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Allied Healthcare International Inc. Reports Fiscal 2010 Third Quarter Results
03 Aug, 2010 @ 07:00 am EDT
NEW YORK, NY -- (Marketwire) -- 08/03/10 -- 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 third quarter ended June 30, 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 eleven 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 Third Quarter Results
Three Months Ended
June 30,
------------------------
%
2010 2009 Change
-------- -------- -----
Revenue
------------------------
Homecare $ 59,270 $ 52,801 12.3%
Nursing Homes 4,237 5,774 -26.6%
Hospitals 4,551 4,528 0.5%
-------- -------- -----
Total, at constant exchange
rates 68,058 63,103 7.9%
Effect of foreign exchange (2,310) - -3.7%
-------- -------- -----
Total, as reported $ 65,748 $ 63,103 4.2%
======== ======== =====
Three Months Ended June 30,
-----------------------------------------
%
2010 % 2009 % Change
-------- ------- -------- ------ -----
Gross Profit
-----------------------------------------
Homecare $ 18,023 30.4% $ 16,272 30.8% 10.8%
Nursing Homes 1,368 32.3% 1,843 31.9% -25.8%
Hospitals 1,078 23.7% 1,058 23.4% 2.0%
-------- -------- -----
Total, at constant exchange
rates 20,469 30.1% 19,173 30.4% 6.8%
Effect of foreign exchange (701) - -3.7%
-------- -------- -----
Total, as reported $ 19,768 $ 19,173 3.1%
-------- -------- -----
SG&A
-----------------------------------------
SG&A, at constant exchange rates
& excluding acquisition costs $ 17,114 $ 16,276 5.1%
Acquisition costs, at constant
exchange rates 595 - 3.7%
-------- -------- -----
SG&A, at constant exchange rates 17,709 16,276 8.8%
Effect of foreign exchange (533) - -3.3%
-------- -------- -----
Total SG&A, as reported $ 17,176 $ 16,276 5.5%
-------- -------- -----
Operating Income
-----------------------------------------
Operating Income, at constant
exchange rates & excluding
acquisition costs $ 3,355 $ 2,897 15.8%
Acquisition costs, at constant
exchange rates (595) - -20.5%
-------- -------- -----
Operating Income, at constant
exchange rates 2,760 2,897 -4.7%
Effect of foreign exchange (168) - -5.8%
-------- -------- -----
Operating Income, as reported $ 2,592 $ 2,897 -10.5%
======== ======== =====
Net income attributable to Allied
-----------------------------------------
Basic and Basic and
Diluted EPS Diluted EPS
-----------------------------------------
Net income attributable to
Allied, excluding acquisition
costs $ 2,270 $ 0.05 $ 2,388 $ 0.05
Acquisition costs (610) -$ 0.01 - -
------- ------- ------- -------
Net income attributable to
Allied $ 1,660 $ 0.04 $ 2,388 $ 0.05
======= ======= ======= =======
For the third quarter of fiscal 2010, total revenue increased 7.9%, to $68.0 million, compared with $63.1 million reported during the same period in fiscal 2009. Allied's Homecare revenue grew 12.3% to $59.3 million. The acquisition completed in this quarter contributed 4.0%, or $2.1 million, to the increase in Homecare revenues. Nursing Homes revenue declined 26.6% to $4.2 million and Hospitals revenue increased 0.5% to $4.5 million. After the unfavorable impact of currency exchange of $2.3 million, revenue increased 4.2% year over year to the reported $65.7 million.
Total gross profit for the third fiscal quarter increased 6.8% to $20.5 million, from $19.2 million for the comparable quarter in fiscal 2009. Gross profit as a percentage of revenue was 30.1%, compared with 30.4% for the comparable prior-year period. Foreign exchange decreased gross profit by $0.7 million to the reported $19.8 million for the 2010 third fiscal quarter.
SG&A, excluding acquisition costs, for the third fiscal quarter was $17.1 million (25.1% of revenues), an increase of 5.1%, from $16.3 million (25.8% of revenues) reported last year. The Company also incurred acquisition costs of $0.6 million. Foreign exchange decreased costs by $0.5 million to the reported $17.2 million for the 2010 third fiscal quarter.
