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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Allied Health | LSE:AHI | London | Ordinary Share | COM STK USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 120.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 6481R
Allied Healthcare International Inc
05 May 2009
Allied Healthcare International Inc. Reports Fiscal 2009 Second Quarter Results
Diluted EPS, From Continuing Operation, Increases 23% to 4.8 Cents From 3.9
Cents in Second Quarter Fiscal 2008
NEW YORK, NY--(Marketwire - May 05, 2009) - Allied Healthcare International Inc.
(NASDAQ: AHCI) (AIM: AHI)
Fiscal 2009 Fiscal 2008
(In millions, except EPS) Second Quarter Second Quarter
-------------- --------------
Revenues, as reported $ 55.3 $ 73.8
Revenues, at constant exchange rates $ 76.1 $ 73.8
Gross Profit, as reported $ 17.2 $ 21.9
Gross Profit, at constant exchange rates $ 23.6 $ 21.9
Gross Margin % 31.0% 29.7%
Operating Income, as reported $ 2.8 $ 2.5
Operating Income, at constant exchange
rates $ 4.1 $ 2.5
Diluted EPS, continuing operations 4.8 Cents 3.9 Cents
============== ==============
Allied Healthcare International Inc. (NASDAQ: AHCI) (AIM: AHI)
(http://www.alliedhealthcare.com), a leading provider of flexible healthcare
staffing services in the United Kingdom, has issued financial results for its
fiscal 2009 second quarter.
To provide investors with an increased understanding of the Company's business,
as in previous quarters, Allied is providing a breakdown of its revenues and
gross profits at constant exchange rates using the comparable prior period
weighted average exchange rate. In addition, as the Company's revenues and gross
profits are generated in the United Kingdom, an analysis is included, within the
Management Discussion below, of the last six quarters' revenues and gross
profits in pounds sterling to enable investors to fully understand the
underlying trends over these periods without the effects of currency exchange
rates. As noted in the reported numbers, recent fluctuations in foreign exchange
rates have significantly impacted the Company's current period results.
Fiscal Second Quarter Results:
Quarter Ended March 31, 2009
-----------------------------------------------------
Gross Gross
Revenue % Margin % Margin %
--------- --------- --------- --------- ---------
(Amounts in
thousands)
Homecare $ 61,066 80.2% $ 19,307 81.8% 31.6%
Nursing Homes 8,207 10.8% 2,562 10.9% 31.2%
Hospitals 6,817 9.0% 1,726 7.3% 25.3%
--------- ---------
Total, at constant
exchange rates 76,090 23,595 31.0%
Effect of foreign
exchange (20,756) (6,429)
--------- ---------
Total, as reported $ 55,334 $ 17,166
========= ---------
SG&A, at constant
exchange rates $ 19,511
Effect of foreign
exchange (5,122)
---------
SG&A, as reported $ 14,389
---------
Operating Income, at
constant exchange
rates $ 4,084
Effect of foreign
exchange (1,307)
---------
Operating Income, as
reported $ 2,777
=========
Quarter Ended March 31, 2008
------------------------------------------------------
Gross Gross
Revenue % Margin % Margin %
---------- --------- ---------- --------- ---------
(Amounts in
thousands)
Homecare $ 54,544 73.9% $ 16,772 76.5% 30.7%
Nursing Homes 10,622 14.4% 3,156 14.4% 29.7%
Hospitals 8,649 11.7% 2,003 9.1% 23.2%
---------- ----------
Total, at constant
exchange rates 73,815 21,931 29.7%
Effect of foreign
exchange - -
---------- ----------
Total, as reported $ 73,815 $ 21,931
========== ----------
SG&A, at constant
exchange rates $ 19,455
Effect of foreign
exchange -
----------
SG&A, as reported $ 19,455
----------
Operating Income, at
constant exchange
rates $ 2,476
Effect of foreign
exchange -
----------
Operating Income, as
reported $ 2,476
==========
For the second quarter of fiscal 2009, at constant exchange rates, revenues
increased by $2.3 million, or 3.1%, to $76.1 million, compared with $73.8
million reported during the same period in fiscal 2008. Contributing to the
increase in revenues was Allied's Homecare revenues, which grew by 12.0% to
$61.1 million. Nursing Home revenues declined by 22.7% to $8.2 million.
