Louis, August 30, 2010 – Recession-driven budget cuts by hospitals and
governmental entities reduced sales for Allied Healthcare Products, Inc.
(NASDAQ: AHPI) throughout fiscal 2010. The company managed to
offset much of the year’s sales decline by cutting overhead and operating
costs. Still, the company reported a loss for the year.
For the fiscal year ending June 30,
2010, Allied sales fell about $6 million, or more than 11.7 percent, from about
$52.1 million in 2009 to $46.0 million in the current fiscal
year. The cost of sales was reduced by 13.4 percent, from about $40.3
million to $34.9 million. The company also cut its selling, general
and administrative costs by about 8.5 percent, from about $13.0 million to $11.9
million in the current year.
The net loss for fiscal 2010 was
$600,000, or a negative seven cents per basic and diluted share. This
compared to a loss of more than $16.8 million, or a negative $2.12 per basic and
diluted share, for fiscal 2009. The 2009 loss included the effect of
a non-cash accounting charge of $16.0 million relating to the impairment of
goodwill in the fourth quarter. The 2009 goodwill impairment was
caused by the decline of the Allied stock price in the year and a general
downturn in orders caused by the recession.
The following information was filed by Allied Healthcare Products Inc (AHPI) on Monday, August 30, 2010 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: 0001144204-10-050694 Submitted to the SEC: Thu Sep 23 2010 5:28:27 PM EST Accepted by the SEC: Thu Sep 23 2010 Period: Wednesday, June 30, 2010 Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies