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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.

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