NEW YORK, NY -- 11/24/09 --
Allied Healthcare International Inc. (NASDAQ: AHCI) (AIM: AHI)
Fourth Twelve
(In millions, except EPS) Quarter Months
----------- -----------
Revenues, as reported $ 69.8 $ 249.8
Revenues, at constant exchange rates $ 81.2 $ 317.7
Gross Profit, as reported $ 21.2 $ 76.3
Gross Profit, at constant exchange rates $ 24.6 $ 97.1
Gross Profit % 30.3% 30.6%
Operating Income, as reported $ 4.2 $ 13.1
Operating Income, at constant exchange rates $ 5.0 $ 17.5
Diluted EPS, continuing operations $ 0.07 $ 0.22
----------- -----------
Allied Healthcare International Inc. (http://www.alliedhealthcare.com), a
leading provider of flexible healthcare staffing services in the United
Kingdom, has issued financial results for its fiscal 2009 fourth quarter
and year-end.
To provide investors with an increased understanding of the Company's
business, Allied is providing a breakdown of its revenues, gross profits,
selling, general and administrative ("SG&A") costs and operating income at
constant exchange rates using the comparable prior period weighted average
exchange rate. Further, the discussions below as to the fiscal 2009 fourth
quarter and year end comparative analysis with the prior year results also
take into account constant exchange rates. In addition, as the Company's
revenues and gross profits are generated in the United Kingdom, an analysis
is included, within the management discussion below, of the last eight
quarters' revenues and gross profits in pounds sterling to enable investors
to fully understand the underlying trends over these periods without the
effects of currency exchange rates. As noted in the reported numbers,
recent fluctuations in foreign exchange rates have significantly impacted
the Company's current period results.
Fiscal Fourth Quarter Results:
Quarter Ended September 30, 2009
-----------------------------------------------------
Gross Gross
Revenue % Profit % Profit %
--------- --------- --------- --------- ---------
(Amounts in
thousands)
Homecare $ 68,116 83.8% $ 20,845 84.6% 30.6%
Nursing Homes 7,540 9.3% 2,379 9.7% 31.6%
Hospitals 5,577 6.9% 1,405 5.7% 25.2%
--------- ---------
Total, at constant
exchange rates 81,233 24,629 30.3%
Effect of foreign
exchange (11,388) (3,433)
--------- ---------
Total, as reported $ 69,845 $ 21,196
========= ---------
SG&A, at constant
exchange rates $ 19,589
Effect of foreign
exchange (2,579)
---------
SG&A, as reported $ 17,010
---------
Operating Income, at
constant exchange
rates $ 5,040
Effect of foreign
exchange (854)
---------
Operating Income,
as reported $ 4,186
=========
Quarter Ended September 30, 2008
------------------------------------------------------
Gross Gross
Revenue % Profit % Profit %
---------- --------- ---------- --------- ---------
(Amounts in
thousands)
Homecare $ 57,469 76.6% $ 17,967 78.4% 31.3%
Nursing Homes 9,730 13.0% 2,941 12.8% 30.2%
Hospitals 7,769 10.4% 2,003 8.8% 25.8%
---------- ----------
Total, at constant
exchange rates 74,968 22,911 30.6%
Effect of foreign
exchange - -
---------- ----------
Total, as reported $ 74,968 $ 22,911
========== ----------
SG&A, at constant
exchange rates $ 18,570
Effect of foreign
exchange -
----------
SG&A, as reported $ 18,570
----------
Operating Income, at
constant exchange
rates $ 4,341
Effect of foreign
exchange -
----------
Operating Income,
as reported $ 4,341
==========
For the fourth quarter of fiscal 2009 revenues increased by $6.3 million,
or 8.4%, to $81.2 million, compared with $75.0 million reported during the
same period in fiscal 2008. Contributing to the increase in revenues was
Allied's Homecare revenues, which grew by 18.5% to $68.1 million. Nursing
Homes revenues declined by 22.5% to $7.5 million. Hospitals revenues
decreased by 28.2% to $5.6 million. After the unfavorable impact of
currency exchange of $11.4 million, revenues decreased to the reported
$69.8 million.
Total gross profit for the fourth fiscal quarter increased 7.5% to $24.6
million, compared with $22.9 million reported for the comparable quarter in
fiscal 2008. Gross profit percent for the fourth quarter was 30.3%, as
compared to 30.6% for the comparable prior period. Foreign exchange
decreased gross profit by $3.4 million to the reported $21.2 million for
the quarter.