Hospitals revenues decreased by 21.2% to $6.8 million. After the unfavorable
impact of currency exchange of $20.8 million, revenues decreased to $55.3
million. It should be noted that due to the leap year in 2008, this fiscal
year's second quarter is one day shorter than the comparable prior year period
which equates to just over $0.6 million for a day's sales, or 1.1% impact on
increase in revenues.
At constant exchange rates, total gross profit for the second fiscal quarter
increased 7.6% to $23.6 million, compared with $21.9 million reported for the
comparable quarter in fiscal 2008. Gross profit margin for the second quarter
increased to 31.0% from 29.7% for the comparable prior period. Foreign exchange
decreased gross profit by $6.4 million to $17.2 million for the quarter.
At constant exchange rates, SG&A for the second fiscal quarter was $19.5
million, compared with $19.5 million reported last year. Foreign exchange
decreased costs by $5.1 million to $14.4 million for the quarter.
At constant exchange rates, operating income for the second quarter of fiscal
2009 increased to $4.1 million, compared to operating income of $2.5 million
reported during the 2008 second fiscal quarter. Foreign exchange decreased
operating income by $1.3 million to $2.8 million for the quarter.
Income from continuing operations for the second quarter of fiscal 2009
increased to $2.1 million as compared with $1.8 million reported during the 2008
second fiscal quarter. Diluted earnings per share from continuing operations was
4.8 cents for the quarter, compared to diluted earnings per share from
continuing operations of 3.9 cents last year.
Net income for the second quarter of fiscal 2009 increased to $2.5 million as
compared with $1.8 million reported during the 2008 second fiscal quarter.
Diluted earnings per share was 5.6 cents for the quarter which includes 0.8
cents from discontinued operations due to the release of reserves as a result of
the warranty period within the sales agreement, related to the sale of the
respiratory business in fiscal 2007, having expired.
Fiscal Six-Month Results:
Six Months Ended March 31, 2009
-----------------------------------------------------
Gross Gross
Revenue % Margin % Margin %
--------- --------- --------- --------- ---------
(Amounts in
thousands)
Homecare $ 123,687 79.3% $ 38,709 80.7% 31.3%
Nursing Homes 18,041 11.6% 5,583 11.6% 30.9%
Hospitals 14,204 9.1% 3,716 7.7% 26.2%
--------- ---------
Total, at constant
exchange rates 155,932 48,008 30.8%
Effect of foreign
exchange (39,070) (12,029)
--------- ---------
Total, as reported $ 116,862 $ 35,979
========= ---------
SG&A, at constant
exchange rates $ 39,524
Effect of foreign
exchange (9,576)
---------
SG&A, as reported $ 29,948
---------
Operating Income, at
constant exchange
rates $ 8,484
Effect of foreign
exchange (2,453)
---------
Operating Income, as
reported $ 6,031
=========
Six Months Ended March 31, 2008
------------------------------------------------------
Gross Gross
Revenue % Margin % Margin %
---------- --------- ---------- --------- ---------
(Amounts in
thousands)
Homecare $ 110,494 74.4% $ 34,139 77.0% 30.9%
Nursing Homes 22,340 15.0% 6,644 15.0% 29.7%
Hospitals 15,751 10.6% 3,571 8.0% 22.7%
---------- ----------
Total, at constant
exchange rates 148,585 44,354 29.9%
Effect of foreign
exchange - -
---------- ----------
Total, as reported $ 148,585 $ 44,354
========== ----------
SG&A, at constant
exchange rates $ 39,648
Effect of foreign
exchange -
----------
SG&A, as reported $ 39,648
----------
Operating Income, at
constant exchange
rates $ 4,706
Effect of foreign
exchange -
----------
Operating Income, as
reported $ 4,706
==========
For the fiscal six months ended March 31, 2009, at constant exchange rates,
revenues increased by $7.3 million, or 4.9%, to $155.9 million, compared with
$148.6 million reported during the same period in fiscal 2008. Contributing to
the increase in revenues was Allied's Homecare revenues, which grew by 11.9% to
$123.7 million. Nursing Home revenues declined by 19.2% to $18.0 million.
