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Allied Healthcare International Inc. (NASD: AHCI) said revenue fell 17.7% year-over-year to $61.5 million in its fiscal first quarter ended Dec. 31. On a constant currency basis, however, revenue rose 6.8%.
Gross margin at the New York-based healthcare staffing firm, which gets all its revenue from the United Kingdom, edged up to 30.6% from 30.0%.
"We are pleased with our continued growth in the homecare business, which showed an increase of 11.9% over the prior year," said CEO Sandy Young. "We believe that with approximately 80% of our revenues coming from the homecare business this should assist our growth despite the current worldwide economic downturn. However, we have seen and expect to see an increasing contraction in the use of temporary agency staff in the non-homecare business and this has reduced our overall growth to 6.8% [constant currency] this quarter as compared to the prior year's quarter."
Allied Healthcare posted net income of almost $2.5 million, up 47.0% year-over year.
Allied Healthcare International Inc. (NASD: AHCI)
For the fiscal first quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: $61.5 million, -17.7%
Net income: $2.5 million, +47.0%