Cuts by Hospitals, Municipalities
to 2009 Loss for Allied Healthcare Products
LOUIS, September 25, 2009 – Allied Healthcare Products, Inc., (NASDAQ: AHPI)
reported that recession-driven budget cuts in its healthcare markets led to a
$4.3 million, or 7.6 percent, decrease in sales for 2009 and a net loss for the
fiscal year of $2.12 per share, compared to a profit of 11 cents per share in
fiscal year 2008. This includes the effect of a non-cash accounting
charge of $16.0 million relating to the impairment of goodwill in the fourth
quarter ended June 30, 2009.
impairment was identified during the company’s annual evaluation of the carrying
value of goodwill and reflects the decline of the Allied stock price during the
past year and a general downturn in orders, operating profits and cash flows
as a result of the current recession. This non-cash charge does
not affect operations or cash flow. After this impairment charge,
Allied will no longer have a goodwill balance and will not record any additional
quarter ended June 30, 2009, Allied reported a net loss of $16.1 million, or
$2.04 per diluted share, on sales of $12.7 million, compared to net income of
$0.7 million, or 8 cents per diluted share, for the prior year
period. Results for the fourth quarter of 2009 include the $16.0
million charge for impairment of goodwill.
The following information was filed by Allied Healthcare Products Inc (AHPI) on Friday, September 25, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Allied Healthcare Products Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Allied Healthcare Products Inc.
Ticker: AHPI CIK: 874710 Form Type:10-K Annual Report Accession Number: 0001144204-09-050123 Submitted to the SEC: Fri Sep 25 2009 5:27:00 PM EST Accepted by the SEC: Fri Sep 25 2009 Period: Tuesday, June 30, 2009 Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies