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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.





Three months ended,

Six months ended,

December 31,

December 31,





Net sales





Cost of sales





Gross profit





Selling General and administrative expenses





Loss from operations





Interest income





Other, net









Loss before

benefit from income taxes





Benefit from income taxes





Net loss





Net loss per share - Basic 





Net loss per share - Diluted





Weighted average common shares outstanding - Basic





Weighted average common shares outstanding - Diluted









December 31, 2013

June 30, 2013


Current assets:

Cash and cash equivalents

$           2,284,033

$         3,687,919

Accounts receivable, net of allowances

  of $170,000



Inventories, net



Income tax receivable



Other current assets



    Total current assets



Property, plant and equipment, net



Deffered income taxes



Other assets, net



    Total assets

$         28,423,993

$       29,338,731


Current liabilities:

Accounts payable

$           1,691,280

$         1,317,202

Other accrued liabilities



Deferred income taxes



    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 December 31, 

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

  outstanding at December 31, 2013 and June 30, 2013



Additional paid-in capital



Accumulated deficit



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

   December 31, 2013 and June 30, 2013



    Total stockholders' equity



    Total liabilities and stockholders' equity

$         28,423,993

$       29,338,731

SOURCE Allied Healthcare Products, Inc.

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