Allied Healthcare Products Inc. filed SEC Form 8-K: Results of Operations and Financial Condition
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Item 2.02 Results of Operations and Financial Condition.
On May 12, 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 March 31, 2023. 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 $2.2 million before taxes for the quarter, compared to a loss of $1.3 million before taxes for the same period of fiscal year 2022. For the nine months ended March 31, 2023 the Company experienced a loss of $4.8 million before taxes, compared to $3.4 million before taxes for the same period in fiscal year 2022.
Net sales for the quarter of $5.0 million were $1.9 million or 27.5% lower than the comparable quarter in fiscal 2022. Domestically, sales decreased by $1.3 million while international sales, which represented 23.5% of the quarter’s sales, were $0.6 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 nine months ended March 31, 2023 of $16.4 million were $4.6 million or 21.9% lower than the same period in fiscal 2022. Domestically, sales decreased by $3.6 million, while international sales, which represented 23.2% of the period sales, were $1.0 million lower.
During the nine months ended March 31, 2023 the Company used $1.5 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. | ||
| Date: May 15, 2023 | By: | /s/ Daniel C. Dunn |
| Daniel C. Dunn | ||
| Chief Financial Officer | ||