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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 : 4231L Allied Healthcare International Inc 06 May 2010 Allied Healthcare International Inc. Reports Fiscal 2010 Second Quarter Results Revenues Increased 18.4% to $65.5 Million; Operating Income Increased 29.7% to $3.6 Million; Income From Continued Operations Increased 23.2% to $2.6 Million, or $0.06 per Diluted Share NEW YORK, NY--(Marketwire - May 6, 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 second quarter ended March 31, 2010. 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 ten 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 Second Quarter Results Revenue Gross Profit ----------------------- ----------------------------------- Three Months Ended Three Months Ended March 31, March 31, ----------------------- ----------------------------------- Gross Gross % Profit Profit % 2010 2009 Change 2010 % 2009 % Change ------------------------ ------------------------------------ (Amounts in thousands) Homecare $ 51,621 $ 44,439 16.2% $ 15,957 30.9% $ 14,059 31.6% 13.5% Nursing Homes 4,095 5,943 -31.1% 1,334 32.6% 1,856 31.2% -28.1% Hospitals 4,652 4,952 -6.1% 1,091 23.5% 1,251 25.3% -12.8% -------- -------- -------- -------- Total, at constant exchange rates 60,368 55,334 9.1% 18,382 30.4% 17,166 31.0% 7.1% Effect of foreign exchange 5,162 - 1,566 - -------- -------- -------- -------- Total, as reported $ 65,530 $ 55,334 18.4% $ 19,948 $ 17,166 16.2% ======== ======== -------- -------- SG&A, at constant exchange rates $ 15,120 $ 14,389 5.1% Effect of foreign exchange 1,226 - -------- -------- Total SG&A, as reported $ 16,346 $ 14,389 13.6% -------- -------- Operating Income, at constant exchange rates $ 3,262 $ 2,777 17.5% Effect of foreign exchange 340 - -------- -------- Operating Income, as reported $ 3,602 $ 2,777 29.7% ======== ======== For the second quarter of fiscal 2010 total revenue increased 9.1%, to $60.3 million, compared with $55.3 million reported during the same period in fiscal 2009. Allied's Homecare revenue grew 16.2% to $51.6 million, while Nursing Homes revenue declined 31.1% to $4.1 million and Hospitals revenue declined 6.1% to $4.6 million. After the favorable impact of currency exchange of $5.2 million, revenue increased 18.4% year over year to the reported $65.5 million. Total gross profit for the second fiscal quarter increased 7.1% to $18.4 million, from $17.2 million for the comparable quarter in fiscal 2009. Gross profit as a percentage of revenue was 30.4%, compared with 31.0% for the comparable prior-year period. Foreign exchange increased gross profit by $1.5 million to the reported $19.9 million for the 2010 second fiscal quarter. SG&A for the second fiscal quarter was $15.1 million (24.9% of revenues), an increase of 5.1%, from $14.4 million (26.0% of revenues) reported last year. Foreign exchange increased costs by $1.2 million to the reported $16.3 million for the 2010 second fiscal quarter. Operating income for the second quarter of fiscal 2010 increased 17.5% to $3.3 million from $2.8 million a year ago. Foreign exchange increased operating income by $0.3 million to the reported $3.6 million for the 2010 second fiscal quarter. Income from continuing operations for the second quarter of fiscal 2010 was $2.6 million, or $0.06 per diluted share, compared with $2.1 million, $0.05 per diluted share, reported during the 2009 second fiscal quarter. Fiscal Six Months Results Revenue Gross Profit ------------------------- ----------------------------------- Six Months Ended Six Months Ended March March 31, March 31, ------------------------- ----------------------------------- Gross Gross % Profit Profit % 2010 2009 Change 2010 % 2009 % Change ------------------------- ----------------------------------- (Amounts in thousands) Homecare $ 108,204 $ 92,696 16.7% $ 33,357 30.8% $ 29,011 31.3% 15.0% Nursing Homes 9,234 13,521 -31.7% 2,962 32.1% 4,184 30.9% -29.2% Hospitals 9,900 10,645 -7.0% 2,214 22.4% 2,784 26.2% -20.5% --------- --------- -------- -------- Total, at constant exchange rates 127,338 116,862 9.0% 38,533 30.3% 35,979 30.8% 7.1% Effect of foreign exchange 7,576 - 2,292 - --------- --------- -------- -------- Total, as reported $ 134,914 $ 116,862 15.4% $ 40,825 $ 35,979 13.5% ========= ========= -------- -------- SG&A, at constant exchange rates $ 31,629 $ 29,948 5.6% Effect of foreign exchange 1,797 - -------- -------- Total