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Allied Healthcare Reports First Quarter Loss

ST. LOUIS, Nov. 7, 2012 /PRNewswire/ -- Allied Healthcare Products, Inc., (NASDAQ: AHPI) reported a loss for the first quarter with sales that continue to be dampened by a restrained economy and uncertainties in U.S. healthcare markets about future national policy.

The net loss for the first quarter ending September 30 was about $411,000, or a negative 5 cents per share, versus a loss of about $145,000, or a negative 2 cents per share, for the previous year. Sales for the current quarter declined from about $11.4 million to about $9.3 million, or about 18.4 percent, from the previous year.

International orders increased strongly from the previous year, from about $2.4 million to about $2.7 million, or about 12.5 percent. However, about one-fourth of the order volume was not ordered for immediate shipment during the first quarter.

Allied also saw growth in sales from the introduction of its new CO2 absorbent Litholyme® product.  Sales for CO2 absorbents increased by 29 percent over the previous year sales. 

"We expect to see continued growth in Litholyme® sales throughout this fiscal year," 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 products 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.





Three months ended September 30,



Net sales

$             9,287,091

$       11,395,008

Cost of sales



Gross profit



Selling, general and administrative expenses



Loss from operations



Interest income



Interest expense



Other expense, net





Loss before benefit from income taxes



Benefit from income taxes



Net loss

$               (411,032)

$           (144,968)

Basic and diluted loss per share

$                     (0.05)

$                 (0.02)

Weighted average common shares

   outstanding - basic and diluted









September 30, 2012

June 30, 2012


Current assets:

Cash and cash equivalents

$           5,386,060

$         5,284,543

Accounts receivable, net of allowances

  of $300,000



Inventories, net



Income tax receivable



Other current assets



    Total current assets



Property, plant and equipment, net



Other assets, net



    Total assets

$         31,123,385

$       31,347,069


Current liabilities:

Accounts payable

$           1,834,952

$         1,797,144

Other accrued liabilities



Deferred income taxes



Deferred revenue



    Total current liabilities



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, 

  2012 and June 30, 2012; 8,124,386 shares outstanding

  at September 30, 2012 and June 30, 2012



Additional paid-in capital



Accumulated deficit



Less treasury stock, at cost; 2,303,492 shares at

   September 30, 2012 and June 30, 2012



    Total stockholders' equity



    Total liabilities and stockholders' equity

$         31,123,385

$       31,347,069

SOURCE Allied Healthcare Products, Inc.

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