Exhibit 99.1
AMERICAN SHARED HOSPITAL SERVICES
REPORTS FOURTH QUARTER AND 2008 RESULTS
San Francisco, CA, March 13, 2009 — AMERICAN SHARED HOSPITAL SERVICES (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 2008.
Fourth Quarter Results
For the three months ended December 31, 2008, revenue was $4,740,000. This compares to revenue for the fourth quarter of 2007 of $8,311,000, which included $3,200,000 from the sale of equipment to a clinical partner whose lease agreement on a Gamma Knife expired under its terms in January 2008. The decrease in revenue for the fourth quarter of 2008 versus the fourth quarter of 2007, net of revenue from the asset sale, reflected the planned reduction in Gamma Knifes in operation at clinical partner sites, partially offset by a 5% increase in revenue for units in operation more than one year.
Net income for the fourth quarter of 2008 was $83,000, or $0.02 per diluted share. This compares to net income of $178,000, or $0.04 per diluted share, for the fourth quarter of 2007.
Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $2,513,000 for the fourth quarter of 2008 and $9,811,000 for the year as a whole, compared to EBITDA of $2,403,000 and $9,405,000 for the fourth quarter and 2007, respectively.
At December 31, 2008, AMS reported cash, cash equivalents and short and long-term securities of $10,286,000. This compares to cash, cash equivalents and short and long-term securities of $10,010,000 at December 31, 2007. Shareholders’ equity at December 31, 2008 was $19,728,000, or $4.19 per outstanding share. This compares to shareholders’ equity at December 31, 2007 of $19,540,000, or $3.89 per outstanding share.
The Company repurchased 315,904 of its common shares during the fourth quarter of 2008 for an average purchase price of $1.40 per share, reducing the number of common shares outstanding to 4,712,183 at December 31, 2008 from 5,026,587 at December 31, 2007.
2008 Results
For the twelve months ended December 31, 2008, revenue decreased to $19,099,000 compared to $22,622,000 for 2007, which included $3,200,000 from the asset sale mentioned above.
Net income for 2008 was $477,000, or $0.10 per diluted share. This compares to net income of $951,000, or $0.19 per diluted share, for 2007.
“We were pleased to deliver a profit for 2008 — our tenth consecutive profitable year — and strong cash flow during these difficult economic times, even as we transition our portfolio of radiosurgical and radiation therapy assets to next-generation devices for radiation oncology delivery. Financing requests from current and potential clinical partners remain strong for the entire range of radiation therapy equipment available today and on the horizon. In fact, we now are exploring opportunities to apply our fee-for-service financing model internationally, following the receipt of requests for proposals from potential clinical partners in South America, Europe and the Middle East for the Gamma Knife Perfexion system. The compelling value proposition we offer our clinical partners, together with our solid cash flow and balance sheet, position us to pursue these opportunities aggressively,” said Chairman and Chief Executive Officer Ernest A. Bates, M.D.
In addition to the three Perfexion systems that began treating patients at clinical partner sites in 2008, during the year AMS also entered into an agreement with A.M. Nisar Syed & Associates, a leading radiation oncology group, to place a single-treatment-room proton beam radiation therapy (PBRT) device at Long Beach Memorial Medical Center. In 2007, AMS announced contracts to place single-treatment- room PBRT devices at Tufts Medical Center in Boston and Orlando Regional Healthcare (with professional services to be provided exclusively by M.D. Anderson Cancer Center Orlando).

 


The following information was filed by American Shared Hospital Services (AMS) on Friday, March 13, 2009 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.

View differences made from one year to another to evaluate American Shared Hospital Services's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Shared Hospital Services.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account