Hospitals revenues decreased by 9.8% to $14.2 million. After the unfavorable
impact of currency exchange of $39.0 million, revenues decreased to $116.9
million.
At constant exchange rates, total gross profit for the fiscal six months ended
March 31, 2009, increased 8.2% to $48.0 million, compared with $44.4 million
reported for the comparable period in fiscal 2008. Gross profit margin for the
fiscal six months ended March 31, 2009, increased to 30.8% from 29.9% for the
comparable prior period. Foreign exchange decreased gross profit by $12.0
million to $36.0 million for the quarter.
At constant exchange rates, SG&A for the fiscal six months ended March 31, 2009,
was $39.5 million, compared with $39.6 million reported last year. Foreign
exchange decreased costs by $9.6 million to $29.9 million for the quarter.
At constant exchange rates, operating income for the fiscal six months ended
March 31, 2009, increased to $8.5 million, compared to operating income of $4.7
million reported during the 2008 six months ended March 31. Foreign exchange
decreased operating income by $2.5 million to $6.0 million for the six-month
period.
Income from continuing operations for the six months ended March 31, 2009,
increased to $4.6 million as compared with $3.4 million reported during the 2008
fiscal six-month period. Diluted earnings per share from continuing operations
was 10.2 cents for the six month period ended March 31, 2009, compared to
diluted earnings per share from continuing operations of 7.6 cents last year.
At March 31, 2009, and September 30, 2008, Allied's cash balance was $28.1
million (GBP19.7 million) and $26.2 million (GBP14.4 million), respectively,
representing an underlying increase in the cash balance of GBP5.3 million.
For the fiscal six months ended March 31, 2009, depreciation and amortization
was $1.8 million and capital expenditures were $1.6 million. Day Sales
Outstanding was eighteen days at March 31, 2009, and twenty-two days at March
31, 2008. The March 31, 2009, DSO was the lowest level achieved by our company
and was due to timing of cash collections mainly from the local governmental
bodies as a result of the end of their fiscal period as well as the timing of
our invoicing.
Management Discussion:
"We are pleased with our continued growth in our homecare business, which showed
an increase of 12% over the prior year period. With approximately 80% of our
revenues coming from the homecare business, the key dynamics of an aging
population, the trend to provide more care in the homecare environment, and the
scope for further consolidation of the supplier base, we believe we are well
placed to continue our growth in homecare as one of the U.K.'s leading
providers," commented Sandy Young, Chief Executive Officer of Allied.
Mr. Young continued: "Our level of contract wins over the last few months has
been strong. Our goal over the next few quarters will be to recruit and retain
staff to fulfill new contracts, while ensuring our quality of service is
maintained. Due to the current economic environment in the U.K. we have noted
that it is becoming somewhat easier to recruit staff and our retention rates are
improving."
"In the second quarter of fiscal 2009, however, we experienced reductions in our
nursing home revenues very similar to the reductions we experienced in the first
quarter of fiscal 2009. We believe the use of temporary staff has reduced in
nursing homes, but we also believe, that in the short term, the permanent staff
in the nursing homes are working additional shifts. This is most likely a
response to the problems in the economy."
"While our Hospitals revenues this quarter were slightly lower than the first
quarter, we believe this business, which does fluctuate between quarters, will
remain at similar levels over the next few quarters until the next framework
agreements, which are currently in the formal re-tender stage, are implemented.
If we are successful in this re-tender, there may be future growth opportunities
for this business."