SG&A for the fourth fiscal quarter was $19.6 million, compared with $18.6
million reported last year, an increase of 5.5%. As a percent of revenues,
SG&A costs were 24.4%, compared to 24.8% in the comparable prior year
period. Foreign exchange decreased costs by $2.6 million to the reported
$17.0 million for the quarter.
Operating income for the fourth quarter of fiscal 2009 increased to $5.0
million, compared to operating income of $4.3 million reported during the
2008 fourth fiscal quarter. Foreign exchange decreased operating income by
$0.8 million to the reported $4.2 million for the quarter.
Net income for the fourth quarter of fiscal 2009 was $2.9 million, as
compared with $2.9 million reported during the 2008 fourth fiscal quarter.
Diluted earnings per share was $0.07 for the quarter, compared to diluted
earnings per share of $0.06 last year.
Fiscal 2009 Full Year Results:
Year Ended September 30, 2009
-----------------------------------------------------
Gross Gross
Revenue % Profit % Profit %
--------- --------- --------- --------- ---------
(Amounts in
thousands)
Homecare $ 259,271 81.6% $ 80,337 82.7% 31.0%
Nursing Homes 32,890 10.4% 10,298 10.6% 31.3%
Hospitals 25,512 8.0% 6,454 6.7% 25.3%
--------- ---------
Total, at constant
exchange rates 317,673 97,089 30.6%
Effect of foreign
exchange (67,863) (20,741)
--------- ---------
Total, as reported $ 249,810 $ 76,348
========= ---------
SG&A, at constant
exchange rates $ 79,587
Effect of foreign
exchange (16,353)
---------
SG&A, as reported $ 63,234
---------
Operating Income, at
constant exchange
rates $ 17,502
Effect of foreign
exchange (4,388)
---------
Operating Income,
as reported $ 13,114
=========
Year Ended September 30, 2008
------------------------------------------------------
Gross Gross
Revenue % Profit % Profit %
---------- --------- ---------- --------- ---------
(Amounts in
thousands)
Homecare $ 225,460 75.5% $ 70,458 78.0% 31.3%
Nursing Homes 41,853 14.0% 12,602 13.9% 30.1%
Hospitals 31,264 10.5% 7,325 8.1% 23.4%
---------- ----------
Total, at constant
exchange rates 298,577 90,385 30.3%
Effect of foreign
exchange - -
---------- ----------
Total, as reported $ 298,577 $ 90,385
========== ----------
SG&A, at constant
exchange rates $ 77,655
Effect of foreign
exchange -
----------
SG&A, as reported $ 77,655
----------
Operating Income, at
constant exchange
rates $ 12,730
Effect of foreign
exchange -
----------
Operating Income,
as reported $ 12,730
==========
For the year ended September 30, 2009 revenues increased by $19.1 million,
or 6.4%, to $317.7 million, compared with $298.6 million reported during
the same period in fiscal 2008. Contributing to the increase in revenues
was Allied's Homecare revenues, which grew by 15.0% to $259.3 million.
Nursing Homes revenues declined by 21.4% to $32.9 million. Hospitals
revenues decreased by 18.4% to $25.5 million. After the unfavorable impact
of currency exchange of $67.9 million, revenues decreased to the reported
$249.8 million.
Total gross profit for the year ended September 30, 2009, increased 7.4% to
$97.1 million, compared with $90.4 million reported for the comparable
period in fiscal 2008. Gross profit percent for the year ended September
30, 2009, increased to 30.6% from 30.3% for the comparable prior period.
Foreign exchange decreased gross profit by $20.8 million to the reported
$76.3 million for the year.
SG&A for the year ended September 30, 2009, was $79.6 million, compared
with $77.7 million reported last year, an increase of 2.5%. As a percent of
revenues, SG&A costs were 25.3% compared to 26.0% in the comparable prior
year period. Foreign exchange decreased costs by $16.4 million to the
reported $63.2 million for the year.
Operating income for the year ended September 30, 2009, increased to $17.5
million, compared to operating income of $12.7 million reported during the
comparable prior year period, an increase of 37.5% over the prior year.
Foreign exchange decreased operating income by $4.4 million to the reported
$13.1 million for the year.
Income from continuing operations for the year ended September 30, 2009,
increased to $9.9 million, as compared with $8.8 million reported for the
year ended September 30, 2008. Diluted earnings per share from continuing
operations was $0.22 for the fiscal year ended September 30, 2009, compared
to diluted earnings per share from continuing operations of $0.19 last
year.
