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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): September 16, 2002
ALLIED HEALTHCARE PRODUCTS, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-19266 25-1370721
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(Commission File Number) (I.R.S. Employer Identification No.)
1720 SUBLETTE AVENUE
ST. LOUIS, MISSOURI 63110
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(Address of Principal Executive offices) (Zip Code)
(314) 771-2400
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On September 16, 2002, in connection with the announcement of summary financial
results for the quarter and year ending June 30, 2002, Allied Healthcare
Products, Inc. announced that such results were adversely affected by:
a write down of goodwill in the amount of $9.6 million
reflecting a current evaluation of the carrying value of
goodwill, with the reduction primarily attributable to market
and other conditions applicable to its disposable home care
products, and
a write off of approximately $3.2 million in obsolete and
slow-moving inventories, attributable to strategic review of
business and to introductions of new or revised products.
The Company announced that, in addition to such non-recurring, non-cash charges,
revenues for the 2002 fiscal year declined to $60.4 million from $64.9 million
in the prior fiscal year due to a decline in international sales activity and to
low order entry levels in the first half affecting domestic markets as well. The
Company's net loss for the year ended June 30, 2002 was $11.7 million, or $1.50
per share, compared to net income of $234,000, or $0.03 per share, in the 2001
year.
The Company's financial performance for the 2002 fiscal year results in the
failure to comply with certain covenants under its new credit facility. The
Company is seeking a waiver of existing non-compliance and modification of
certain covenants applicable to future periods. Pending resolution of such
issues, which is expected in late September, all of the Company's indebtedness
under the credit facility is classified as current rather than long-term.
The Company also announced that its Life Support Products division has
introduced a new SurgeX oxygen cylinder post valve to address important safety
concerns associated with portable oxygen systems and that it believes the
product has significant sales potential in the emergency, hospital and homecare
markets.
A copy of the full press release containing such information is filed as an
exhibit to this report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits
99.1 -- Press Release dated September 16, 2002
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Allied Healthcare Products, Inc.
Date: September 16, 2002 By: /s/ Daniel Dunn
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Chief Financial Officer
Vice President
EXHIBIT INDEX
Exhibit No.
99.1 -- Press Release dated September 16, 2002