SG&A, as reported $ 33,426 $ 29,948 11.6% -------- -------- Operating Income, at constant exchange rates $ 6,904 $ 6,031 14.5% Effect of foreign exchange 495 - -------- -------- Operating Income, as reported $ 7,399 $ 6,031 22.7% ======== ======== For the six months of fiscal 2010 total revenue increased 9.0%, to $127.3 million, compared with $116.9 million for the same period in fiscal 2009. Allied's Homecare revenue grew 16.7% to $108.2 million, while Nursing Homes revenue declined 31.7% to $9.2 million and Hospitals revenue declined 7.0% to $9.9 million. After the favorable impact of currency exchange of $7.6 million, revenue increased 15.4% year over year to the reported $134.9 million for the fiscal 2010 six-month period. Total gross profit for the six months of fiscal 2010 increased 7.1% to $38.5 million, from $36.0 million for the comparable period in fiscal 2009. Gross profit as a percentage of revenue was 30.3%, compared with 30.8% for the comparable prior-year period. Foreign exchange increased gross profit by $2.3 million to the reported $40.8 million for the fiscal 2010 six-month period. SG&A for the six months of fiscal 2010 was $31.6 million (24.8% of revenues), an increase of 5.6%, from $29.9 million (25.6% of revenues) reported last year. Foreign exchange increased costs by $1.8 million to the reported $33.4 million for the fiscal 2010 six month period. Operating income for the six months of fiscal 2010 increased 14.5% to $6.9 million from $6.0 million a year ago. Foreign exchange increased operating income by $0.5 million to the reported $7.4 million for the fiscal 2010 six month period. Income from continuing operations for the six months of fiscal 2010 was $5.5 million, or $0.12 per diluted share, compared with $4.6 million, $0.10 per diluted share, reported during the fiscal 2009 six month period. Cash balance at March 31, 2010 was $41.6 million (GBP27.6 million) as compared to $35.8 million (GBP22.5 million) at December 31, 2009. The increase was primarily due to the benefit, approximately GBP2.2 million, of accelerated cash collections, mainly from the local governmental bodies, as a result of the end of their fiscal period. For the fiscal six months ended March 31, 2010, capital expenditures were $2.1 million. Management Discussion: Sandy Young, Chief Executive Officer of Allied, commented, "Allied's Homecare revenue increased by 16.2%, compared to the same quarter last year due to the success we had in implementing new contracts in quarter three and quarter four of last year in our London area. The pending U.K. political change from today's election is impacting local authority and Primary Care Trusts decision making while they await the future direction of policy making related to health and social care. While all the main political parties support more care at home, which is away from more expensive residential care, the method of procurement and the extent of some of the current initiatives, like personalization and independent budgets, should become clearer over the next twelve months. "We continue to believe that the current market dynamics, such as an aging population, the lower cost of Homecare provision, the continued consolidation of local authority suppliers and the continued increase in demand from Primary Care Trusts, all favor future growth in demand for Homecare services. However, there will be an inevitable tightening of public sector budgets and we may see some price pressures arising from the current state of the public finances. "Our Nursing Homes business is significantly lower than this time last year but some of our growth project trials seem to have slowed down the rate of decline. We continue to monitor whether these will help us stabilize this business. However, we still see no clear sign of any improvement as the market for Nursing Homes services, in general, appears to be depressed and there is the move to provide more care in the current home environment. "Revenue from our Hospitals business decreased by 6.1% from this time last year. However, our performance, both in terms of revenue and gross margin, was very similar to last quarter. This is despite evidence that in March 2010, as the NHS hospitals reached the end of their financial year end, demand for agency staff was reduced. The new English national framework agreement, which came into effect last October, seems to be working better than the old framework agreement. In