ST. LOUIS, Nov. 13, 2013 /PRNewswire/ -- Allied Healthcare
Products, Inc., (NASDAQ: AHPI) reported a loss in the first quarter
of its 2014 fiscal year on sales depressed by continuing sluggish
economic conditions in the hospital market and related uncertainty
about how new healthcare legislation will evolve.
The net loss for the first quarter ending September 30 was about $591,000, or a negative 7
cents per basic and diluted share. That compares to a net
loss in the prior year of about $411,000, or 5
cents per share.
Sales for the first quarter of fiscal 2014 declined from about
$9.3 million for the prior year to
about $8.7 million, or about 6
percent.
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,
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
September 30,
|
|
2013
|
|
2012
|
|
|
|
|
|
Net sales
|
$
8,708,297
|
|
$
9,287,091
|
|
Cost of
sales
|
6,947,731
|
|
7,308,116
|
|
|
|
|
|
Gross
profit
|
1,760,566
|
|
1,978,975
|
|
|
|
|
|
Selling, general and
administrative expenses
|
2,622,202
|
|
2,638,575
|
|
|
|
|
|
Loss from
operations
|
(861,636)
|
|
(659,600)
|
|
|
|
|
|
Interest
income
|
(1,890)
|
|
(4,226)
|
|
Other expense,
net
|
8,723
|
|
7,581
|
|
6,833
|
|
3,355
|
|
|
|
|
|
Loss before benefit
from income taxes
|
(868,469)
|
|
(662,955)
|
|
|
|
|
|
Benefit from income
taxes
|
(277,910)
|
|
(251,923)
|
|
Net loss
|
$
(590,559)
|
|
$
(411,032)
|
|
|
|
|
|
Basic and diluted
loss per share
|
$
(0.07)
|
|
$
(0.05)
|
|
|
|
|
|
Weighted average
common shares
|
|
|
|
|
outstanding - basic and diluted
|
8,027,147
|
|
8,124,386
|
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ALLIED HEALTHCARE
PRODUCTS, INC.
|
|
BALANCE
SHEET
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2013
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
3,077,132
|
|
$
3,687,919
|
|
Accounts receivable,
net of allowances
|
|
|
|
|
of
$170,000
|
3,625,782
|
|
4,221,970
|
|
Inventories,
net
|
10,245,692
|
|
9,338,343
|
|
Income tax
receivable
|
48,520
|
|
36,766
|
|
Other current
assets
|
606,946
|
|
420,978
|
|
Total current assets
|
17,604,072
|
|
17,705,976
|
|
Property, plant and
equipment, net
|
9,618,798
|
|
9,722,344
|
|
Deferred income
taxes
|
1,943,627
|
|
1,667,699
|
|
Other assets,
net
|
228,824
|
|
242,712
|
|
Total assets
|
$
29,395,321
|
|
$
29,338,731
|
|
|
|
|
|
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LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
1,695,665
|
|
$
1,317,202
|
|
Other accrued
liabilities
|
2,126,954
|
|
1,861,241
|
|
Deferred income
taxes
|
843,557
|
|
845,539
|
|
Total current liabilities
|
4,666,176
|
|
4,023,982
|
|
|
|
|
|
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Commitments and
contingencies
|
|
|
|
|
|
|
|
|
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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,
|
|
|
|
|
2013 and June
30, 2013; 8,027,147 shares outstanding
|
|
|
|
|
at September
30, 2013 and June 30, 2013
|
104,279
|
|
104,279
|
|
Additional paid-in
capital
|
48,589,954
|
|
48,584,999
|
|
Accumulated
deficit
|
(2,984,300)
|
|
(2,393,741)
|
|
Less treasury stock,
at cost; 2,400,731 shares at
|
|
|
|
|
September 30, 2013 and June 30, 2013
|
(20,980,788)
|
|
(20,980,788)
|
|
Total stockholders' equity
|
24,729,145
|
|
25,314,749
|
|
Total liabilities and stockholders' equity
|
$
29,395,321
|
|
$
29,338,731
|
SOURCE Allied Healthcare Products, Inc.