Operating income, before acquisition costs, for the third quarter of fiscal 2010 increased by 15.8% to $3.4 million from $2.9 million a year ago. Acquisition costs decreased operating income by $0.6 million. Foreign exchange decreased operating income by $0.2 million to the reported $2.6 million for the 2010 third fiscal quarter.
Income attributable to Allied, excluding acquisition costs, for the third quarter of fiscal 2010 was $2.3 million, or $0.05 per diluted share. Net income attributable to Allied for the third quarter of fiscal 2010 was $1.7 million, or $0.04 per diluted share, compared with $2.4 million, $0.05 per diluted share, reported during the 2009 third fiscal quarter.
Fiscal Nine Months Results
Nine Months Ended June 30,
--------------------------
%
2010 2009 Change
--------- --------- ------
Revenue
--------------------------
Homecare $ 167,474 $ 145,497 15.1%
Nursing Homes 13,471 19,295 -30.2%
Hospitals 14,451 15,173 -4.8%
--------- --------- ------
Total, at constant exchange
rates 195,396 179,965 8.6%
Effect of foreign exchange 5,266 - 2.9%
--------- --------- ------
Total, as reported $ 200,662 $ 179,965 11.5%
========= ========= ======
Nine Months Ended June 30,
-----------------------------------------
%
2010 % 2009 % Change
-------- ------- -------- ------ -----
Gross Profit
-----------------------------------------
Homecare $ 51,380 30.7% $ 45,283 31.1% 13.5%
Nursing Homes 4,330 32.1% 6,027 31.2% -28.2%
Hospitals 3,292 22.8% 3,842 25.3% -14.3%
-------- -------- -----
Total, at constant exchange
rates 59,002 30.2% 55,152 30.6% 7.0%
Effect of foreign exchange 1,591 - 2.9%
-------- -------- -----
Total, as reported $ 60,593 $ 55,152 9.9%
-------- -------- -----
SG&A
-----------------------------------------
SG&A, at constant exchange rates
& excluding acquisition costs $ 48,743 $ 46,224 5.4%
Acquisition costs, at constant
exchange rates 595 - 1.3%
-------- -------- -----
SG&A, at constant exchange rates 49,338 46,224 6.7%
Effect of foreign exchange 1,264 - 2.8%
-------- -------- -----
Total SG&A, as reported $ 50,602 $ 46,224 9.5%
-------- -------- -----
Operating Income
-----------------------------------------
Operating Income, at constant
exchange rates & excluding
acquisition costs $ 10,259 $ 8,928 14.9%
Acquisition costs, at constant
exchange rates (595) - -6.7%
-------- -------- -----
Operating Income, at constant
exchange rates 9,664 8,928 8.2%
Effect of foreign exchange 327 - 3.6%
-------- -------- -----
Operating Income, as reported $ 9,991 $ 8,928 11.9%
======== ======== =====
Net income attributable to Allied
-----------------------------------------
Basic and Basic and
Diluted EPS Diluted EPS
-----------------------------------------
Income from continuing
operations attributable to
Allied, excluding acquisition
costs $ 7,766 $ 0.17 $ 6,999 $ 0.15
Acquisition costs (610) -$ 0.01 - -
------- ------- ------- -------
Net income attributable to
Allied $ 7,156 $ 0.16 $ 6,999 $ 0.15
======= ======= ======= =======
For the nine months of fiscal 2010 total revenue increased 8.6%, to $195.4 million, compared with $180.0 million for the same period in fiscal 2009. Allied's Homecare revenue grew 15.1% to $167.5 million. The acquisition completed in the third quarter of fiscal 2010 contributed 1.4%, or $2.1 million, to the increase in Homecare revenues. Nursing Homes revenue declined 30.2% to $13.5 million and Hospitals revenue declined 4.8% to $14.4 million. After the favorable impact of currency exchange of $5.3 million, revenue increased 11.5% year over year to the reported $200.7 million for the fiscal 2010 nine-month period.
Total gross profit for the nine months of fiscal 2010 increased 7.0% to $59.0 million, from $55.2 million for the comparable period in fiscal 2009. Gross profit as a percentage of revenue was 30.2%, compared with 30.6% for the comparable prior-year period. Foreign exchange increased gross profit by $1.6 million to the reported $60.6 million for the fiscal 2010 nine-month period.
