Allied Healthcare International Inc. Reports Fiscal 2004 First Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 12, 2004 Allied Healthcare International Inc. (AMEX AMEX See: American Stock Exchange : ADH ADH: see antidiuretic hormone. ) -- Revenues Up 15.5% -- Gross Profit Up 18.1% Allied Healthcare International Inc. (AMEX: ADH), a leading international provider of flexible healthcare staffing services, announced today results for its fiscal 2004 first quarter ended December December: see month. 31, 2003. Revenue for the first quarter ended December 31, 2003, rose 15.5 percent to $78.5 million, compared with $68.0 million in fiscal 2003. Gross profit rose 18.1 percent to $22.3 million compared to $18.9 million for the comparable period. Included in the first quarter fiscal 2004 results was a one time charge of $0.9 million arising from compensation payments to Timothy M. Aitken Aitken may refer to:
American designer noted for an innovative series of chairs made of aluminum tubing and molded plywood. Noun 1. , chief executive officer, 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. , to complete the reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of tax liabilities and to resolve other consequences incurred in connection with the reorganization of the company's capital structure in July July: see month. 2002. Excluding this one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, net income available to common shareholders for the quarter would have been $1.6 million or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income available to common shareholders of $1.3 million, or $0.06 per diluted share last year - an increase of 16.7%. Net income available to common shareholders for the quarter was $0.7 million or $0.03 per diluted share. Net income available to common shareholders and diluted per share amounts are 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. Also included in the results for the first quarter of fiscal 2004 are the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effects of currency changes. During the first quarter, the company completed its acquisition of Primary Care Agency Limited, a supplier of flexible healthcare staffing services primarily to hospitals, primary care trusts and learning disability homes in the U.K. Timothy Aitken said of the company's performance: "Our results continue to be indicative of the capabilities and accomplishments of a seasoned management team. Heading this growing team is Sarah Eames, who, as previously announced during the quarter, was named to the additional post of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Her keen understanding of the healthcare industry will not only beneficially impact future shareholder value but also shape the company's future development and expansion." Ms. Eames commented on Allied's competitive position in the marketplace, stating: "Our ability to continue to distinguish this company in today's fast-growing flexible healthcare staffing sector rests solely upon one underlying factor - the quality of our staffing professionals. We are committed to providing the highest quality nurses and carers, and we place strong emphasis on our extensive screening procedures and professional training programs. Toward this end, we have been working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to expand our commitment to quality as evidenced by the recent implementation of enhanced screening processes, the opening of additional training centers and the further development of an internal audit team. These initiatives will help to ensure the delivery of quality patient care while also meeting our contractual commitments and legislative requirements. We believe this incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. investment in quality healthcare recruitment will quickly be recognized by our customers and the industry at large." In addition to disclosing results of operations that are determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), this press release also discloses non-GAAP results of operations that exclude certain charges. These non-GAAP measures adjust for charges that are unusual. 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. Management also uses these non-GAAP measures internally to assess the performance of its business and to establish operational goals. 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 attached to this press release. 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
------------------
December 31, December 31,
2003 2002
------------ --------------
Total revenues $ 78,543 $ 67,998
Gross profit 22,310 18,898
Selling, general and administrative
expenses 16,706 11,806
------------ ------------
Operating income 5,604 7,092
Interest expense, net 2,202 3,198
Foreign exchange loss 11 8
------------ ------------
Income before income taxes and
discontinued operations 3,391 3,886
Provision for income taxes 1,629 1,767
------------ ------------
Income from continuing
operations 1,762 2,119
Income from discontinued operations - 184
------------ ------------
Net income 1,762 2,303
Redeemable preferred dividends and
accretion 1,056 994
------------ ------------
Net income available to common
shareholders $ 706 $ 1,309
============ ============
Basic and diluted net income per share
of common stock from:
Income from continuing
operations $ 0.03 $ 0.05
Income from discontinued
operations - 0.01
---------- ---------
Net income available to common
shareholders $ 0.03 $ 0.06
========== =========
Weighted average number of common shares
outstanding:
Basic 22,224 21,171
============ ============
Diluted 22,651 21,559
============ ============
Reconciliation of Reported Net Income to
Adjusted Net Income:
Three Months Ended
December 31, 2003
------------------
Reported net income available to common
shareholders $ 706
Compensation payments 860
-------------
Adjusted net income available to common
shareholders $ 1,566
=============
Reconciliation of Reported Net Income Per Share to
Adjusted Net Income Per Share - Basic and Diluted:
Three Months Ended
December 31, 2003
------------------
Reported net income per share available
to common shareholders $ 0.03
Add back: per share effect of
compensation payments 0.04
-------------
Adjusted net income per share available
to common shareholders $ 0.07
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