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Allied Healthcare International Inc. (Nasdaq: AHCI) Posts Q3 Results, Attains Quarter Goals

Allied Healthcare International Inc. provides staffing solutions for the healthcare industry in the UK. The company recently announced its financial results for the third quarter of 2008, posting a 7 percent increase in revenue (before unfavorable exchange rate calculations), impacted by homecare, nursing and hospital staffing.

For the period ended June 30, 2008, Allied Healthcare reported third-quarter revenues up 7 percent, or $4.9 million to $74.5 million, as compared to $70.5 million for the same period the year prior.

The company’s homecare staffing grew 14.5 percent; nursing home staffing revenues fell 2.2 percent; and hospital staffing declined 21.7 percent because of changes in government policies.

While the numbers are generally negative, the company remains positive over its homecare staffing.

“It is encouraging to see the continued revenue growth Allied has made in the homecare business during the third quarter,” Sandy Young, CEO of Allied stated in the press release. “We are fortunate that our market has not been affected by economic problems impacting the wider economy.”

In the second quarter, the company expressed its intentions to increase gross margin in the third quarter. Allied Healthcare posted gross profit for the third quarter up 9.4 percent to $23.2 million, up from $21.2 million for the same period last year.

Young commented that the company’s financials mark its dedication to boosting internal achievements, setting the company up for a favorable business outlook in the future.

“This has been an eventful quarter for our staff with a particular focus placed on increasing our internal quality benchmarks. We believe this emphasis will put us in a better position to win future business. I am proud of our company’s performance from care workers to trainers to the corporate staff and I look forward to future improvements in our operations,” Young stated.

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