SG&A, excluding acquisition costs, for the nine months of fiscal 2010 was $48.7 million (24.9% of revenues), an increase of 5.4%, from $46.2 million (25.7% of revenues) reported last year. We also incurred acquisition costs of $0.6 million. Foreign exchange increased costs by $1.3 million to the reported $50.6 million for the fiscal 2010 nine month period.
Operating income, before acquisition costs, for the nine months of fiscal 2010 increased by 14.9% to $10.3 million from $8.9 million a year ago. Acquisition costs decreased operating income by $0.6 million. Foreign exchange increased operating income by $0.3 million to the reported $10.0 million for the fiscal 2010 nine month period.
Income attributable to Allied, excluding acquisition costs, for the nine months of fiscal 2010 was $7.8 million, or $0.17 per diluted share. Income attributable to Allied for the nine months of fiscal 2010 was $7.2 million, or $0.16 per diluted share, compared with $7.0 million, $0.15 per diluted share, reported during the fiscal 2009 nine month period.
Cash balances as of June 30, 2010 were $37.0 million (£24.5 million) as compared to $41.6 million (£27.6 million) as of March 31, 2010. The decrease was primarily due to payments on acquisition and the Company's share buy back program.
For the fiscal nine months ended June 30, 2010, depreciation and amortization was $3.2 million (£2.0 million), capital expenditures were $2.4 million (£1.6 million). Days Sales Outstanding was 27 days at June 30, 2010 (42 days including unbilled account receivables), and 24 days at June 30, 2009 (46 days including unbilled account receivables).
Management Discussion
Sandy Young, Chief Executive Officer of Allied, commented, "Allied's Homecare revenue increased by 12.3% year over year. This is less than previous growth levels and includes a 4.0% contribution from our newly acquired Homecare business in Ireland. We are pleased with the transaction progress and see opportunities to share our knowledge of Continuing Care and learn from the Irish experience of supported living. We anticipate that the contribution from our Irish business will exceed £10 million in revenue and £1.2 million in EBITDA in the coming fiscal year. We believe the low level of outsourcing in the Republic of Ireland will accelerate as the government tries to extract the best value for taxpayers.
"There is no doubt that with the new budget year, which commenced in April, Local Authorities have been controlling their spending. We have not seen any significant decline so far, but local authority social care only increased by 5.4%. In contrast, Continuing Care, which is funded by the National Health Services (NHS) Primary Care Trusts (PCT's), grew by 18%, resulting in total growth in our Homecare business of 8.3% before the benefits of Ireland.
"It has been reported that NHS spending will be protected over the life of the parliament and we expect new outsourcing opportunities to emerge. Although there will be a change from NHS Primary Care Trusts (about 150 nationally) to General Practitioner Consortia (about 500 nationally) within two years, we do not see why that will restrict growth. At present PCT's outsource only a proportion of their spending and more care will be joint commissioned as they try to bridge the gap between Healthcare and Social Care. We are very well positioned to capitalize on these changes in the industry.
"We have significant scope to increase our Continuing Care business as only 60 of our 113 total branches provide Continuing Care. Further, only about 12 branches provide the full range of Continuing Care, which includes high intensity patients. We currently have plans to increase our sales and marketing expenditures to promote these opportunities. We are also exploring new service lines and during the quarter we piloted the Rapid Intervention Service for End-of-life care (RISE) launched by NHS Oxfordshire in July.
"The service aims to make first contact with a patient within 20 minutes at times of crisis. The team operates between 8.00 am and 10.00 pm seven days a week and can offer care and support for a maximum of six days. If patients require overnight care, then the service will link with Marie Curie Night Service or Out of Hours services. Furthermore, if ongoing care is required, the RISE team also works to make sure other services are involved so care can be continued if necessary.
"While we are positive about health spending, we can see there may be some slowing in Local Authority spending. However, we believe that the larger dynamics in this business will continue to have a positive impact. Firstly, there is the steady increase because of the ageing profile of the population. Secondly, a number of Local Authorities have not outsourced care to the private sector. Thirdly, the reduction in the number of suppliers used by each Authority will favor the larger players.
"Finally, quality is a major driver and we are delighted that we now have 91% of our branches rated by the Government (CQC) as good or excellent. In the provision of such a sensitive service, quality is paramount.
