ST. LOUIS, Nov. 14 /PRNewswire-FirstCall/ -- Allied Healthcare
Products, Inc. (NASDAQ:AHPI) reported that its net income fell
about 57 percent in the first quarter ending September 30, from
about $202,000 last year, or 3 cents per share, to $87,000 in the
current period, or 1 cent per share. Sales for the period declined
about 2.8 percent, from about $14.5 million last year to $14.1
million this year. Shipments were depressed somewhat in the quarter
by short-term production difficulties but these issues have been
resolved, the company said. Despite sales weakness in some product
areas in the quarter, Allied President and Chief Executive Officer
Earl Refsland said that he expected stronger results to help the
company meet its objectives for fiscal 2008. Refsland also said
that Food and Drug Administration approval of a new product for the
emergency preparedness market has taken longer than expected but
should be received before the end of 2007. Allied again improved
its cash position, Refsland said. The company had a cash balance of
more than $4.0 million at the end of the quarter, an increase of
about 10 percent over the previous quarter. 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 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, 2007 2006 Net sales $14,101,618 $14,477,442 Cost of
sales 10,934,605 10,957,890 Gross profit 3,167,013 3,519,552
Selling, general and administrative expenses 3,042,969 3,190,997
Income from operations 124,044 328,555 Interest income (40,769)
(28,169) Other expense, net 15,150 9,302 (25,619) (18,867) Income
before provision for income taxes 149,663 347,422 Provision for
income taxes 62,597 145,788 Net income $87,066 $201,634 Basic and
diluted earnings per share $0.01 $0.03 Weighted average common
shares Outstanding - Basic 7,883,577 7,859,903 Weighted average
common shares Outstanding - Diluted 8,106,796 8,065,153 ALLIED
HEALTHCARE PRODUCTS, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
September 30, 2007 June 30, 2007 ASSETS Current assets: Cash and
cash equivalents $4,017,496 $3,638,870 Accounts receivable, net of
allowances of $325,000 and $460,000, respectively 7,395,812
7,251,767 Inventories, net 12,195,312 12,999,472 Other current
assets 619,244 275,254 Total current assets 24,227,864 24,165,363
Property, plant and equipment, net 10,422,347 10,677,000 Goodwill
15,979,830 15,979,830 Other assets, net 565,221 496,127 Total
assets $51,195,262 $51,318,320 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $3,010,398 $3,040,313 Other
accrued liabilities 2,684,800 2,508,820 Deferred income taxes
734,531 882,001 Deferred revenue 465,000 465,000 Total current
liabilities 6,894,729 6,896,134 Deferred revenue 1,821,250
1,937,500 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; 10,187,069 shares issued at September 30, 2007 and June
30, 2007; 7,883,577 shares outstanding at September 30, 2007 and
June 30, 2007 101,871 101,871 Additional paid-in capital 47,459,837
47,441,163 Retained earnings 15,649,003 15,673,080 Less: treasury
stock, at cost; 2,303,492 shares at September 30, 2007 and June 30,
2007 (20,731,428) (20,731,428) Total stockholders' equity
42,479,283 42,484,686 Total liabilities and stockholders' equity
$51,195,262 $51,318,320 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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