales for the third quarter fell from about $10.7 million to about $9.2 million, or almost 14 percent, from the previous year.

For the first three quarters of fiscal 2013, Allied's net loss was $1,158,800 or a negative 14 cents per basic and diluted share, compared to a loss of about $268,000, or negative 3 cents per basic and diluted share, for the prior year. Sales for the company's first three quarters declined from about $32.8 million to $28.4 million, or about 13 percent, from the previous year.

Formerly healthy international sales flattened in the quarter. A major impact was the lack of sales in Venezuela following the illness and death of President Hugo Chavez .

The company is beginning to see good growth in sales with its new carbon dioxide absorbent Litholyme®, used in anesthesia procedures, according to Earl Refsland , Allied president and chief executive officer. "As the market becomes aware of the product's economic and safety benefits, we believe sales will accelerate accordingly," Refsland said.

In a one-time event, Allied booked about $516,000 in income in January 2013 from the demutualization and sale of its product liability insurer.

In what will be a recurring expense, Allied paid a new excise tax on medical devices levied as part of the Affordable Care Act. The tax is 2.3 percent on certain devices and cost Allied $70,000 in the third quarter.

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,Nine months ended,March 31,March 31,2013201220132012Net sales

$9,210,369$10,702,421$28,418,882$32,778,824Cost of sales

7,530,8168,377,30722,654,42125,312,756Gross profit

1,679,5532,325,1145,764,4617,466,068Selling General and administrative expenses

2,639,9762,555,6498,135,6167,883,631Income (loss) from operations

(960,423)(230,535)(2,371,155)(417,563)Interest income

(2,500)(5,692)(9,547)(21,984)Interest expense

---336Other, net

(507,792)10,297(492,566)36,446(510,292)4,605(502,113)14,798Income (loss) before provision for(benefit from) income taxes

(450,131)(235,140)(1,869,042)(432,361)Provision for (benefit from) income taxes

(171,050)(89,353)(710,236)(164,297)Net income (loss)

($279,081)($145,787)($1,158,806)($268,064)Net income (loss) per share - Basic 

($0.03)($0.02)($0.14)($0.03)Net income (loss) per share - Diluted

($0.03)($0.02)($0.14)($0.03)Weighted average common shares outstanding - Basic

8,029,0768,124,3868,085,0918,124,386Weighted average common shares outstanding - Diluted

8,029,0768,124,3868,085,0918,124,386 ALLIED HEALTHCARE PRODUCTS, INC.BALANCE SHEET(UNAUDITED)March 31, 2013June 30, 2012ASSETSCurrent assets:Cash and cash equivalents

$
4,327,408$
5,284,543Accounts receivable, net of allowances  of $300,000

3,434,7144,843,593Inventories, net

9,725,28410,001,226Income tax receivable

-46,042Other current assets

500,360400,677Total current assets

17,987,76620,576,081Property, plant and equipment, net

9,552,0159,603,556Deferred income taxes

1,611,490867,422Other assets, net

256,599300,010Total assets

$
29,407,870$
31,347,069LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
,313,073$
,797,144Other accrued liabilities

1,903,3781,855,579Deferred income taxes

789,668802,961Deferred revenue

-114,700Total current liabilities

4,006,1194,570,384Commitments and contingenciesStockholders' equity:Preferred stock; $0.01 par value; 1,500,000 shares

--  authorized; no shares issued and outstandingSeries A preferred stock; $0.01 par value; 200,000 shares

--  authorized; no shares issued and outstandingCommon stock; $0.01 par value; 30,000,000 shares  authorized; 10,427,878 shares issued at March 31,   2013 and June 30, 2012; 8,027,147 and 8,124,386 shares  outstanding at March 31, 2013 and June 30, 2012, respectively

104,279104,279Additional paid-in capital

48,574,03448,540,802Accumulated deficit

(2,295,774)(1,136,968)Less treasury stock, at cost; 2,400,731 and 2,303,492 shares atMarch 31, 2013 and June 30, 2012

(20,980,788)(20,731,428)Total stockholders' equity

25,401,75126,776,685Total liabilities and stockholders' equity

$
29,407,870$
31,347,069


'/>"/>
SOURCE Allied Healthcare Products, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Allied Healthcare Products Reports Second Quarter Loss
2. Allied Healthcare Reports First Quarter Loss
3. Allied Healthcare Products Reports Loss on Sales Decline
4. BidMed Awarded Equipment Liquidation and Related Services Agreement with the Premier Healthcare Alliance
5. Millennium HealthCare Signs Exclusive Distribution Agreement with Heart Smart Inc.
6. Cynosure to Present at UBS Global Healthcare Conference
7. Smart Water Leadership Summit Focused On Waterborne Disease Prevention in Healthcare Facilities To Be Held In Chicago June 6 & 7
8. Millennium HealthCare Signs Distribution Agreement with Atossa Genetics
9. Change Healthcares Clayton Nicholas to Speak on "Game Mechanics and Other Game Changers in Benefits Education" at IHC Forum East
10. Medifirst Solutions, Inc. Announces New Healthcare And Wellness Division
11. XBiotech to Present at UBS Global Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... 2016 Australia Ophthalmic Lasers Market Outlook to ... Lasers Market Outlook to 2022", provides key market data ... value, in millions of US dollars, volume (in units) ... Lasers, Femtosecond Lasers and YAG Lasers. The report ... each of these market segements, and global corporate-level profiles ...
(Date:12/8/2016)... , Dec. 8, 2016 KEY FINDINGS ... poised to grow in 2017-2023. Various reasons for growth ... obese population, higher incidences of chronic diseases, high recovery ... mobility aid services. Medical lifting sling refers to ... with limited mobility. These slings connect to the lift ...
(Date:12/8/2016)... 8, 2016 Research and Markets has announced the addition ... their offering. ... This report analyzes the worldwide markets for Endodontic Supplies in US$ ... , Japan , Europe , ... World. Annual estimates and forecasts are provided for the period 2015 ...
Breaking Medicine Technology:
(Date:12/9/2016)... ... ... Cellairis is a worldwide mobile device and computer repair franchise that is ... and Samsung Galaxy devices with premium parts and accessories. Cellairis has recently set-up for ... for customers. While customers do their shopping, Cellairis can accomplish a number of mobile ...
(Date:12/9/2016)... (PRWEB) , ... December 09, 2016 , ... The ... Drug Dependence, Inc. (NCADD) is recommending the film Whispering Spirits and ... the District of Columbia as an education tool in the war against teen drug ...
(Date:12/9/2016)... , ... December 09, 2016 , ... Mediaplanet today announces ... organ transplantation while encouraging readers to sign up as an organ donor for the ... transplant. , An organ donor can save up to 8 saves through organ ...
(Date:12/9/2016)... ... December 09, 2016 , ... "I had a terrible ... from Winchester, Va. "I thought that if the nebulizer had a more child-friendly design, ... fearing them." , He developed the patent-pending NEBY to avoid the need to deliver ...
(Date:12/8/2016)... Tampa, FL (PRWEB) , ... December 08, 2016 ... ... been awarded accreditation with distinction by the Undersea and Hyperbaric Medical Society (UHMS), ... patients with advanced care and patient safety. Only a few hospitals and facilities ...
Breaking Medicine News(10 mins):