Allied Healthcare International Inc. Reports Fiscal 2005 First Quarter Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Allied Healthcare International Inc.:
First Quarter First Quarter
Fiscal 2005 Fiscal 2004 Variance
-------------- ------------- ---------
Revenue ($m) 86.6 78.5 +10.2%
Gross Profit ($m) 25.2 22.3 +13.0%
Gross Margin % 29.1% 28.4%
Diluted EPS ($) 0.11 0.07* +55.4%
* After adjusting for the effects of compensation charges in Fiscal
2004, per table attached.
Allied Healthcare International Inc. (Nasdaq: AHCI AHCI Advanced Host Controller Interface AHCI Art and Humanities Index ), a leading provider of flexible healthcare staffing services in the United Kingdom, announced results for its fiscal 2005 first quarter. Revenue for the fiscal first quarter ended December 31, 2004 rose 10.2 percent to $86.6 million, compared with $78.5 million in fiscal 2004. Gross profit rose 13.0 percent to $25.2 million compared to $22.3 million for the comparable period last year. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. remained strong at 29.1% in the fiscal first quarter 2005, compared with 28.4% during the same period last year. Net income available to common shareholders for the quarter ended December 31, 2004 was $4.8 million, or $0.11 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 $0.7 million, or $0.03 per diluted share for the comparable period in fiscal 2004. 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 2005 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 first quarter, the Company completed two acquisitions of Social Services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales agencies. The initial consideration, excluding contingent payments, for these acquisitions was $3.3 million. "Since the beginning of the current financial year, the focus of your management team has been on the requirement for sustainable organic growth which has necessitated a number of changes in senior personnel as well as the implementation of a results-oriented flat organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. ," said Chairman and 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. Timothy Aitken. "With the new team now largely in place, the focus will shift aggressively to the development of a sales capability, which will be spearheaded by the recently appointed business development director, promoted from within the group." Mr. Aitken concluded, "the balance of this year will not only reflect all that has so far been done, but also evidence the significant change in the culture of this company away from a salaried 'wait for the call' attitude to a results motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo business with some very determined management, rewarded primarily by bonused performance." 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 or include 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 table attached to this press release. Allied Healthcare invites all those interested in hearing management's discussion of the quarter to join the call by dialing 877-407-8289 on Wednesday, February 9, 2005 at 10:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . International participants may access the call by dialing 201-689-8341. 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. Refer to replay passcode account number 1628 and conference ID number 136710 when prompted. Participants may also access a live webcast of the conference call through the investor relations Investor relations The process by which the corporation communicates with its investors. section of Allied Healthcare's website, www.alliedhealthcare.com by clicking on the news and press section, then selecting investor relations to access the link to the call. 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 125 branches with the capacity to provide carers (known as home health aides in the U.S.), nurses, and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. medical personnel to locations covering approximately 90% of the U.K. population. Allied meets the needs of Private Patients, Community Care, Nursing Homes and Hospitals. The Company also supplies medical-grade oxygen for use in respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, in the U.K. pharmacy market and to private patients in Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. . 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. 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: Allied's ability to continue to recruit and retain qualified flexible healthcare staff; ability to enter into contracts with hospitals and other healthcare facility customers on terms attractive to Allied; the general level of patient occupancy at hospital and healthcare facilities of Allied's customers; ability to successfully implement acquisition and integration strategies; dependence on the proper functioning of its information systems; the effect of existing or future government regulation of the healthcare industry, and ability to comply with these regulations; the impact of medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. and other claims asserted against Allied; the effect of regulatory change that may apply to Allied and that may increase costs and reduce revenue and profitability; ability to use net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry forward to offset net income; and the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , all quarterly reports on form 10-Q Form 10-Q See 10-Q. and any current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed since the date of the last Form 10-K as well as changes in any of the following: the demand for Allied's products and services, general economic conditions, governmental regulation, the level of competition, customer strategies and pricing and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
---------------------------------
2004 2003
------------- --------------
Total revenues $ 86,563 $ 78,543
------------- --------------
Gross profit 25,214 22,310
Selling, general and
administrative expenses 17,227 16,706
------------- --------------
Operating income 7,987 5,604
Interest expense, net 1,209 2,202
Foreign exchange (gain) loss (7) 11
------------- --------------
Income before income taxes 6,785 3,391
Provision for income taxes 1,958 1,629
------------- --------------
Net income 4,827 1,762
Redeemable preferred dividends
and accretion - 1,056
------------- --------------
Net income available to
common shareholders $ 4,827 $ 706
============= ==============
Basic and diluted income
available to common
shareholders per share of
common stock $ 0.11 $ 0.03
============= ==============
Weighted average number of
common shares outstanding:
Basic 44,466 22,224
============= ==============
Diluted 44,942 22,651
============= ==============
Reconciliation of Reported Net Income to Adjusted Net Income:
Three Months Ended December 31,
2004 2003
------------ --------------
Reported net income available to
common shareholders $ 4,827 $ 706
Compensation charges - 860
------------ --------------
Adjusted net income available to
common shareholders $ 4,827 $ 1,566
============ ==============
Reconciliation of Reported Net Income Per Diluted Share to Adjusted
Net Income Per Diluted Share:
Three Months Ended December 31,
2004 2003
----------- ------------
Reported net income per diluted
share available to common
shareholders $ 0.11 $ 0.03
Add back: per-share effect of
compensation charges - 0.04
----------- ------------
Adjusted net income per diluted
share available to common
shareholders $ 0.11 $ 0.07
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