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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAHI RNS Number : 8671G Allied Healthcare International Inc 09 February 2010 Allied Healthcare International Inc. Reports Fiscal 2010 First Quarter Results =- Revenues Increased 12.8% to $69.4 million =- Operating Income Increased 16.7% to $3.8 million =- Net Income Increased 15.7% to $2.9 million, or $0.06 per diluted share NEW YORK, NY--(Marketwire - February 9, 2010) - Allied Healthcare International Inc. (NASDAQ: AHCI) (AIM: AHI), a leading provider of flexible healthcare staffing services in the United Kingdom, today issued financial results for its fiscal 2010 first quarter ended December 31, 2009. To provide investors with a better understanding of the Company's performance and because of fluctuations in foreign exchange rates, Allied is discussing its revenue, gross profit, selling, general & administrative (SG&A) expenses and operating income at constant exchange rates, which are calculated using the comparable prior period weighted average exchange rates. In addition, as the Company's revenue and gross profit are generated in the United Kingdom, an analysis, which is contained in the Historical Revenue and Gross Profit table at the end of this press release, is included of the last nine quarters' revenue and gross profit in pounds sterling to enable investors to fully understand the underlying trends over these periods without the effects of currency exchange rates. Fiscal First Quarter Results Revenue Gross Profit ----------------------- ----------------------------------- Gross Gross Q1 Q1 % Q1 Profit Q1 Profit % 2010 2009 Change 2010 % 2009 % Change -------- -------- ----- -------- ---- -------- ---- ----- (Amounts in thousands) Homecare $ 56,583 $ 48,257 17.3% $ 17,400 30.8% $ 14,952 31.0% 16.4% Nursing Homes 5,139 7,578 -32.2% 1,628 31.7% 2,328 30.7% -30.1% Hospitals 5,248 5,693 -7.8% 1,123 21.4% 1,533 26.9% -26.7% -------- -------- -------- -------- Total, at constant exchange rates 66,970 61,528 8.8% 20,151 30.1% 18,813 30.6% 7.1% Effect of foreign exchange 2,414 - 726 - -------- -------- -------- -------- Total, as reported $ 69,384 $ 61,528 12.8% $ 20,877 $ 18,813 11.0% ======== ======== -------- -------- SG&A, at constant exchange rates $ 16,509 $ 15,559 6.1% Effect of foreign exchange 571 - -------- -------- Total SG&A, as reported $ 17,080 $ 15,559 9.8% -------- -------- Operating Income, at constant exchange rates $ 3,642 $ 3,254 11.9% Effect of foreign exchange 155 - -------- -------- Operating Income, as reported $ 3,797 $ 3,254 16.7% ======== ======== For the first quarter of fiscal 2010 total revenue increased 8.8%, to $67.0 million, compared with $61.5 million reported during the same period in fiscal 2009. Allied's Homecare revenue grew 17.3% to $56.6 million, while Nursing Homes revenue declined 32.2% to $5.1 million and Hospitals revenue declined 7.8% to $5.3 million. After the favorable impact of currency exchange of $2.4 million, revenue increased 12.8% year over year to the reported $69.4 million for the 2010 first fiscal quarter. Total gross profit for the first fiscal quarter increased 7.1% to $20.2 million, from $18.8 million for the comparable quarter in fiscal 2009. Gross profit as a percentage of revenue was 30.1%, compared with 30.6% for the comparable prior-year period. Foreign exchange increased gross profit by $0.7 million to the reported $20.9 million for the 2010 first fiscal quarter. SG&A for the first fiscal quarter was $16.5 million (24.7% of revenues), an increase of 6.1%, from $15.6 million (25.3% of revenues) reported last year. Foreign exchange increased costs by $0.6 million to the reported $17.1 million for the 2010 first fiscal quarter. Operating income for the first quarter of fiscal 2010 increased 11.9% to $3.6 million from $3.3 million a year ago. Foreign exchange increased operating income by $0.2 million to the reported $3.8 million for the 2010 first fiscal quarter. Net income for the first quarter of fiscal 2010 was $2.9 million, or $0.06 per diluted share, compared with $2.5 million, or $0.05 per diluted share, reported during the 2009 first fiscal quarter. Management Discussion: Sandy Young, Chief Executive Officer of Allied, commented, "Allied's Homecare revenue increased by 17.3%, exceeding our expected growth range of 10-15%. We continue to believe the current market dynamics, such as an aging population, the lower cost of Homecare provision and the continued consolidation of local authority suppliers, all favor growth in demand for our Homecare services. We also remain positive about the opportunities ahead of our Continuing Care and Learning Disability businesses. "We have noticed recently that some local authorities and Primary Care Trusts are using consultants to review pricing and margins. This is to be expected with the current public sector debt levels and anticipated controls on spending after this year's U.K. elections. We will continue to monitor this closely. "The deterioration in our Nursing Homes business continues and although we have trialed some growth projects, there is no clear sign of any improvement to this business as