AMERICAN SHARED HOSPITAL SERVICES

REPORTS FOURTH QUARTER AND 2013 RESULTS

 

 

San Francisco, CA -- March 27, 2014 -- AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the fourth quarter and 2013.

 

Fourth Quarter Results

Medical services revenue for the three months ended December 31, 2013 decreased 4.6% to $3,937,000, compared to medical services revenue for the fourth quarter of 2012 of $4,125,000.

 

The net loss for the fourth quarter of 2013 of $82,000, or $0.02 per basic and diluted share, included a pre-tax loss from foreign currency transactions of $334,000 due to the weakening of the Turkish Lira against the U.S. Dollar. Before this foreign currency transaction loss, pre-tax income for the fourth quarter of 2013 was $151,000, net of losses attributable to non-controlling interests. In comparison, net income for the fourth quarter of 2012 of $5,000, or $0.00 per basic and diluted share, included a pre-tax gain from foreign currency transactions of $137,000. Before this foreign currency transaction gain, the pre-tax loss for the fourth quarter of 2012 was $18,000, net of income attributable to non-controlling interests.

 

Operating income for the fourth quarter of 2013 increased to $262,000, compared to operating income for the fourth quarter of 2012 of $56,000.

 

The number of procedures performed on Gamma Knife® PerfexionTM systems supplied by AMS increased 5% for the fourth quarter and 18% for 2013 compared to the same periods of 2012. The total number of procedures performed in AMS' Gamma Knife business, including Gamma Knife and Gamma Knife Perfexion procedures, increased 7% for the fourth quarter and 19% for 2013 compared to the same periods of 2012.

 

Medical services gross margin for the fourth quarter of 2013 was 34.3%, compared to medical services gross margin of 37.0% for the fourth quarter of 2012.

 

Selling and administrative expenses for the fourth quarter of 2013 decreased 21.2% to $750,000 compared to $952,000 for the fourth quarter of 2012.

 

Twelve Months Results

For the twelve months ended December 31, 2013, medical services revenue increased 3.1% to $17,584,000, compared to medical services revenue of $17,048,000 for 2012.

 

The net loss for 2013 of $312,000, or $0.07 per basic and diluted share, included a pre-tax loss from foreign currency transactions of $1,174,000. Before this foreign currency transaction loss, pre-tax income for 2013 was $438,000, net of losses attributable to non-controlling interests. Net income for 2012 of $38,000, or $0.01 per basic and diluted share, included a pre-tax gain from foreign currency transactions of $132,000. Before this foreign currency transaction gain, pre-tax income for 2012 was $70,000, net of income attributable to non-controlling interests.

 

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $1,984,000 for the fourth quarter and $7,969,000 for 2013, compared to $2,067,000 for the fourth quarter and $8,306,000 for 2012.

 

Balance Sheet Highlights

At December 31, 2013, cash, cash equivalents and certificates of deposit were $10,909,000 compared to $10,564,000 at December 31, 2012. Shareholders' equity December 31, 2013 was $24,055,000, or $5.22 per outstanding share. This compares to shareholders' equity at December 31, 2012 of $24,830,000, or $5.39 per outstanding share.

 


The following information was filed by American Shared Hospital Services (AMS) on Thursday, March 27, 2014 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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