"In the last month, we have won a 1,000 hours per week contract in Wales, an 1,100 hour per week extra care scheme in London, and a place on the West London Alliance which could be significantly more than 1,000 hours per week.
"So we are still winning business but cannot quantify the effects of savings in other areas. We are well placed to benefit from volume deals and some of the smaller providers may find the temporary volume restrictions hard.
"Overall I would hope that our Homecare business (before the benefit of Ireland) can continue to grow in the 5% to 10% range rather than the 10% to 15% range previously highlighted. I think the 5% to 10% growth level will be a feature of the medium term as the Local Authorities and PCT's adjust, but thereafter I see no reason why we will not return to the higher levels of growth, particularly given the reinforced emphasis on outsourcing. There are already other outsourcing opportunities Allied can initiate.
"Our Nursing Home activities continued to decline and we do not foresee any immediate change. However, with Hospital Staffing we have posted a small growth of 1%. We have also started to extract this business from our Homecare network to allow for more focus. It now reports in to our Commercial Director."
Mr. Young concluded, "To support our commitment to providing our customers with one of the highest levels of quality care in our industry and to enhancing our leadership, Professor Raymond J. Playford has been appointed to the new post of Medical Advisor to our Board. Professor Playford has more than 25 years of experience in the medical field, specialising in clinical research, and we look forward to benefiting from his profound health care expertise, particularly in this environment."
Dr. Jeff Peris, Chairman of Allied, commented, "Looking forward, we will focus on executing our business strategy and building value for our shareholders through organic growth, new service opportunities, strategic acquisitions, as well as through our share buyback program. As of July 30, 2010 we had repurchased 1.1 million shares, or approximately $2.8 million, of our stock under the $10 million stock repurchase program announced in May 2010."
Conference Call Information: August 3, 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 telephone replay will be available until August 31st 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 353906. A webcast replay will also 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 and acquisition costs. 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 approximately 115 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; the effect of the change in the U.K. government and the impact of proposed changes in recent policy making related to health and social care that may reduce revenue and profitability; 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 and spending 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 Nine Months Ended
--------------------- --------------------
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
--------- ---------- --------- ---------
Revenues:
Net patient services $ 65,748 $ 63,103 $ 200,662 $ 179,965
--------- ---------- --------- ---------
Cost of revenues:
Patient services 45,980 43,930 140,069 124,813
--------- ---------- --------- ---------
Gross profit 19,768 19,173 60,593 55,152
Selling, general and
administrative expenses 17,176 16,276 50,602 46,224
--------- ---------- --------- ---------
Operating income 2,592 2,897 9,991 8,928
Interest income 84 76 275 453
Interest expense (10) - (10) (12)
Foreign exchange (loss) income (46) 307 (259) (60)
--------- ---------- --------- ---------
Income before income
taxes and discontinued
operations 2,620 3,280 9,997 9,309
Provision for income taxes 903 892 2,784 2,310
--------- ---------- --------- ---------
Income from continuing
operations 1,717 2,388 7,213 6,999
--------- ---------- --------- ---------
Discontinued operations:
Income from discontinued
operations, net of taxes - - - 367
--------- ---------- --------- ---------
Net income 1,717 2,388 7,213 7,366
Less: Net income attributable
to noncontrolling interest (57) - (57) -
--------- ---------- --------- ---------
Net income attributable to
Allied Healthcare
International Inc. $ 1,660 $ 2,388 $ 7,156 $ 7,366
========= ========== ========= =========
Amounts attributable to Allied
Healthcare International Inc.:
Income from continuing
operations, net of tax $ 1,660 $ 2,388 $ 7,156 $ 6,999
Discontinued operations,
net of tax - - - 367
--------- ---------- --------- ---------
Net income $ 1,660 $ 2,388 $ 7,156 $ 7,366
========= ========== ========= =========
Earnings per share - basic and
diluted attributable to Allied
Healthcare International Inc.
common shareholders
Income from continuing
operations $ 0.04 $ 0.05 $ 0.16 $ 0.15
Discontinued operations - - - 0.01
--------- ---------- --------- ---------
Net income attributable to
Allied Healthcare
International Inc.
