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Allied Healthcare International Inc. Reports Fiscal 2010

Allied Healthcare International Inc. Reports Fiscal 2010

Fourth Quarter and Year-End Results

Fiscal 2010 Revenues Increased 8.0%, At Constant Exchange Rates

Fiscal 2010 Operating Income Increased 7.7%, At Constant Exchange Rates & Excluding Acquisition Costs

Allied Healthcare International Inc. a leading provider of flexible healthcare staffing services in the United Kingdom, has issued its financial results for its fiscal 2010 fourth quarter and year-ended September 30, 2010.

To provide investors with a better understanding of the Companys performance and because of fluctuations in foreign exchange rates, Allied is discussing its revenues, 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 Companys revenues and gross profit from our principal operations are denominated in pounds sterling but reported in United States dollars, an analysis, which is contained in the Historical Revenues and Gross Profit table at the end of this press release, is included of the last eight quarters revenues 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.

For the fourth quarter of fiscal 2010, total revenue increased 6.5%, to $74.4 million, compared with $69.8 million reported during the same period in fiscal 2009. Allieds Homecare revenue grew 10.0% to $64.2 million. The acquisition completed in our third fiscal quarter contributed 7.5%, or $4.4 million, to the increase in Homecare revenues. Nursing Homes revenue declined 23.9% to $5.0 million and Hospitals revenue increased 4.7% to $5.1 million. After the unfavorable impact of currency exchange of $3.9 million, revenue increased 0.8% year over year to the reported $70.4 million.

Total gross profit for the fourth fiscal quarter increased 8.0% to $22.9 million, from $21.2 million for the comparable quarter in fiscal 2009. Homecare gross profit grew 11.4% to $19.9 million. The acquisition completed in our third fiscal quarter contributed 7.6%, or $1.4 million, to the increase in Homecare gross profit. Nursing Homes gross profit declined 20.7% to $1.7 million and Hospitals gross profit increased 7.5% to $1.3 million. Gross profit as a percentage of revenue was 30.8%, compared with 30.3% for the comparable prior-year period. Foreign exchange decreased gross profit by $1.2 million to the reported $21.7 million for the 2010 fourth fiscal quarter.

SG&A, excluding acquisition costs, for the fourth fiscal quarter was $19.0 million (25.6% of revenues), an increase of 11.9%, from $17.0 million (24.4% of revenues) reported last year. The acquisition completed in our third fiscal quarter contributed 6.4%, or $1.0 million, to the increase in SG&A. The Company also incurred acquisition costs of $0.1 million. Foreign exchange decreased costs by $0.9 million to the reported $18.2 million for the 2010 fourth fiscal quarter.

Operating income, before acquisition costs, for the fourth quarter of fiscal 2010 decreased by 7.6% to $3.9 million from $4.2 million a year ago. Acquisition costs decreased operating income by $0.1 million. Foreign exchange decreased operating income by $0.3 million to the reported $3.5 million for the 2010 fourth fiscal quarter.

Income from continuing operations attributable to Allied, excluding acquisition costs, for the fourth quarter of fiscal 2010 was $2.9 million, or $0.07 per diluted share. Income from continuing operations attributable to Allied for the fourth quarter of fiscal 2010 was $2.7 million, or $0.06 per diluted share, compared with $2.9 million, $0.07 per diluted share, reported during the 2009 fourth fiscal quarter.

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