Net income for the year ended September 30, 2009, increased to $10.3
million, as compared with $8.8 million reported during the 2008 fiscal
year. Diluted earnings per share was $0.23 for the year ended September 30,
2009, which includes $0.01 from discontinued operations due to the release
of reserves as a result of the warranty period within the sales agreement,
related to the sale of the respiratory business in fiscal 2007, having
expired. This compares to $0.19 for the year end September 30, 2008.
At September 30, 2009, and September 30, 2008, Allied's cash balance was
$35.3 million (£22.2 million) and $26.2 million (£14.4 million),
respectively, representing an underlying increase in the cash balance of
$9.1 million (£7.8 million).
For the year ended September 30, 2009, depreciation and amortization was
$3.8 million (£2.5 million) and capital expenditures were $2.9 million
(£1.8 million). Days Sales Outstanding was twenty-five days at September
30, 2009 (40 days including unbilled account receivables), and twenty-one
days at September 30, 2008 (40 days including unbilled account
receivables).
Management Discussion:
"We continue to see good growth in our homecare business, which now
represents over 80% of our business," commented Sandy Young, Chief
Executive Officer of Allied. "The homecare revenue growth in the quarter of
18.5% was particularly pleasing and was ahead of our 10-15% growth range
expectation. The Company's homecare business should benefit from many
favorable market dynamics. These include: an aging population; continued
shift from residential care to homecare; the lower cost of private business
homecare provision; and continued consolidation of local authority
suppliers. These factors all favor a growth in demand in our core homecare
business."
Mr. Young continued: "Even the anticipated further tightening of the local
government and National Health Service (NHS) budgets over the next few
years, as the government addresses its financial deficit, provides an
opportunity for us. We believe that the demonstrated financial benefits of
lower costs that have and can continue to be achieved by homecare, as
compared to institutional care, should be a strong incentive for local
governments and NHS Primary Care Trusts, in addressing the ongoing
financial challenges they face.
"While our nursing homes and hospital staffing business results were higher
in the fourth quarter as compared to the third quarter, which is a similar
trend as in the prior year, we continue to look for opportunities for these
businesses. As previously reported, we were successfully awarded the new
NHS framework agreements, which came into effect on October 1, 2009. We
have started to enact the higher pay and charge rates under the new
framework agreements which we believe are essential to effectively recruit
and retain staff to service this business. Expanding upon our existing
London operation, we have recently agreed to lease a Midlands regional
office, from which we hope to start business from in 2010 to service the
hospital staffing demand in the central regions of England.
"Our current period SG&A running costs of 24.4% of revenues compares to
25.8% in the prior quarter. We are continuing, as previously reported, to
invest in certain areas of our business that include such items as
continuing care, learning disabilities, IT systems, training, and business
improvement projects to ensure that we support future growth in revenues.
At the same time, we maintain tight controls over other areas of SG&A costs
so as to maintain our objective of reducing SG&A costs as a percent of
revenues. Our investment in training also allows us to qualify for
currently available government training grants, which have given us a net
financial benefit of $0.6 million as compared to the prior year.
"We are pleased with the progress we have made in the year in the key area
of carer and branch staff retention, staff development and support, the
progress of our coldharbour IT system rollout, and our attention to service
and quality delivery, all of which, we believe, create a strong foundation
for future growth for our business. As well as our focus in the quarter on
service and quality, which we believe is essential and a key driver to
increased revenue and profit growth, we have been actively looking at
acquisition opportunities. Any such acquisitions will be reviewed in
conjunction with our Capital Resources Review, which also includes looking
at other opportunities to enhance shareholder value.
"We recently re-launched our website which includes details of our key
service offerings and also gives case studies of some of the work the
Company is currently involved in. In addition, our recent major contract
wins, our network of branches, which include three new branches in the
London region and one new branch in Scotland following our successful
contract wins, our quality and governance standards, our investor relations
links and our employee and recruitment information have all been updated
and enhanced. We believe that our current and prospective customers,
employees and investors will find our new website informative and helpful.
"We have also appointed ICR, LLC as our investor relations firm effective
December 2009, which, we believe, will help us to develop further our
relationships with existing and new shareholders."
Mr. Young concluded: "Overall, we are positive about the year ahead. The
business has a more robust operating platform and many of the business
improvement initiatives have yet to be fully implemented. We believe that
the extra investment we have made this year in learning disabilities and
continuing care will help support our top line growth in homecare."
