Welcome!

News Feed Item

Allied Healthcare Products Reports Second Quarter Loss

ST. LOUIS, Feb. 13, 2014 /PRNewswire/ -- Continued spending curbs by hospitals and emergency agencies nationwide have resulted in depressed sales for Allied Healthcare Products, Inc. (NASDAQ: AHPI) and a loss in its second quarter of fiscal 2014.

The net loss for the quarter ending December 31, 2013, was about $899,000 or a negative 11 cents per basic and diluted share. The loss in the prior year's second quarter was about $469,000, or a negative 6 cents per share.

Sales for the second quarter declined from about $9.9 million in the previous year to about $8.7 million, or almost 12 percent.

For the first two quarters of the fiscal year, Allied Healthcare Products experienced a loss of about $1.5 million, or a negative 19 cents per basic and diluted share. For the first half of the previous year, Allied recorded a loss of about $880,000, or a negative 11 cents per share. 

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 both in the United States and in our overseas markets, the effects of the Affordable Care Act, 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.

 


ALLIED HEALTHCARE PRODUCTS, INC.


 STATEMENT OF OPERATIONS


(UNAUDITED)










Three months ended,


Six months ended,


December 31,


December 31,


2013


2012


2013


2012









Net sales

$8,749,406


$9,921,422


$17,457,703


$19,208,513

Cost of sales

6,805,156


7,815,489


13,752,887


15,123,605

Gross profit

1,944,250


2,105,933


3,704,816


4,084,908

















Selling General and administrative expenses

2,835,881


2,857,065


5,458,082


5,495,640

Loss from operations

(891,631)


(751,132)


(1,753,266)


(1,410,732)

















Interest income

(1,476)


(2,821)


(3,366)


(7,047)

Other, net

8,761


7,645


17,484


15,226


7,285


4,824


14,118


8,179









Loss before








benefit from income taxes

(898,916)


(755,956)


(1,767,384)


(1,418,911)









Benefit from income taxes

-


(287,263)


(277,910)


(539,186)

Net loss

($898,916)


($468,693)


($1,489,474)


($879,725)









Net loss per share - Basic 

($0.11)


($0.06)


($0.19)


($0.11)









Net loss per share - Diluted

($0.11)


($0.06)


($0.19)


($0.11)









Weighted average common shares outstanding - Basic

8,027,147


8,100,593


8,027,147


8,112,490









Weighted average common shares outstanding - Diluted

8,027,147


8,100,593


8,027,147


8,112,490

 




ALLIED HEALTHCARE PRODUCTS, INC.


BALANCE SHEET


(UNAUDITED)





December 31, 2013


June 30, 2013

ASSETS




Current assets:





Cash and cash equivalents

$           2,284,033


$         3,687,919


Accounts receivable, net of allowances





  of $170,000

3,495,758


4,221,970


Inventories, net

10,463,928


9,338,343


Income tax receivable

39,535


36,766


Other current assets

596,326


420,978


    Total current assets

16,879,580


17,705,976


Property, plant and equipment, net

9,386,497


9,722,344


Deffered income taxes

1,942,979


1,667,699


Other assets, net

214,937


242,712


    Total assets

$         28,423,993


$       29,338,731






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





Accounts payable

$           1,691,280


$         1,317,202


Other accrued liabilities

2,057,954


1,861,241


Deferred income taxes

842,909


845,539


    Total current liabilities

4,592,143


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 December 31, 





  2013 and June 30, 2013; 8,027,147 shares





  outstanding at December 31, 2013 and June 30, 2013

104,279


104,279


Additional paid-in capital

48,591,574


48,584,999


Accumulated deficit

(3,883,215)


(2,393,741)


Less treasury stock, at cost; 2,400,731 shares at





   December 31, 2013 and June 30, 2013

(20,980,788)


(20,980,788)


    Total stockholders' equity

23,831,850


25,314,749


    Total liabilities and stockholders' equity

$         28,423,993


$       29,338,731

SOURCE Allied Healthcare Products, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...