common shareholders $ 0.04 $ 0.05 $ 0.16 $ 0.16
========= ========== ========= =========
Weighted average number of
common shares outstanding:
Basic 45,045 44,986 45,102 44,986
========= ========== ========= =========
Diluted 45,269 44,998 45,363 44,990
========= ========== ========= =========
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
June 30, September 30,
2010 2009
(Unaudited)
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 36,954 $ 35,273
Accounts receivable, less allowance for
doubtful accounts of $694 and $839,
respectively 19,584 19,594
Unbilled accounts receivable 10,970 11,572
Deferred income taxes 403 389
Prepaid expenses and other assets 1,501 1,188
----------- -----------
Total current assets 69,412 68,016
Property and equipment, net 9,303 7,756
Goodwill 98,114 95,649
Other intangible assets, net 3,699 1,646
----------- -----------
Total assets $ 180,528 $ 173,067
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,099 $ 1,186
Current maturities of debt and capital leases 567 -
Accrued expenses, inclusive of payroll and
related expenses 24,866 24,304
Taxes payable 970 201
----------- -----------
Total current liabilities 27,502 25,691
Long-term debt and capital leases,
net of current maturities 394 -
Deferred income taxes 1,425 103
Other long-term liabilities 294 -
----------- -----------
Total liabilities 29,615 25,794
----------- -----------
Commitments and contingencies
----------- -----------
Noncontrolling interest 4,028 -
----------- -----------
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 242,312 241,555
Accumulated other comprehensive loss (21,403) (14,418)
Accumulated deficit (70,870) (78,026)
----------- -----------
150,496 149,567
Less cost of treasury stock (1,089 and 585
shares, respectively) (3,611) (2,294)
----------- -----------
Total shareholders' equity 146,885 147,273
----------- -----------
Total liabilities and shareholders'
equity $ 180,528 $ 173,067
=========== ===========
ALLIED HEALTHCARE INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
June 30, June 30,
2010 2009
-------- --------
Cash flows from operating activities:
Net income $ 7,213 $ 7,366
Adjustments to reconcile net income to net
cash provided by operating activities:
Income from discontinued operations - (367)
Depreciation and amortization 2,242 1,880
Amortization of intangible assets 952 921
Foreign exchange gain (2) (221)
(Decrease) increase in provision for
allowance for doubtful accounts (24) 100
(Gain) loss on sale of fixed assets (2) 11
Stock based compensation 471 366
Deferred income taxes 102 (246)
Changes in operating assets and liabilities,
excluding the effect of businesses acquired and
sold:
Increase in accounts receivable (335) (518)
Decrease (increase) in prepaid expenses
and other assets 671 (1,137)
Increase in accounts payable and other
liabilities 1,693 2,875
-------- --------
Net cash provided by continuing
operations 12,981 11,030
-------- --------
Cash flows from investing activities:
Capital expenditures (2,428) (2,152)
Proceeds from sale of business - 114
Proceeds from sale of property and equipment 62 1
Acquisition of controlling interest,
net of cash acquired (5,812) -
Payments on acquisitions payable - (171)
-------- --------
Net cash used in investing activities (8,178) (2,208)
-------- --------
Cash flows from financing activities:
Stock options exercised 288 -
Borrowings under invoice discounting facility, net 248 -
Repayments of debt and capital lease obligations (121) -
Treasury shares acquired (1,317) -
-------- --------
Net cash used in financing activities (902) -
-------- --------
Effect of exchange rate on cash (2,220) (1,361)
-------- --------
Increase in cash 1,681 7,461
Cash and cash equivalents, beginning of period 35,273 26,199
-------- --------
Cash and cash equivalents, end of period $ 36,954 $ 33,660
======== ========
Supplemental cash flow information:
Cash paid for interest $ 10 $ 300
======== ========
Cash paid for income taxes, net $ 1,025 $ 137
======== ========
Supplemental disclosure of non-cash investing
and financing activities:
Capital expenditures included in accrued expenses
and other long-term liabilities $ 609 $ -
======== ========
Details of business acquired in purchase
transactions:
Fair value of assets acquired $ 12,430
========
Liabilities assumed or incurred $ 2,694
========
Noncontrolling interest $ 3,888
========
Cash paid for acquisitions $ 5,848
Cash acquired 36
--------
Net cash paid for acquisitions $ 5,812
========
ALLIED HEALTHCARE INTERNATIONAL INC.