Paul Weston, Chief Financial Officer of Allied, commented: "As noted in our
previous quarter's press release, with nearly all our operations in the
United Kingdom, we believe it is important for investors to see the
underlying revenues and gross profits in pound currency as detailed below.
This shows growth in our gross profits year to date of 7.4%, and our fourth
quarter gross profit of 30.3% is in line with our expectations. Our SG&A
costs year to date, excluding exchange effects, increased by 2.5% compared
to the prior year which compares favorably with the revenue growth of 6.4%
that we have generated."
Q1 2009 Q2 2009
------------------------- -------------------------
Gross Gross
Revenue Profit Revenue Profit
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 30,620 GBP 9,487 GBP 30,858 GBP 9,753
Nursing Homes 4,808 1,477 4,159 1,298
Hospitals 3,612 973 3,448 874
------------ ------------ ------------ ------------
Total GBP 39,040 GBP 11,937 GBP 38,465 GBP 11,925
Foreign exchange rate 1.58 1.58 1.44 1.44
------------ ------------ ------------ ------------
Total $ 61,528 $ 18,813 $ 55,334 $ 17,166
============ ============ ============ ============
Q3 2009 Q4 2009
------------------------- -------------------------
Gross Gross
Revenue Profit Revenue Profit
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 34,162 GBP 10,525 GBP 35,763 GBP 10,951
Nursing Homes 3,716 1,187 3,986 1,257
Hospitals 2,914 679 2,956 745
------------ ------------ ------------ ------------
Total GBP 40,792 GBP 12,391 GBP 42,705 GBP 12,953
Foreign exchange rate 1.55 1.55 1.64 1.64
------------ ------------ ------------ ------------
Total $ 63,103 $ 19,173 $ 69,845 $ 21,196
============ ============ ============ ============
Q1 2008 Q2 2008
------------------------- -------------------------
Gross Gross
Revenue Profit Revenue Profit
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 27,358 GBP 8,491 GBP 27,561 GBP 8,476
Nursing Homes 5,730 1,706 5,373 1,596
Hospital Staffing 3,473 767 4,358 1,009
------------ ------------ ------------ ------------
Total GBP 36,561 GBP 10,964 GBP 37,292 GBP 11,081
Foreign exchange rate 2.05 2.05 1.98 1.98
------------ ------------ ------------ ------------
Total $ 74,770 $ 22,423 $ 73,815 $ 21,931
============ ============ ============ ============
Q3 2008 Q4 2008
------------------------- -------------------------
Gross Gross
Revenue Profit Revenue Profit
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 29,130 GBP 9,294 GBP 30,218 GBP 9,447
Nursing Homes 4,969 1,531 5,140 1,554
Hospital Staffing 3,926 888 4,088 1,050
------------ ------------ ------------ ------------
Total GBP 38,025 GBP 11,713 GBP 39,446 GBP 12,051
Foreign exchange rate 1.97 1.97 1.90 1.90
------------ ------------ ------------ ------------
Total $ 75,024 $ 23,120 $ 74,968 $ 22,911
============ ============ ============ ============
Dr. Jeffrey Peris, Non-Executive Chairman of the Board of Allied,
commented: "Sandy Young and the management team have achieved operating
income for the year of $17.5 million, excluding exchange, which compares to
$12.7 million for the prior year. This is an increase of 37.5%, and
reflects the continued improvements the Company is making across its
business to help it affirm its position as one of the leaders in the U.K.
homecare market place. As communicated previously, we are working with
Piper Jaffray to assess the best way to use our capital resources to
maximize shareholder value. The Board of Directors remains confident in
the Company's ability to realize opportunities in the homecare market and
achieve its strategies for growth in the years ahead."
Conference Call Information -- November 24, 2009 at 10:00AM EST / 3:00PM
GMT:
Allied invites all those interested in listening to management's discussion
of the results to join the call by dialing (877) 407-0778 for domestic
participants, and (201) 689-8565 for international participants today,
November 24, 2009, at 10:00AM EST / 3:00PM GMT. Participants may also
access a live webcast of the conference call through the "Investors"
section of Allied Healthcare's Website: www.alliedhealthcare.com. A replay
will be available for one week following the call by dialing (877) 660-6853
for domestic participants, and (201) 612-7415 for international
participants. When prompted, please enter account number 286 and conference
ID number 338036. The presentation will be available and archived on the
Company's website for ninety days.