the market for Nursing Homes services, in general, appears to be depressed. "Our Hospitals business revenues decreased by 7.8%. However, our London hospital staffing branch, which represents over 70% of our Hospitals revenue, grew by over 50% and was successful in maintaining a gross profit percentage similar to that of the prior year. However, this was offset by significant declines in our regional Hospitals business, which traditionally was at higher margins. We believe that our plan to open a dedicated Hospitals branch in the Midlands region is a sensible approach to growing this regional business on a similar model as our London operation. If successful, we will consider extending this hub approach into other key cities. "We continue to make investments to improve our service and quality, and our IT rollout continues as planned with a targeted completion date in the second half of 2011. At that stage, we will have a standard IT platform across our branches which will allow us to utilize technology to a much greater extent in the administration, management and control of our care services. To date we have over 30 branches utilizing the new system and we incurred operating expenses associated with the Coldharbour project of $0.3 million in the first quarter of fiscal 2010 as compared to $0.1 million in the same quarter last year." Mr. Young concluded, "Following completion of the capital resources review by Piper Jaffray, the Board has concluded that the Company is well placed in an expanding market to pursue accretive strategic acquisitions in the near term. In addition to these acquisition opportunities, the Company continues to focus on organic growth and enhancing shareholder value." Paul Weston, Chief Financial Officer of Allied, said, "We are pleased with our financial performance during the quarter. Our strong financial condition with a cash balance at the end of the quarter of $35.8 million (GBP22.5 million) and positive cash flow provides our Company with sufficient resources to fund our strategic initiatives and expand our market footprint." Conference Call Information: February 9, 2010 at 10:00 AM EST / 3:00 PM GMT Allied will host a call and webcast today at 10:00 AM EST/3:00 PM GMT, to discuss its financial results. To join the call, please dial (877) 407-0778 for domestic participants, and (201) 689-8565 for international participants. 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 343188. The presentation will be available and archived on the Company's website for ninety days. Reconciliation of GAAP and Non-GAAP Data 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. is a leading provider of flexible healthcare staffing services in the United Kingdom. Allied operates a community-based network of over 110 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. For more news and information please visit: www.alliedhealthcare.com. 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, other healthcare facility clients and private clients on terms attractive to Allied; the general level of demand for healthcare and social care; dependence on the proper functioning of Allied's information systems; the effect of existing or future government regulation of the healthcare and social care 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 December 31, December 31, 2009 2008 ------------ ------------ Revenues: Net patient services $ 69,384 $ 61,528 ------------ ------------ Cost of revenues: Patient services 48,507 42,715 ------------ ------------ Gross profit 20,877 18,813 Selling, general and administrative expenses 17,080 15,559 ------------ ------------ Operating income 3,797 3,254 Interest income 105 264 Interest expense - (7) Foreign exchange loss (18) (322) ------------ ------------ Income before income taxes 3,884 3,189 Provision for income taxes 1,030 722 ------------ ------------ Net income $ 2,854 $ 2,467 ============ ============ Basic and diluted net income per share of common stock $ 0.06 $ 0.05 ============ ============ Weighted average number of common shares outstanding: Basic 45,127 44,986 ============ ============ Diluted 45,417 44,986 ============ ============ ALLIED HEALTHCARE INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) December 31, September 30, 2009 2009 (Unaudited) ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 35,811 $ 35,273 Accounts receivable, less allowance for Doubtful accounts of $923 and $839, 19,679 19,594 respectively Unbilled accounts receivable 12,833 11,572 Deferred income taxes 451 389 Prepaid expenses and other assets 1,866 1,188 ------------ ------------ Total current assets 70,640 68,016 Property and equipment, net 7,833 7,756 Goodwill 95,684 95,649 Other intangible assets, net 1,330 1,646 Deferred income taxes 42 - ------------ ------------ Total assets $ 175,529 $ 173,067 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 983 $ 1,186 Accrued expenses, inclusive of payroll and related expenses 22,635 24,304 Taxes payable 1,395 201 ------------ ------------ Total current liabilities 25,013 25,691 Deferred income taxes - 103 ------------ ------------ Total liabilities 25,013 25,794 ------------ ------------ Commitments and