HISTORICAL REVENUE AND GROSS PROFIT
(In thousands, except foreign exchange rate)
(Unaudited)
Revenue
---------- ---------- ----------
Q3 Q2 Q1
2010 2010 2010
---------- ---------- ----------
Homecare GBP 38,323 GBP 35,860 GBP 35,903
Nursing Homes 2,731 2,864 3,261
Hospitals 2,933 3,235 3,330
---------- ---------- ----------
Total GBP 43,987 GBP 41,959 GBP 42,494
Foreign Exchange rate 1.49 1.56 1.63
---------- ---------- ----------
$ 65,748 $ 65,530 $ 69,384
========== ========== ==========
Revenue
---------- ---------- ---------- ----------
Q4 Q3 Q2 Q1
2009 2009 2009 2009
---------- ---------- ---------- ----------
Homecare GBP 35,763 GBP 34,162 GBP 30,858 GBP 30,620
Nursing Homes 3,986 3,716 4,159 4,808
Hospitals 2,956 2,914 3,448 3,612
---------- ---------- ---------- ----------
Total GBP 42,705 GBP 40,792 GBP 38,465 GBP 39,040
Foreign Exchange rate 1.64 1.55 1.44 1.58
---------- ---------- ---------- ----------
$ 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
Hospitals 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
---------- ---------- ----------
Q3 Q2 Q1
2010 2010 2010
---------- ---------- ----------
Homecare GBP 11,651 GBP 11,083 GBP 11,041
Nursing Homes 882 931 1,033
Hospitals 696 755 712
---------- ---------- ----------
Total GBP 13,229 GBP 12,769 GBP 12,786
Foreign Exchange rate 1.49 1.56 1.63
---------- ---------- ----------
$ 19,768 $ 19,948 $ 20,877
========== ========== ==========
Gross Profit
---------- ---------- ---------- ----------
Q4 Q3 Q2 Q1
2009 2009 2009 2009
---------- ---------- ---------- ----------
Homecare GBP 10,951 GBP 10,525 GBP 9,753 GBP 9,487
Nursing Homes 1,257 1,187 1,298 1,477
Hospitals 745 679 874 973
---------- ---------- ---------- ----------
Total GBP 12,953 GBP 12,391 GBP 11,925 GBP 11,937
Foreign Exchange rate 1.64 1.55 1.44 1.58
---------- ---------- ---------- ----------
$ 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
Hospitals 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 1200
sherry.bertner@icrinc.com
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The Louis Vuitton Speedy Bag - A Must Have For the Fashionista!
Louis Vuitton Speedy Bags come in different sizes like: 25, 30, 35, and 40. The primary material used is the Monogram Canvas which is flexible and resilient and has been Louis Vuitton's trademark since 1896. Being completely waterproof and able to withstand surface scratches, it is perfectly suited to the sophisticated and urban lifestyle.
The hand-held Damier Canvas Speedy 25 is a harmonious blend of delicate design and tenacity. Additional features include rounded leather handles and canvas lining. The sparkling golden brass pieces enhance the aesthetic appeal of this bag. The zip closure and the inside pocket ensures optimum utility. It also comes with a convenient padlock and is available in size 35 and 40 as well.
The Damier Azur Speedy 30 is the smaller version of the keep all travel bag. The textile lining and smooth leather trimmings further enriches its visual and sensuous appeal.
The Monogram Lin Cotton Speedy 30 is delicately designed and is available in dune and damier ebene canvas. It is trimmed with grained calf leather which complements the linen canvas textile lining extremely well.
Epi leather variations of the Speedy 25 and Speedy 30 are embellished with the LV initials delicately carved onto its surface. The textile lining which is cleverly contrived provides a feminine touch to the final product.
Special Variations of the Speedy 30
Marc Jacobs has designed a variation of the Speedy 30 in Monogram Denim which comprises of a patchwork involving 10 pieces. It is lined with Liberty Pepper cotton and the natural cowhide trimmings complete the rugged but stunningly fashionable product.
Another variation designed by Marc Jacobs is the Speedy 30 skillfully ornamented with lingerie lace in Monogram Dentelle canvas. The intricate lurex thread embroidery is artfully contrived.
The Monogram Multicolor canvas Speedy 30 designed by Takashi Murakami has the contemporary look. Four golden brass corners help to preserve its base and the outside pocket is secured by an S-lock.
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