"As noted in our previous quarter's press release, with nearly all our
operations in the United Kingdom, I believe it is important for investors to see
the underlying revenues and gross profits in pound currency as detailed below.
Our SG&A costs, excluding exchange effects, are very similar to the prior year
despite the increase in revenues that we have generated."
Q1 2009 Q2 2009
----------------------- -----------------------
Gross Gross
Revenue Margin Revenue Margin
----------- ----------- ----------- -----------
(Amounts in thousands)
Homecare GBP 30,620 GBP 9,487 GBP 30,858 GBP 9,753
Nursing Homes 4,808 1,477 4,159 1,298
Hospital Staffing 3,612 973 3,448 874
----------- ----------- ----------- -----------
Total GBP 39,040 GBP 11,937 GBP 38,465 GBP 11,925
Foreign exchange rate 1.58 1.58 1.44 1.44
----------- ----------- ----------- -----------
Total $ 61,528 $ 18,813 $ 55,334 $ 17,166
=========== =========== =========== ===========
Q1 2008 Q2 2008
------------------------- -------------------------
Gross Gross
Revenue Margin Revenue Margin
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 27,358 GBP 8,491 GBP 27,561 GBP 8,476
Nursing Homes 5,730 1,706 5,373 1,596
Hospital Staffing 3,473 767 4,358 1,009
------------ ------------ ------------ ------------
Total GBP 36,561 GBP 10,964 GBP 37,292 GBP 11,081
Foreign exchange rate 2.05 2.05 1.98 1.98
------------ ------------ ------------ ------------
Total $ 74,770 $ 22,423 $ 73,815 $ 21,931
============ ============ ============ ============
Q3 2008 Q4 2008
------------------------- -------------------------
Gross Gross
Revenue Margin Revenue Margin
------------ ------------ ------------ ------------
(Amounts in thousands)
Homecare GBP 29,130 GBP 9,294 GBP 30,218 GBP 9,447
Nursing Homes 4,969 1,531 5,140 1,554
Hospital Staffing 3,926 888 4,088 1,050
------------ ------------ ------------ ------------
Total GBP 38,025 GBP 11,713 GBP 39,446 GBP 12,051
Foreign exchange rate 1.97 1.97 1.90 1.90
------------ ------------ ------------ ------------
Total $ 75,024 $ 23,120 $ 74,968 $ 22,911
============ ============ ============ ============
Mr. Young concluded: "Our operating income for the quarter of $4.1 million,
excluding exchange, compares to $2.5 million for the same prior year quarter
which is an increase of 65% and reflects the continued improvements we are
making across the business to help us affirm our position as one of the leaders
in the U.K. homecare market place."
Paul Weston, the Chief Financial Officer, also commented: "The Board is well
advanced in its selection of a retained investment banker to help advise the
Board on its capital deployment strategy to ensure shareholder value is
maximized in the medium term."
The Company also recently announced the implementation of the Chief Executive
Officer's Long Term Incentive Plan, which targets growth in sales, earnings per
share and earnings before interest, taxes and amortization. In finalizing the
Long Term Incentive Plan, the Board commissioned external consultants to review
the business plan projections of the Company. The conclusion of that exercise
confirmed that the Company should continue to focus on providing services to the
local authority, private homecare, individuals with learning disabilities, and
continuing care as they are all growing business sectors where the Company
already has market leading positions.
The Company also noted that Jeffrey S. Peris, a board member since 1998, has
been appointed interim non-executive chairman of the Board in place of H.J. Mark
Tompkins who will leave the Board following the annual shareholders meeting on
June 10, 2009.
Conference Call Information -- May 5, 2009 at 10:00AM EDT / 3:00PM GMT:
Allied invites all those interested in listening to management's discussion of
the results to join the call by dialing 877-407-0778 for domestic participants,
and 201-689-8565 for international participants today, May 5, 2009, at 10:00AM
EDT / 3:00PM GMT. Participants may also access a live webcast of the conference
call through the "Investors" section of Allied Healthcare's Website:
www.alliedhealthcare.com. 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. When prompted, please enter account number 286 and
conference ID number 321299. The presentation will be available and archived on
the Company's website for ninety days.
