ALLIED HEALTHCARE PRODUCTS INC. COMPLETES ACQUISITION OF LIFE SUPPORT PRODUCTS INC.
ST. LOUIS, Dec. 10 /PRNewswire/ -- Allied Healthcare Products Inc. (NASDAQ-NMS: AHPI) today announced that it has completed the acquisition of Life Support Products Inc., based in Irvine, Calif., for approximately $15.4 million. Life Support Products is a leading manufacturer of emergency medical equipment with an emphasis on respiratory therapy applications. For the fiscal year ended Dec. 31, 1992, net sales were approximately $12 million with net income of $1.0 million. Commenting on the announcement, James C. Janning, president and chief executive officer, stated, "The emergency medical products market represents significant opportunities for Allied. The acquisition of Life Support Products complements Allied's leadership position in respiratory therapy products for hospitals and home health care and is enhanced by management's demonstrated ability to integrate acquisitions and improve profitability." For its fiscal year ended June 30, 1993, Allied Healthcare Products reported net sales of $61 million, with net income climbing 21 percent to $6.7 million and earnings per share increasing by 22 percent to $0.93 from $0.76 in fiscal 1992. Allied Healthcare Products Inc. is an industry leader in the manufacturing and marketing of medical gas equipment and respiratory therapy products. Allied operates principally within three areas of the healthcare industry: hospital construction and renovation; inpatient respiratory and suction therapies; and the home respiratory market. -0- 12/10/93 /CONTACT: David V. LaRusso of Allied Healthcare Products, 314-771-2400; or Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300/ (AHPI)
CO: Allied Healthcare Products Inc.; Life Support Products Inc. ST: California, Missouri IN: HEA SU: TNM
MF-JL -- LA003 -- 2495 12/10/93 08:30 EST
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|Date:||Dec 10, 1993|
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