-- Costs, margins continue to be favorable -- Company remains
debt-free ST. LOUIS, Feb. 6 /PRNewswire-FirstCall/ -- Allied
Healthcare Products, Inc. (NASDAQ:AHPI) reported today that its net
income increased by 72 percent to total $317,000, or 4 cents per
diluted share, during its second quarter ended December 31, 2005,
versus $184,000, or 2 cents per share, for the second quarter last
year. For the first two quarters of fiscal 2006, Allied reported
net income of $783,000, or 10 cents per diluted share, versus
$420,000, or 5 cents per share, for the previous year's first two
quarters. Sales for the second quarter of fiscal 2006 totaled $13.3
million compared to almost $13.7 million for the previous year's
second quarter. However, sales for the first half of the year
exceeded the prior year by about $700,000. Orders for the first
half of 2006 declined by $900,000, or about 3 percent, compared to
the previous year. Allied's gross margin for the first half of 2006
improved to almost 27 percent, a second year of advances on higher
sales volume. Operating expenses for 2006 increased about $217,000
over the first half of 2005. Net interest costs were $130,000 lower
than the prior year, partially offsetting higher operating
expenses. Allied paid off its corporate debt in the last quarter of
fiscal 2005 and has about $2.0 million in cash and short term
investments. Increased sales quote activity in the first half of
the fiscal year indicates that the hospital construction market may
be turning around after more than a year-long slump, Earl Refsland,
president and chief executive officer, said. Allied Healthcare
Products, Inc. is a leading manufacturer of respiratory care
products, medical gas equipment and emergency medical products used
in a wide range of hospital and alternate care settings. "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. ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) Three months
ended, Six months ended, December 31, December 31, 2005 2004 2005
2004 Net sales $13,339,789 $13,667,568 $28,326,070 $27,607,288 Cost
of sales 9,766,848 10,254,672 20,778,612 20,787,691 Gross profit
3,572,941 3,412,896 7,547,458 6,819,597 Selling General and
administrative expenses 3,032,153 3,056,555 6,202,112 5,985,643
Income from operations 540,788 356,341 1,345,346 833,954 Interest
expense - 28,966 - 102,811 Interest income (18,718) - (26,675) -
Other, net 8,924 11,410 19,993 18,772 (9,794) 40,376 (6,682)
121,583 Income before provision for income taxes 550,582 315,965
1,352,028 712,371 Provision for income taxes 233,328 131,779
568,933 292,684 Net income $317,254 $184,186 $783,095 $419,687 Net
income per share - Basic and diluted $0.04 $0.02 $0.10 $0.05
Weighted average common shares Outstanding - Basic 7,832,186
7,818,432 7,830,881 7,818,432 Weighted average common shares
Outstanding - Diluted 8,050,069 8,104,869 8,041,758 8,087,657
ALLIED HEALTHCARE PRODUCTS, INC. CONSOLIDATED BALANCE SHEET
(UNAUDITED) December 31, 2005 June 30, 2005 ASSETS Current assets:
Cash and cash equivalents $717,076 $317,775 Short-term investments
1,250,000 - Accounts receivable, net of allowances of $584,212 and
$565,000, respectively 6,756,521 7,215,799 Inventories, net
11,337,984 10,775,550 Other current assets 416,375 168,431 Total
current assets 20,477,956 18,477,555 Property, plant and equipment,
net 11,249,400 11,308,866 Goodwill 15,979,830 15,979,830 Other
assets, net 328,347 330,969 Total assets $48,035,533 $46,097,220
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $3,234,326 $2,110,599 Deferred income taxes 697,094 711,416
Deferred revenue 465,000 465,000 Other accrued liabilities
3,122,985 2,940,763 Total current liabilities 7,519,405 6,227,778
Deferred revenue 775,000 1,007,500 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; 10,148,069 shares issued at December
31, 2005 and 10,133,069 shares issued at June 30, 2005; 7,844,577
outstanding at December 31, 2005 and 7,829,577 shares outstanding
June 30, 2005, respectively 101,481 101,331 Additional paid-in
capital 47,205,084 47,109,143 Retained earnings 13,165,991
12,382,896 Less treasury stock, at cost; 2,303,492 shares at
December 31, 2005 and June 30, 2005, respectively (20,731,428)
(20,731,428) Total stockholders' equity 39,741,128 38,861,942 Total
liabilities and stockholders' equity $48,035,533 $46,097,220 First
Call Analyst: FCMN Contact: DATASOURCE: Allied Healthcare Products,
Inc. CONTACT: Daniel C. Dunn, Chief Financial Officer of Allied
Healthcare Products, Inc., +1-314-771-2400 Web site:
http://www.alliedhpi.com/
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