In addition to disclosing results of operations that are determined in
accordance with 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 foreign exchange effects.
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. 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 included in
this press release.
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 approximately one hundred branches
with the capacity to provide carers (known as home health aides in the U.S.),
nurses, and specialized medical personnel to locations covering approximately
90% of the U.K. population. Allied meets the needs of private patients,
community care, nursing and care homes, and hospitals.
FORWARD-LOOKING STATEMENTS
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: general economic and market conditions;
Allied's ability to continue to recruit and retain flexible healthcare staff;
Allied's ability to enter into contracts with local government social services
departments, NHS Trusts, hospitals and other healthcare facility clients on
terms attractive to Allied; the general level of patient occupancy at our
clients' hospitals and healthcare facilities; dependence on the proper
functioning of Allied's information systems; the effect of existing or future
government regulation of the healthcare industry, and Allied's ability to comply
with these regulations; the impact of medical malpractice and other claims
asserted against Allied; the effect of regulatory change that may apply to
Allied and that may increase costs and reduce revenues and profitability;
Allied's ability to use net operating loss carry forwards to offset net income;
the effect that fluctuations in foreign currency exchange rates may have on our
dollar-denominated results of operations; and the impairment 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, all quarterly
reports on Form 10-Q and any current reports on Form 8-K filed since the date of
the last Form 10-K. 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 Six Months Ended
-------------------- --------------------
March 31, March 31, March 31, March 31,
2009 2008 2009 2008
--------- --------- --------- ---------
Revenues:
Net patient services $ 55,334 $ 73,815 $ 116,862 $ 148,585
--------- --------- --------- ---------
Cost of revenues:
Patient services 38,168 51,884 80,883 104,231
--------- --------- --------- ---------
Gross profit 17,166 21,931 35,979 44,354
Selling, general and
administrative expenses 14,389 19,455 29,948 39,648
--------- --------- --------- ---------
Operating income 2,777 2,476 6,031 4,706
Interest income 115 171 379 404
Interest expense (7) (47) (14) (103)
Foreign exchange loss (45) (12) (367) (149)
--------- --------- --------- ---------
Income before income
taxes and discontinued
operations 2,840 2,588 6,029 4,858
Provision for income taxes 696 824 1,418 1,416
--------- --------- --------- ---------
Income from continuing
operations 2,144 1,764 4,611 3,442
--------- --------- --------- ---------
Discontinued operations:
Income from discontinued
operations, net of taxes 367 - 367 -
--------- --------- --------- ---------
Net income $ 2,511 $ 1,764 $ 4,978 $ 3,442
========= ========= ========= =========
Basic and diluted net income
per share of common stock
Income from continuing
operations $ 0.05 $ 0.04 $ 0.10 $ 0.08
Income from discontinued
operations 0.01 - 0.01 -
--------- --------- --------- ---------
Net income per share of common
stock $ 0.06 $ 0.04 $ 0.11 $ 0.08
========= ========= ========= =========
Weighted average number of
common shares outstanding:
Basic 44,986 44,986 44,986 44,986
========= ========= ========= =========
Diluted 44,986 45,059 44,986 45,116
========= ========= ========= =========
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 31, September 30,
2009 2008
(Unaudited)
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 28,072 $ 26,199
Restricted Cash - 136
Accounts receivable, less allowance for
doubtful accounts of $632 and $823,
respectively 11,047 17,774
Unbilled accounts receivable 13,958 15,892
Deferred income taxes 2,383 474
Prepaid expenses and other assets 1,133 1,375
Taxes receivable 292 -
Assets of discontinued operations - 182
