Sumproduct/countif Problem

In column A I have regions eg Region A, B, C, D, E etc.
In column B I have company profits.
Is there a formula that I can use to count how many companies in each region have profits: <49,999, 50,000 - 99,999, 100,000 - 199,999 etc. The forumla I have written, but which does not work is:
=SUMPRODUCT(ALL!$A$2:$A$17084='Regional Breakdown'!A2)*(COUNTIF(ALL!$B$2:$B$17084,"<49,000")).

Hope you can help.

Many thanks

Use:

=SUMPRODUCT(--(A1:A7="a"),--(B1:B7>50000),--(B1:B7<=99999))

- Mangesh