In addition to disclosing results of operations that are determined in
accordance with generally accepted accounting principles ("GAAP"), this
press release also discloses non-GAAP results of operations that exclude or
include certain charges. These non-GAAP measures adjust for foreign
exchange effects. Management believes that the presentation of these
non-GAAP measures provides useful information to investors regarding the
Company's results of operations, as these non-GAAP measures allow investors
to better evaluate ongoing business performance. Investors should consider
non-GAAP measures in addition to, and not as a substitute for, financial
measures prepared in accordance with GAAP. A reconciliation of the non-GAAP
measures disclosed in this press release with the most comparable GAAP
measures are included in the financial tables included in this press
release.
ABOUT ALLIED HEALTHCARE INTERNATIONAL INC.
Allied Healthcare International Inc. (http://www.alliedhealthcare.com) is a
leading provider of flexible healthcare staffing services in the United
Kingdom. Allied operates a community-based network of over one hundred ten
branches with the capacity to provide carers (known as home health aides in
the U.S.), nurses, and specialized medical personnel to locations covering
approximately 90% of the U.K. population. Allied meets the needs of private
patients, community care, nursing and care homes, and hospitals.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release may be forward-looking
statements. These forward-looking statements are based on current
expectations and projections about future events. Actual results could
differ materially from those discussed in, or implied by, these
forward-looking statements. Factors that could cause actual results to
differ from those implied by the forward-looking statements include:
general economic and market conditions; Allied's ability to continue to
recruit and retain flexible healthcare staff; the H1N1 influenza virus
which may result in staff being unable to perform services due to their own
illness or due to the illness of patients and may reduce our revenues;
Allied's ability to enter into contracts with local government social
services departments, NHS Trusts, hospitals, other healthcare facility
clients and private clients on terms attractive to Allied; the general
level of demand for healthcare and social care; dependence on the proper
functioning of Allied's information systems; the effect of existing or
future government regulation of the healthcare and social care industry,
and Allied's ability to comply with these regulations; the impact of
medical malpractice and other claims asserted against Allied; the effect of
regulatory change that may apply to Allied and that may increase costs and
reduce revenues and profitability; Allied's ability to use net operating
loss carry forwards to offset net income; the effect that fluctuations in
foreign currency exchange rates may have on our dollar-denominated results
of operations; and the impairment of goodwill, of which Allied has a
substantial amount on the balance sheet, may have the effect of decreasing
earnings or increasing losses. Other factors that could cause actual
results to differ from those implied by the forward-looking statements in
this press release include those described in Allied's most recently filed
SEC documents, such as its most recent annual report on Form 10-K, all
quarterly reports on Form 10-Q and any current reports on Form 8-K filed
since the date of the last Form 10-K. Allied undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
ALLIED HEALTHCARE INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended September 30,
2009 2008
------------ ------------
(Audited)
Cash flows from operating activities:
Net income $ 10,303 $ 8,786
Adjustments to reconcile net income
to net cash provided by operating
activities:
Income from discontinued
operations (367) -
Depreciation and amortization 2,590 3,231
Amortization of intangible assets 1,252 1,634
Foreign exchange loss 7 -
Increase (decrease) in provision
for allowance for doubtful
accounts 360 (167)
Loss on sale of fixed assets 20 166
Stock based compensation 537 812
Deferred income taxes 117 88
Changes in operating assets and
liabilities, excluding the effect
of businesses acquired and sold:
(Increase) decrease in accounts
receivable (4,281) 1,579
Decrease (increase) in prepaid
expenses and other assets 2,318 (3,488)
Increase (decrease) in accounts
payable and other liabilities 2,867 (3,779)
------------ ------------
Net cash provided by continuing
operations 15,723 8,862
Net cash (used in) provided by
discontinued operations - (561)
------------ ------------
Net cash provided by operating
activities 15,723 8,301
------------ ------------
Cash flows from investing activities:
Capital expenditures (2,850) (3,344)
Proceeds from sale of business held
in escrow and designated for debt
repayment 116 53,638
