Allied Healthcare International Inc. Reports 24.2 Percent Increase in Revenue for Fiscal 2003 Third Quarter.Business Editors/Health/Medical Writers NEW YORK--(BUSINESS WIRE)--Aug. 13, 2003 Allied Healthcare International Inc. (AMEX AMEX See: American Stock Exchange :ADH ADH: see antidiuretic hormone. ), a leading international provider of flexible healthcare staffing services, announced today results for its fiscal 2003 third quarter ended June June: see month. 30, 2003. Revenue for the third quarter ended June 30, 2003, rose 24.2 percent to $75.3 million, versus $60.6 million for the same period last year. Net income available to common shareholders for the quarter was $1.1 million, or $0.05 per basic share, versus a net loss available to common shareholders of $5.6 million, or $0.30 per share, in the comparable period a year ago. Net income (loss) and per share amounts were after giving effect to preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. transactions.
Third Quarter Ended June 30,
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($ millions) 2003 2002
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Revenue $75.3 vs. $60.6 + 24.2%
Operating income (loss) $6.9 vs. $(1.2) + 660.8%
Net Income (loss) available to
common shareholders $1.1 vs. $(5.6) + 120.0%
Revenue for the nine-month period ended June 30, 2003, grew 23.1 percent to $215.0 million versus $174.7 million for the nine-month period in fiscal 2002. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the nine-month period increased 106.1 percent to $21.1 million compared with $10.2 million for the same period last year. Net income available to common shareholders for the nine-month period was $5.0 million, or $0.23 per basic share, versus a net loss available to common shareholders of $2.5 million, or $0.14 per basic share, in the comparable period last year. Net income (loss) and per share amounts were after giving effect to preferred stock transactions. Included in the results for both the three- and nine-month periods ended June 30, 2003, are the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effects of changes in foreign exchange. During the third quarter, the Company continued to pursue its acquisition strategy throughout the U.K. On June 27, 2003, the Company completed its acquisition of Carewise Nursing Agency, which specializes in supplying qualified critical care nurses to intensive care units across National Health Service (NHS NHS abbr. National Health Service NHS (in Britain) National Health Service ) hospitals in the U.K. Furthermore, on April 11, 2003, the Company acquired First Force Medical Recruitments Limited, a supplier of flexible healthcare staffing services primarily to military and NHS hospitals in the U.K. Both of these opportunities allow Allied Healthcare broader industry exposure and the chance to expand its offering within the key sectors the Company serves. "We continue to increase our staffing business both by organic growth as well as acquisition. A more qualified, outcome-focused management team is beginning to have a real effect throughout the Company and will become a significant differentiating factor to our competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . This Company actively seeks greater market share in an industry which is clearly growing faster than most other sectors of the economy," said Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. M. Aitken Aitken may refer to:
"We are also assessing opportunities for emulating the success we created in the U.K. in the U.S.," Aitken noted. Sarah L. Eames Eames , Charles 1907-1978. American designer noted for an innovative series of chairs made of aluminum tubing and molded plywood. Noun 1. , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , added: "The staffing sector continues to grow, and Allied Healthcare is well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this expansion. In the U.K., we reach 90 percent of the population with our nursing services. We have built a team of nearly 30,000 nursing care professionals throughout the U.K. who are highly skilled and available to administer To give an oath, as to administer the oath of office to the president at the inauguration. To direct the transactions of business or government. Immigration laws are administered largely by the Immigration and Naturalization Service. care to our client base. Currently, we work with a broad range of clients, including the NHS hospitals, private clients, nursing homes and local authorities. We are dedicated to clinical excellence and continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. develop innovative solutions to meet the healthcare community's standards of care Standards of care are medical or psychological treatment guidelines, and can be general or specific. They specify appropriate treatment protocols based on scientific evidence, and collaboration between medical and/or psychological professionals involved in the treatment of a given while adhering ADHERING. Cleaving to, or joining; as, adhering to the enemies of the United States. 2. The constitution of the United States, art. 3, s 3, defines treason against the United States, to consist only in levying war against them or in adhering to their enemies, to their budgetary requirements." New York-based Allied Healthcare International Inc. is a leading provider of flexible healthcare staffing services in the United Kingdom. Certain statements contained herein are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that have been made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties, including those contained in the Company's filings with the Securities and Exchange Commission, which may cause actual results in future periods or plans for future periods to differ materially from those described herein as anticipated, believed or estimated.
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
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June 30, June 30, June 30, June 30,
2003 2002 2003 2002
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Total revenues $75,274 $60,587 $214,958 $174,680
Gross profit 20,595 16,412 59,118 46,464
Selling, general and
administrative expenses 13,663 17,648 38,050 36,243
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Operating income
(loss) 6,932 (1,236) 21,068 10,221
Interest expense, net 3,362 3,448 9,904 10,025
Foreign exchange loss
(gain) 3 (2) 14 18
------- ------- ------- -------
Income (loss) before
income taxes,
minority interest
and discontinued
operations 3,567 (4,682) 11,150 178
Provision for income
taxes 1,828 983 3,704 3,142
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Income (loss) before
minority interest
and discontinued
operations 1,739 (5,665) 7,446 (2,964)
Minority interest - 34 - 120
------- ------- ------- -------
Income (loss) from
continuing
operations 1,739 (5,699) 7,446 (3,084)
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Discontinued operations:
(Loss) income from
discontinued
operations (138) 234 (16) 702
Gain on disposal of
subsidiaries, net of
taxes of $775 519 - 519 -
------- ------- ------- -------
381 234 503 702
------- ------- ------- -------
Net income (loss) 2,120 (5,465) 7,949 (2,382)
Redeemable preferred
dividend and accretion 1,003 114 2,971 114
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Net income (loss)
available to
common shareholders $ 1,117 $(5,579) $ 4,978 $(2,496)
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Basic income (loss) per
share of common stock from:
Income (loss) from
continuing
operations $ 0.03 $ (0.31) $ 0.21 $ (0.18)
Income from
discontinued
operations 0.02 0.01 0.02 0.04
------- ------- ------- -------
Net income (loss) $ 0.05 $ (0.30) $ 0.23 $ (0.14)
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Diluted income (loss) per
share of common stock from:
Income (loss) from
continuing
operations $ 0.03 $ (0.31) $ 0.20 $ (0.18)
Income from
discontinued
operations 0.02 0.01 0.02 0.04
------- ------- ------- -------
Net income (loss) $ 0.05 $ (0.30) $ 0.22 $ (0.14)
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Weighted average number of
common shares outstanding:
Basic 22,239 18,701 21,885 17,760
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Diluted 22,557 18,701 22,245 17,760
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