contingencies 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 45,721 and 45,571 shares, respectively 457 456 Additional paid-in capital 241,957 241,555 Accumulated other comprehensive loss (14,432) (14,418) Accumulated deficit (75,172) (78,026) ------------ ------------ 152,810 149,567 Less cost of treasury stock (585 shares) (2,294) (2,294) ------------ ------------ Total shareholders' equity 150,516 147,273 ------------ ------------ Total liabilities and shareholders' equity $ 175,529 $ 173,067 ============ ============ ALLIED HEALTHCARE INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended December 31, December 31, 2009 2008 ------------ ------------ Cash flows from operating activities: Net income $ 2,854 $ 2,467 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 728 600 Amortization of intangible assets 324 318 Increase in allowance for doubtful accounts 130 84 Loss on sale of fixed assets 2 - Foreign exchange loss 15 202 Stock based compensation 115 99 Deferred income taxes (55) 714 Changes in operating assets and liabilities, excluding the effect of businesses acquired and sold: Increase in accounts receivable (209) (4,544) (Increase) decrease in prepaid expenses and other assets (1,983) 2,297 Decrease in accounts payable and other liabilities (859) (427) ------------ ------------ Net cash provided by operating activities 1,062 1,810 ------------ ------------ Cash flows from investing activities: Capital expenditures (806) (718) Proceeds from sale of business - 118 ------------ ------------ Net cash used in investing activities (806) (600) ------------ ------------ Cash flows from financing activities: Stock options exercised 288 - ------------ ------------ Net cash provided by financing activities 288 - ------------ ------------ Effect of exchange rate on cash (6) (5,336) ------------ ------------ Increase (decrease) in cash 538 (4,126) Cash and cash equivalents, beginning of period 35,273 26,199 ------------ ------------ Cash and cash equivalents, end of period $ 35,811 $ 22,073 ============ ============ Supplemental cash flow information: Cash paid for interest $ - $ 7 ============ ============ Supplemental disclosure of non-cash investing activities: Capital expenditures included in accrued expenses $ - $ 431 ============ ============ ALLIED HEALTHCARE INTERNATIONAL INC. HISTORICAL REVENUE AND GROSS PROFIT (In thousands, except foreign exchange rate) (Unaudited) Revenue ------------------------------------------------------ Q1 Q4 Q3 Q2 Q1 2010 2009 2009 2009 2009 ---------- ---------- ---------- ---------- ---------- Homecare GBP 35,903 GBP 35,763 GBP 34,162 GBP 30,858 GBP 30,620 Nursing Homes 3,261 3,986 3,716 4,159 4,808 Hospital Staffing 3,330 2,956 2,914 3,448 3,612 ---------- ---------- ---------- ---------- ---------- Total GBP 42,494 GBP 42,705 GBP 40,792 GBP 38,465 GBP 39,040 Foreign Exchange rate 1.63 1.64 1.55 1.44 1.58 ---------- ---------- ---------- ---------- ---------- $ 69,384 $ 69,845 $ 63,103 $ 55,334 $ 61,528 ========== ========== ========== ========== ========== Revenue ------------------------------------------- Q4 Q3 Q2 Q1 2008 2008 2008 2008 ---------- ---------- ---------- ---------- Homecare GBP 30,218 GBP 29,130 GBP 27,561 GBP 27,358 Nursing Homes 5,140 4,969 5,373 5,730 Hospital Staffing 4,088 3,926 4,358 3,473 ---------- ---------- ---------- ---------- Total GBP 39,446 GBP 38,025 GBP 37,292 GBP 36,561 Foreign Exchange rate 1.90 1.97 1.98 2.05 ---------- ---------- ---------- ---------- $ 74,968 $ 75,024 $ 73,815 $ 74,770 ========== ========== ========== ========== Gross Profit ------------------------------------------------------ Q1 Q4 Q3 Q2 Q1 2010 2009 2009 2009 2009 ---------- ---------- ---------- ---------- ---------- Homecare GBP 11,041 GBP 10,951 GBP 10,525 GBP 9,753 GBP 9,487 Nursing Homes 1,033 1,257 1,187 1,298 1,477 Hospital Staffing 712 745 679 874 973 ---------- ---------- ---------- ---------- ---------- Total GBP 12,786 GBP 12,953 GBP 12,391 GBP 11,925 GBP 11,937 Foreign Exchange rate 1.63 1.64 1.55 1.44 1.58 ---------- ---------- ---------- ---------- ---------- $ 20,877 $ 21,196 $ 19,173 $ 17,166 $ 18,813 ========== ========== ========== ========== ========== Gross Profit ------------------------------------------- Q4 Q3 Q2 Q1 2008 2008 2008 2008 ---------- ---------- ---------- ---------- Homecare GBP 9,447 GBP 9,294 GBP 8,476 GBP 8,491 Nursing Homes 1,554 1,531 1,596 1,706 Hospital Staffing 1,050 888 1,009 767 ---------- ---------- ---------- ---------- Total GBP 12,051 GBP 11,713 GBP 11,081 GBP 10,964 Foreign Exchange rate 1.90 1.97 1.98 2.05 ---------- ---------- ---------- ---------- $ 22,911 $ 23,120 $ 21,931 $ 22,423 ========== ========== ========== ========== Contact: Allied Healthcare International Inc. Sandy Young Chief Executive Officer Paul Weston Chief Financial Officer +44 (0) 17 8581 0600 Or Piper Jaffray Ltd. (Nominated Adviser) Matthew Flower Rupert Winckler +44 (0) 20 3142 8700 Or ICR, LLC Sherry Bertner Managing Director +1 646 277 1218 sherry.bertner@icrinc.com This information is provided by RNS The company news service from the London Stock Exchange END QRFTLMATMBAMMJM
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