Exhibit 99.1
AMERICAN SHARED HOSPITAL SERVICES
REPORTS FOURTH QUARTER AND 2009 RESULTS
San Francisco, CA, March 23, 2010 —
AMERICAN SHARED HOSPITAL SERVICES — (NYSE AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the fourth quarter and 2009.
Fourth Quarter Results
For the three months ended December 31, 2009, revenue decreased to $4,092,000 compared to $4,740,000 for the fourth quarter of 2008, but increased sequentially from $3,926,000 reported for the third quarter of 2009. Pre-tax income was $159,000 and the net loss for the fourth quarter of 2009 was $137,000, or ($0.03) per share. This compares to net income of $83,000, or $0.02 per diluted share, for the fourth quarter of 2008, and to net income of $17,000, or $0.00 per share, for the third quarter of 2009. Income tax expense was $296,000 primarily due to disproportionately high income tax expense relating to our profitable operating subsidiary.
The total number of Gamma Knife® procedures performed during this year’s fourth quarter decreased 1% versus prior year, but increased 5% sequentially. The decrease in revenue also reflected a shift in volume toward centers with relatively lower payment rates per procedure compared to the fourth quarter of 2008.
Selling and administrative expenses increased in the quarter versus prior year, primarily to support the Company’s international growth initiatives. This effort culminated in the signing in February 2010 of the Company’s first international radiosurgery contract, a six-year agreement with the Peruvian Air Force (“FAP”) to supply Gamma Knife services at Hospital Central FAP in Lima, Peru.
Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $2,175,000 for the fourth quarter and $8,535,000 for 2009, compared to EBITDA of $2,513,000 for the fourth quarter of 2008 and $9,811,000 for the year as a whole.
At December 31, 2009, AMS reported cash, cash equivalents and certificates of deposit of $9,833,000. This compares to cash and cash equivalents of $10,286,000 at December 31, 2008. Shareholders’ equity at December 31, 2009 was $22,755,000, or $4.95 per outstanding share. This compares to shareholders’ equity at December 31, 2008 of $22,938,000, or $4.87 per outstanding share.
The Company repurchased 119,000 of its common shares during 2009 for an average purchase price of $2.28 per share. The number of common shares outstanding at December 31, 2009 was 4,595,070 compared to 4,712,183 at December 31, 2008.
2009 Results
For the twelve months ended December 31, 2009, revenue decreased to $16,768,000 compared to $19,099,000 for 2008. Pre-tax income was $59,000 and the net loss for 2009 was $188,000, or ($0.04) per share, which included transaction costs of $342,000. This compares to net income for 2008 of $477,000, or $0.10 per diluted share.
As previously disclosed, in 2009 the Company engaged in discussions concerning the possible sale of its 81% interest in GKF, the operating subsidiary for the Company’s Gamma Knife business. These discussions were terminated on May 28, 2009. Under applicable accounting rules, the Company is required to expense the legal, accounting, investment banking and other costs incurred for these activities, which are classified separately as transaction costs.
Discussion and Analysis
Chairman and Chief Executive Officer Ernest A. Bates, M.D. announced today that he was pleased to announce three exciting new directions for the company.
“The first is the resurgence of the Gamma Knife business, a result of the introduction of the new Perfexion Gamma Knife unit. We are installing two new Perfexion units this year and have plans to purchase five (5) additional Perfexion systems over the next two years. Treatment expansion should be aided by recently published articles from the University of Texas M.D. Anderson Cancer Center and the Karolinska University Hospital in Sweden that have stated the advantages of the Gamma Knife for treatment of certain metastatic

 


The following information was filed by American Shared Hospital Services (AMS) on Tuesday, March 23, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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