addition, we are in the process of tendering for the Scottish and Wales framework agreements. Our new Midland hospital business hub has now opened and we hope to see benefits arising from it in our next financial year. If successful, we will consider extending this hub approach into other key cities." Mr. Young concluded, "As previously reported, we continue to look at strategic acquisitions to grow the business as well as to focus on organic growth and other opportunities to enhance shareholder value." Conference Call Information: May 6, 2010 at 10:00 AM Eastern Time / 3:00 PM UK Time Allied will host a call and webcast today at 10:00 AM Eastern Time / 3:00 PM UK Time, to discuss its financial results. To join the call, please dial (877) 407-8031 for domestic participants, and (201) 689-8031 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 349813. 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 Six Months Ended -------------------- -------------------- March 31, March 31, March 31, March 31, 2010 2009 2010 2009 --------- --------- --------- --------- Revenues: Net patient services $ 65,530 $ 55,334 $ 134,914 $ 116,862 --------- --------- --------- --------- Cost of revenues: Patient services 45,582 38,168 94,089 80,883 --------- --------- --------- --------- Gross profit 19,948 17,166 40,825 35,979 Selling, general and administrative expenses 16,346 14,389 33,426 29,948 --------- --------- --------- --------- Operating income 3,602 2,777 7,399 6,031 Interest income 86 115 191 379 Interest expense - (7) - (14) Foreign exchange loss (195) (45) (213) (367) --------- --------- --------- --------- Income before income taxes and discontinued operations 3,493 2,840 7,377 6,029 Provision for income taxes 851 696 1,881 1,418 --------- --------- --------- --------- Income from continuing operations 2,642 2,144 5,496 4,611 --------- --------- --------- --------- Discontinued operations: Income from discontinued operations, net of taxes - 367 - 367 --------- --------- --------- --------- Net income $ 2,642 $ 2,511 $ 5,496 $ 4,978 ========= ========= ========= ========= Basic and diluted net income per share of common stock Income from continuing operations $ 0.06 $ 0.05 $ 0.12 $ 0.10 Income from discontinued operations - 0.01 - 0.01 --------- --------- --------- --------- Net income per share of common stock $ 0.06 $ 0.06 $ 0.12 $ 0.11 ========= ========= ========= ========= Weighted average number of common shares outstanding: Basic 45,136 44,986 45,131 44,986 ========= ========= ========= ========= Diluted 45,405 44,986 45,411 44,986 ========= ========= ========= ========= ALLIED HEALTHCARE INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, September 30, 2010 2009 (Unaudited) =============== =============== ASSETS Current assets: Cash and cash equivalents $ 41,571 $ 35,273 Accounts receivable, less allowance for doubtful accounts of $677 and $839, respectively 17,287 19,594 Unbilled accounts receivable 10,468 11,572 Deferred income taxes 407 389 Prepaid expenses and other assets 1,570 1,188 --------------- --------------- Total current assets 71,303 68,016 Property and equipment, net 8,441 7,756 Goodwill 90,665 95,649 Other intangible assets, net 968 1,646 --------------- --------------- Total assets $ 171,377 $ 173,067 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 839 $ 1,186 Accrued expenses, inclusive of payroll and related expenses 23,304 24,304 Taxes payable 873 201 --------------- --------------- Total current liabilities 25,016 25,691 Deferred income taxes 115 103 --------------- --------------- Total liabilities 25,131 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 242,054 241,555 Accumulated other comprehensive loss (21,441) (14,418) Accumulated deficit (72,530) (78,026) --------------- --------------- 148,540 149,567 Less cost of treasury stock (585 shares) (2,294) (2,294) --------------- --------------- Total shareholders' equity 146,246 147,273 --------------- --------------- Total liabilities and shareholders' equity $ 171,377 $ 173,067 =============== =============== ALLIED HEALTHCARE INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended -------------------- March 31, March 31, 2010 2009 --------- --------- Cash flows from operating activities: Net income $ 5,496 $ 4,978 Adjustments to reconcile net income to net cash provided by operating activities: Income from discontinued operations - (367) Depreciation and amortization 1,467 1,198 