ST. LOUIS, Nov. 9 /PRNewswire-FirstCall/ -- Allied Healthcare
Products, Inc. (NASDAQ:AHPI) reported that its net income fell
about 57 percent to $202,000, or 3 cents per diluted share, during
its first quarter ended September 30, 2006, versus $466,000, or 6
cents per share, for the first quarter last year. Sales in the
first quarter totaled about $14.5 million, a decline of about
$509,000, or 3.4 percent, compared to the same period last year.
Most of the sales shortfall -- about $400,000 -- was caused by
insufficient deliveries of components by suppliers. Actual customer
order rates for the quarter were basically flat, compared to the
prior year. Allied margins were squeezed by higher material costs.
Continuing a trend that became evident in fiscal 2006, material
costs increased by 8.3 percent over the first quarter of fiscal
2006, primarily for copper and zinc-based parts. Suppliers'
delivery problems should be resolved by the end of the second
quarter, according to Earl Refsland, president and chief executive
officer. A combination of price increases for products and
purchased material cost reductions will be put in place to offset
higher material costs, Refsland 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
September 30, 2006 2005 Net sales $14,477,442 $14,986,280 Cost of
sales 10,957,890 11,011,763 Gross profit 3,519,552 3,974,517
Selling, general and administrative expenses 3,190,997 3,169,959
Income from operations 328,555 804,558 Interest income (28,169)
(7,957) Other expense, net 9,302 11,069 (18,867) 3,112 Income
before provision for income taxes 347,422 801,446 Provision for
income taxes 145,788 335,605 Net income $201,634 $465,841 Basic and
diluted earnings per share $0.03 $0.06 Weighted average common
shares Outstanding - Basic 7,859,903 7,829,577 Weighted average
common shares Outstanding - Diluted 8,065,153 8,061,758 ALLIED
HEALTHCARE PRODUCTS, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
September 30, 2006 June 30, 2006 ASSETS Current assets: Cash and
cash equivalents $2,418,227 $2,696,324 Accounts receivable, net of
allowances of $430,000 7,586,497 7,429,355 Inventories, net
11,944,922 11,491,305 Other current assets 660,555 224,853 Total
current assets 22,610,201 21,841,837 Property, plant and equipment,
net 11,063,163 11,252,934 Goodwill 15,979,830 15,979,830 Other
assets, net 254,534 255,845 Total assets $49,907,728 $49,330,446
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $3,670,235 $3,208,699 Deferred income taxes 687,056 689,942
Deferred revenue 465,000 465,000 Other accrued liabilities
2,778,569 2,834,495 Total current liabilities 7,600,860 7,198,136
Deferred revenue 1,356,250 1,472,500 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; 10,178,069 shares issued at September
30, 2006 and 10,155,569 shares issued at June 30, 2006: 7,874,577
shares outstanding at September 30, 2006 and 7,852,077 shares
outstanding June 30, 2006, respectively 101,781 101,556 Additional
paid-in capital 47,347,131 47,258,182 Retained earnings 14,233,134
14,031,500 Less: treasury stock, at cost; 2,303,492 shares at
September 30, 2006 and June 30, 2006, respectively (20,731,428)
(20,731,428) Total stockholders' equity 40,950,618 40,659,810 Total
liabilities and stockholders' equity $49,907,728 $49,330,446
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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