Allied Healthcare Products Reports Increased Profit Despite Lower
Sales -- Lower production costs and expenses offset sales drop. ST.
LOUIS, April 30 /PRNewswire-FirstCall/ -- Allied Healthcare
Products, Inc. reported today that it earned a net income of
$628,000, or 8 cents per share, during its third quarter ended
March 31, 2004, compared to $365,000, or 5 cents per share, for the
third quarter of fiscal 2003. Year-to-date net income climbed to
about $1 million, or 13 cents per share, compared to a net loss of
$51,000, or negative 1 cent per share, for the same period in
fiscal 2003. Allied increased net income for the quarter compared
to fiscal 2003 despite sales that declined from about $16.4 million
to $15.0 million. Year- to-date sales for Allied were down by about
5.8 percent, or $43.8 million for 2004 versus $46.5 million for
2003. However, lower production costs and operating expenses have
more than offset this sales decline. Allied's production costs have
been lowered through automation projects and increased in-house
production of parts. Operating expenses also have been cut,
primarily by staff reductions. Interest expense declined $98,000
for the quarter and $200,000 for the fiscal year, as debt has been
reduced by about $4.7 million this fiscal year in addition to a
reduction of $2.1 million in fiscal year 2003. Earl R. Refsland,
president, noted that Allied "continues to increase cash flow from
operations and inventory management, enabling us to further reduce
debt and strengthen the balance sheet. Our major focus now is to
build sales." 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, Nine months ended, March 31, March 31, 2004 2003 2004 2003
Net Sales $14,956,873 $16,443,114 $43,841,734 $46,536,013 Cost of
Sales 10,745,206 12,201,779 32,125,005 35,726,306 Gross Profit
4,211,667 4,241,335 11,716,729 10,809,707 Selling General And Admin
3,054,399 3,423,454 9,568,968 10,171,452 Income from operations
1,157,268 817,881 2,147,761 638,255 Interest Expense 111,570
209,220 453,285 652,861 Other, net 7,748 9,234 2,066 32,121 119,318
218,454 455,351 684,982 Income/(loss) before provision for income
taxes 1,037,950 599,427 1,692,410 (46,727) Provision for income
taxes 410,115 234,194 677,595 4,527 Net Income/(loss) $627,835
$365,233 $1,014,815 $(51,254) Earnings/(loss) per share - Basic and
Diluted $0.08 $0.05 $0.13 $(0.01) Weighted average common shares
Outstanding - Basic 7,818,432 7,813,932 7,815,748 7,813,932
Weighted average common shares Outstanding - Diluted 8,005,365
7,909,158 7,957,881 7,956,448 ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED BALANCE SHEET (UNAUDITED) March 31, 2004 June 30, 2003
ASSETS Current assets: Cash $11,230 $12,016 Accounts receivable,
net of allowance for doubtful accounts of $484,589 and $475,000,
respectively 7,418,561 7,848,977 Inventories, net 11,004,904
12,274,972 Income tax receivable 172,856 392,259 Other current
assets 403,007 149,995 Total current assets 19,010,558 20,678,219
Property, plant and equipment, net 12,131,818 12,630,289 Deferred
income taxes 989,710 989,710 Goodwill 15,979,830 15,979,830 Other
assets, net 100,283 134,528 Total assets $48,212,199 $50,412,576
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $2,753,009 $2,192,717 Current portion of long-term debt
1,533,308 5,409,304 Deferred income taxes 412,079 412,079 Other
current liabilities 4,153,370 3,218,981 Total current liabilities
8,851,766 11,233,081 Long-term debt 3,767,453 4,612,320 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; 7,818,432 and
7,813,932 shares issued and outstanding at March 31, 2004 and June
30, 2003, respectively 101,219 101,175 Additional paid-in capital
47,041,492 47,030,549 Common stock in treasury, at cost
(20,731,428) (20,731,428) Retained earnings 9,181,697 8,166,879
Total stockholders' equity 35,592,980 34,567,175 Total liabilities
and stockholders' equity $48,212,199 $50,412,576 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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