-------------- --------------
Total current assets 56,885 62,032
Property and equipment, net 7,055 8,574
Goodwill 85,975 109,292
Other intangible assets, net 2,043 3,345
Taxes receivable - 19
-------------- --------------
Total assets $ 151,958 $ 183,262
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,385 $ 1,614
Accrued expenses, inclusive of payroll and
related expenses 21,905 28,244
Taxes payable 15 -
Liabilities of discontinued operations - 624
-------------- --------------
Total current liabilities 23,305 30,482
Deferred income taxes 54 110
-------------- --------------
Total liabilities 23,359 30,592
-------------- --------------
Commitments and contingencies (Notes 7,
8 and 12)
Shareholders' equity:
Preferred stock, $.01 par value; authorized
10,000 shares, issued and outstanding -
none - -
Common stock, $.01 par value; authorized
80,000 shares, issued 45,571 and 45,571
shares, respectively 456 456
Additional paid-in capital 241,216 241,018
Accumulated other comprehensive (loss)
income (27,428) 1,819
Accumulated deficit (83,351) (88,329)
-------------- --------------
130,893 154,964
Less cost of treasury stock (585 shares) (2,294) (2,294)
-------------- --------------
Total shareholders' equity 128,599 152,670
-------------- --------------
Total liabilities and shareholders'
equity $ 151,958 $ 183,262
============== ==============
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
March 31, March 31,
2009 2008
-------------- --------------
Cash flows from operating activities:
Net income $ 4,978 $ 3,442
Adjustments to reconcile net income to
net cash provided by operating
activities:
Income from discontinued
operations (367) -
Depreciation and amortization 1,198 1,665
Amortization of intangible
assets 608 855
Foreign exchange loss 104 -
Provision for (reversal of)
allowance for doubtful
accounts 106 (516)
Loss (gain) on sale of fixed
assets 5 (23)
Stock based compensation 198 379
Deferred income taxes 1,403 (96)
Changes in operating assets and
liabilities, excluding the effect of
businesses acquired and sold:
Decrease in accounts receivable 2,920 3,131
Increase in prepaid expenses
and other assets (1,700) (4,632)
Decrease in accounts payable
and other liabilities (2) (3,941)
-------------- --------------
Net cash provided by
continuing operations 9,451 264
Net cash used in
discontinued operations - (572)
-------------- --------------
Net cash provided by (used
in) operating activities 9,451 (308)
-------------- --------------
Cash flows from investing activities:
Capital expenditures (1,574) (1,006)
Proceeds from sale of business 113 54,692
Proceeds from sale of property and
equipment 1 49
Payments on acquisitions payable (170) -
-------------- --------------
-------------- --------------
Net cash (used in) provided
by investing activities (1,630) 53,735
-------------- --------------
Cash flows from financing activities:
Payments on revolving loan - (25,149)
Payments on invoice discounting
facility - (4,546)
Payments on long-term debt - (24,143)
Proceeds from sale of interest rate
swap agreements - 629
-------------- --------------
Net cash used in financing
activities - (53,209)
-------------- --------------
Effect of exchange rate on cash (5,948) -
-------------- --------------
Increase in cash 1,873 218
Cash and cash equivalents, beginning of
period 26,199 20,241
-------------- --------------
Cash and cash equivalents, end of period $ 28,072 $ 20,459
============== ==============
Supplemental cash flow information:
Cash paid for interest $ 14 $ 1,117
============== ==============
Cash paid for income taxes, net $ - $ 3,128
============== ==============
Allied Healthcare International Inc.
Sandy Young, Chief Executive Officer
Paul Weston, Chief Financial Officer
UK 00-44-1785 810-600
sandyyoung@alliedhealthcare.com
paulweston@alliedhealthcare.com
or
The Investor Relations Group
Adam Holdsworth
212-825-3210
or
Cenkos Securities plc (Nominated Advisor)
Elizabeth Bowman
London: 00-44-20-7397-8928
or
Ian Soanes
London: 00-44-20-7397-8924
This information is provided by RNS
The company news service from the London Stock Exchange
END
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