Allied Healthcare Products Inc. filed SEC Form 8-K: Results of Operations and Financial Condition
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of Company as specified in its charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
| Company’s telephone number, including area code |
| ( |
| Not applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the Company is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Item 2.02 Results of Operations and Financial Condition.
On February 14, 2023, Allied Healthcare Products, Inc. (the “Company” or “Allied”) filed Form 12b-25 Notification of Inability to Timely File its Quarterly Report on Form 10-Q for the quarter ended December 31, 2022. In the form 12b-25, Allied disclosed the following information regarding the results of operations and financial condition of the Company:
The Company experienced a loss of $1.0 million before taxes for the quarter, compared to a loss of $1.2 million before taxes for the same period of fiscal year 2022. For the six months ended December 31, 2022 the Company experienced a loss of $2.6 million before taxes, compared to $2.1 million before taxes for the same period in fiscal year 2022.
Net sales for the quarter of $6.2 million were $0.6 million or 8.8% lower than the comparable quarter in fiscal 2022. Domestically, sales decreased by $0.4 million while international sales, which represented 23.7% of the quarter’s sales, were $0.2 million lower. Sales for the quarter continued to be negatively impacted by delays in obtaining inputs, production delays, and a staffing shortage in our manufacturing operation.
Net sales for the six months ended December 31, 2022 of $11.4 million were $2.8 million or 19.7% lower than the same period in fiscal 2022. Domestically, sales decreased by $2.3 million, while international sales, which represented 23.1% of the period sales, were $0.5 million lower.
During the six months ended December 31, 2022 the Company used $1.6 million of cash in operating activities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ALLIED HEALTHCARE PRODUCTS, INC. | ||
| By: | ||
| Date: February 14, 2023 | /s/ Daniel C. Dunn | |
| Daniel C. Dunn | ||
| Chief Financial Officer | ||