SECURITIES AND EXCHANGE COMMISSION
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Allied Healthcare Products, Inc.
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October 8, 2012
To our shareholders:
Continued budget constraints for hospitals and government entities and uncertainty about future healthcare legislation during a presidential election year combined to depress Allied Healthcare Products sales in fiscal 2012. Sales fell about 7 percent, from about $46.8 to $43.4 million. As a result, Allied incurred a loss for the year of a negative $424,000, or negative 5 cents per share. The previous year the company recorded a profit of $204,000, or 3 cents per share.
Additional factors that worked against Allied in the year included unanticipated delays – and costs – in new product development for our new carbon dioxide absorbent Litholyme® used in anesthesia procedures and the AHP300 ventilator designed for mass casualty and transport markets.
Development costs for Litholyme™ are behind us, and we have positive market feedback on its prospects for new sales revenue in the new fiscal year. Also, virtually all development costs for the AHP300 ventilator have been incurred and, with anticipated regulatory approvals, it will go to market in the third quarter of fiscal 2013.
We thank Allied shareholders for their continued support.
|/s/Earl R. Refsland||/s/ John D. Weil|
|Earl R. Refsland||John D. Weil|
|President and Chief Executive Officer||Chairman|