Amortization of intangible assets 625 608 Foreign exchange loss 187 104 (Decrease) increase in allowance for doubtful accounts (39) 106 Loss on sale of fixed assets 1 5 Stock based compensation 213 198 Deferred income taxes 25 1,403 Changes in operating assets and liabilities, excluding the effect of businesses acquired and sold: Decrease in accounts receivable 1,376 2,920 Decrease (increase) in prepaid expenses and other assets 47 (1,700) Increase (decrease) in accounts payable and other liabilities 980 (2) --------- --------- Net cash provided by continuing operations 10,378 9,451 --------- --------- Cash flows from investing activities: Capital expenditures (2,066) (1,574) Proceeds from sale of business - 113 Proceeds from sale of property and equipment 56 1 Payments on acquisitions payable - (170) --------- --------- Net cash used in investing activities (2,010) (1,630) --------- --------- Cash flows from financing activities: Stock options exercised 288 - --------- --------- Net cash provided by financing activities 288 - --------- --------- Effect of exchange rate on cash (2,358) (5,948) --------- --------- Increase in cash 6,298 1,873 Cash and cash equivalents, beginning of period 35,273 26,199 --------- --------- Cash and cash equivalents, end of period $ 41,571 $ 28,072 ========= ========= Supplemental cash flow information: Cash paid for interest $ - $ 14 ========= ========= Cash paid for income taxes, net $ 217 $ - ========= ========= Supplemental disclosure of non-cash investing activities: Capital expenditures included in accrued expenses $ 623 $ - ========= ========= ALLIED HEALTHCARE INTERNATIONAL INC. HISTORICAL REVENUE AND GROSS PROFIT (In thousands, except foreign exchange rate) (Unaudited) Revenue ---------- ---------- ---------- ---------- ---------- Q2 Q1 Q4 Q3 Q2 2010 2010 2009 2009 2009 ---------- ---------- ---------- ---------- ---------- Homecare GBP 35,860 GBP 35,903 GBP 35,763 GBP 34,162 GBP 30,858 Nursing Homes 2,864 3,261 3,986 3,716 4,159 Hospitals 3,235 3,330 2,956 2,914 3,448 ---------- ---------- ---------- ---------- ---------- Total GBP 41,959 GBP 42,494 GBP 42,705 GBP 40,792 GBP 38,465 Foreign Exchange rate 1.56 1.63 1.64 1.55 1.44 ---------- ---------- ---------- ---------- ---------- $ 65,530 $ 69,384 $ 69,845 $ 63,103 $ 55,334 ========== ========== ========== ========== ========== Revenue ---------- ---------- ---------- ---------- ---------- Q1 Q4 Q3 Q2 Q1 2009 2008 2008 2008 2008 ---------- ---------- ---------- ---------- ---------- Homecare GBP 30,620 GBP 30,218 GBP 29,130 GBP 27,561 GBP 27,358 Nursing Homes 4,808 5,140 4,969 5,373 5,730 Hospitals 3,612 4,088 3,926 4,358 3,473 ---------- ---------- ---------- ---------- ---------- Total GBP 39,040 GBP 39,446 GBP 38,025 GBP 37,292 GBP 36,561 Foreign Exchange rate 1.58 1.90 1.97 1.98 2.05 ---------- ---------- ---------- ---------- ---------- $ 61,528 $ 74,968 $ 75,024 $ 73,815 $ 74,770 ========== ========== ========== ========== ========== Gross Profit ---------- ---------- ---------- ---------- ---------- Q2 Q1 Q4 Q3 Q2 2010 2010 2009 2009 2009 ---------- ---------- ---------- ---------- ---------- Homecare GBP 11,083 GBP 11,041 GBP 10,951 GBP 10,525 GBP 9,753 Nursing Homes 931 1,033 1,257 1,187 1,298 Hospitals 755 712 745 679 874 ---------- ---------- ---------- ---------- ---------- Total GBP 12,769 GBP 12,786 GBP 12,953 GBP 12,391 GBP 11,925 Foreign Exchange rate 1.56 1.63 1.64 1.55 1.44 ---------- ---------- ---------- ---------- ---------- $ 19,948 $ 20,877 $ 21,196 $ 19,173 $ 17,166 ========== ========== ========== ========== ========== Gross Profit ---------- ---------- ---------- ---------- ---------- Q1 Q4 Q3 Q2 Q1 2009 2008 2008 2008 2008 ---------- ---------- ---------- ---------- ---------- Homecare GBP 9,487 GBP 9,447 GBP 9,294 GBP 8,476 GBP 8,491 Nursing Homes 1,477 1,554 1,531 1,596 1,706 Hospitals 973 1,050 888 1,009 767 ---------- ---------- ---------- ---------- ---------- Total GBP 11,937 GBP 12,051 GBP 11,713 GBP 11,081 GBP 10,964 Foreign Exchange rate 1.58 1.90 1.97 1.98 2.05 ---------- ---------- ---------- ---------- ---------- $ 18,813 $ 22,911 $ 23,120 $ 21,931 $ 22,423 ========== ========== ========== ========== ========== 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 1200 sherry.bertner@icrinc.com This information is provided by RNS The company news service from the London Stock Exchange END IR FQLBBBEFBBBQ
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