Proceeds from sale of property and
equipment 1 50
Payments on acquisitions payable (1,082) -
------------ ------------
------------ ------------
Net cash (used in) provided by
investing activities (3,815) 50,344
------------ ------------
Cash flows from financing activities:
Payments under revolving loan, net - (24,664)
Payments under invoice discounting
facility, net - (4,458)
Principal payments on long-term debt - (23,678)
Proceeds from sale of interest rate
swap agreements - 617
------------ ------------
Net cash used in financing
activities - (52,183)
------------ ------------
Effect of exchange rate on cash (2,834) (504)
------------ ------------
Increase in cash 9,074 5,958
Cash and cash equivalents, beginning
of year 26,199 20,241
------------ ------------
Cash and cash equivalents, end of
year $ 35,273 $ 26,199
============ ============
Supplemental cash flow information:
Cash paid for interest $ 405 $ 1,143
============ ============
Cash paid for income taxes, net $ 1,102 $ 4,872
============ ============
ALLIED HEALTHCARE INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
September 30, September 30,
2009 2008
------------ ------------
ASSETS (Audited)
Current assets:
Cash and cash equivalents $ 35,273 $ 26,199
Restricted Cash - 136
Accounts receivable, less allowance for
doubtful accounts of $839 and $823,
respectively 19,594 17,774
Unbilled accounts receivable 11,572 15,892
Deferred income taxes 389 474
Prepaid expenses and other assets 1,188 1,375
Assets of discontinued operations - 182
------------ ------------
Total current assets 68,016 62,032
Property and equipment, net 7,756 8,574
Goodwill 95,649 109,292
Other intangible assets, net 1,646 3,345
Taxes receivable - 19
------------ ------------
Total assets $ 173,067 $ 183,262
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,186 $ 1,614
Accrued expenses, inclusive of payroll and
related expenses 24,304 28,244
Taxes payable 201 -
Liabilities of discontinued operations - 624
------------ ------------
Total current liabilities 25,691 30,482
Deferred income taxes 103 110
------------ ------------
Total liabilities 25,794 30,592
------------ ------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.01 par value; authorized
10,000 shares, issued and outstanding
- none - -
Common stock, $.01 par value; authorized
80,000 shares, issued 45,571 shares 456 456
Additional paid-in capital 241,555 241,018
Accumulated other comprehensive (loss) income (14,418) 1,819
Accumulated deficit (78,026) (88,329)
------------ ------------
149,567 154,964
Less cost of treasury stock (585 shares) (2,294) (2,294)
------------ ------------
Total shareholders' equity 147,273 152,670
------------ ------------
Total liabilities and shareholders' equity $ 173,067 $ 183,262
============ ============
ALLIED HEALTHCARE INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Year Ended September
September 30, September 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
(Audited)
Total revenues $ 69,845 $ 74,968 $ 249,810 $ 298,577
--------- --------- --------- ---------
Gross profit 21,196 22,911 76,348 90,385
Selling, general and
administrative expenses 17,010 18,570 63,234 77,655
--------- --------- --------- ---------
Operating income 4,186 4,341 13,114 12,730
Interest and other
(expense) income, net (14) 264 427 393
Foreign exchange expense (137) (435) (197) (586)
--------- --------- --------- ---------
Income before income taxes
and discontinued
operations 4,035 4,170 13,344 12,537
Provision for income taxes 1,098 1,279 3,408 3,751
--------- --------- --------- ---------
Income from continuing
operations 2,937 2,891 9,936 8,786
--------- --------- --------- ---------
Discontinued operations:
Income from discontinued
operations, net of taxes - - 367 -
--------- --------- --------- ---------
Net income $ 2,937 $ 2,891 $ 10,303 $ 8,786
========= ========= ========= =========
Basic income per share of
common stock from:
Income from continuing
operations $ 0.07 $ 0.06 $ 0.22 $ 0.20
Income from discontinued
operations - - 0.01 -
--------- --------- --------- ---------
Net income $ 0.07 $ 0.06 $ 0.23 $ 0.20
========= ========= ========= =========
Diluted income per share of
common stock from:
Income from continuing
operations $ 0.07 $ 0.06 $ 0.22 $ 0.19
Income from discontinued
operations - - 0.01 -
--------- --------- --------- ---------
Net income $ 0.07 $ 0.06 $ 0.23 $ 0.19
========= ========= ========= =========
Weighted average number of
common shares outstanding:
Basic 44,986 44,986 44,986 44,986
========= ========= ========= =========
Diluted 45,074 45,086 45,011 45,078
========= ========= ========= =========
Allied Healthcare International Inc.
Sandy Young
Chief Executive Officer
Paul Weston
Chief Financial Officer
UK 00-44-1785 810-600
Email Contact
Email Contact
or
The Investor Relations Group
Adam Holdsworth
212-825-3210
or
Cenkos Securities plc (Nominated Advisor)
Elizabeth Bowman
London: 00-44-20-7397-8928
or
Ian Soanes
London: 00-44-20-7397-8924
