AMERICAN SHARED HOSPITAL SERVICES

REPORTS FOURTH QUARTER AND 2011 RESULTS

 

 

San Francisco, CA -- March 15, 2012 -- 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 2011.

 

Fourth Quarter Results

For the three months ended December 31, 2011, revenue increased 8.4% to $4,500,000 compared to $4,152,000 for the fourth quarter of 2010. Net income for the fourth quarter of 2011 rose to $244,000, or $0.05 per share. This compares to net income of $40,000, or $0.00 per share, for the fourth quarter of 2010.

 

The number of procedures performed on Gamma Knife® PerfexionTM systems supplied by AMS increased 7.6% for the fourth quarter of 2011, and increased 7.1% for 2011, compared to the fourth quarter and 2010, respectively. The total number of procedures performed in AMS' Gamma Knife business increased 11.4% for this year's fourth quarter, and increased 4.8% for 2011, compared to the fourth quarter and 2010, respectively.

 

Gross margin for this year's fourth quarter decreased to 39.5% compared to 46.1% for the fourth quarter of 2010. This was primarily the result of an increase in depreciation expense associated with the upgrade of a number of Gamma Knife systems to Perfexion specifications during the past year. Gross margin also was affected to a lesser extent by the initiation of patient treatments during the quarter of the new devices supplied by AMS to St. Vincent's Medical Center in Jacksonville, Florida and Baskent University in Adana, Turkey.

 

Selling and administrative expenses for the fourth quarter of 2011 decreased 16.4% to $840,000 compared to $1,005,000 for the fourth quarter of 2010. Reflecting the addition of new Perfexion systems to AMS' Gamma Knife portfolio, interest expense increased to $613,000 for this year's fourth quarter compared to $562,000 for the fourth quarter last year.

 

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), increased to $3,119,000 for the fourth quarter and $11,258,000 for 2011, compared to $2,159,000 for the fourth quarter and $8,211,000 for 2010.

 

Balance Sheet Highlights

At December 31, 2011, AMS cash, cash equivalents and certificates of deposit increased to $11,580,000 compared to $10,438,000 at December 31, 2010. Shareholders' equity at December 31, 2011 was $25,171,000, or $5.46 per outstanding share. This compares to shareholders' equity at December 31, 2010 of $23,044,000, or $5.01 per outstanding share.

 

Twelve Month Results

For the twelve months ended December 31, 2011, revenue increased to $22,221,000, consisting of medical services revenue of $17,237,000 and revenue from equipment sales of $4,984,000. This compares to medical services revenue of $16,675,000 for 2010. Net income for 2011 increased to $506,000, or $0.11 per diluted share, compared to net income for 2010 of $57,000, or 0.01 per diluted share.

 

In March 2011 AMS announced a contract to upgrade a Gamma Knife to Perfexion specifications at Lehigh Valley Hospital in Allentown, Pennsylvania. As part of this upgrade, AMS agreed to the early termination of the existing 10-year lease on the Gamma Knife system it supplied to Lehigh in 2004, and Lehigh agreed to purchase the Perfexion system. Pre-tax income from this transaction of $844,000 was recognized in the third quarter of 2011.

 


The following information was filed by American Shared Hospital Services (AMS) on Thursday, March 15, 2012 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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