Exhibit 99.1

 

AMERICAN SHARED HOSPITAL SERVICES

REPORTS FOURTH QUARTER AND 2014 RESULTS

 

San Francisco, CA – March 30, 2015 --

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 2014.

 

Fourth Quarter Results

For the three months ended December 31, 2014, medical services revenue increased 1.4% to $3,992,000 compared to medical services revenue of $3,937,000 for the fourth quarter of 2013. Revenue for the fourth quarter of 2013 included the Company's operations in Turkey, which were sold effective May 31, 2014. Excluding prior year's revenue in Turkey, medical services revenue increased 12.0% for the fourth quarter of 2014 compared to the fourth quarter of 2013.

 

Net income for the fourth quarter of 2014 was $58,000, or $0.01 per share. This compares to a net loss for the fourth quarter of 2013 of $82,000, or $0.02 per share, which 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.

 

The number of procedures performed on Gamma Knife® PerfexionTM systems supplied by AMS in the United States increased 5.8% for the fourth quarter and decreased 7.7% for all of 2014 compared to the same periods of 2013, excluding procedures performed in Turkey. The total number of procedures performed in AMS' U.S. Gamma Knife business, including Gamma Knife and Gamma Knife Perfexion procedures, increased 13.8% for the fourth quarter and decreased 4.9% for all of 2014 compared to the same periods of 2013, excluding procedures performed in Turkey.

 

Medical services gross margin for the fourth quarter of 2014 increased to 38.6%, compared to medical services gross margin of 34.3% for the fourth quarter of 2013, primarily the result of lower costs due to the sale of the Turkish subsidiary. Operating income increased 45.4% to $381,000 for the fourth quarter of 2014 compared to $262,000 for the same period a year earlier. Pretax income increased to $154,000 for the fourth quarter of 2014 compared to a pretax loss of $38,000 for the fourth quarter of 2013.

 

Selling and administrative expenses for the fourth quarter of 2014 were $838,000 compared to $750,000 for the fourth quarter of 2013, primarily due to increased accounting and tax services and legal fees.

 

Twelve Months Results

For the twelve months ended December 31, 2014, medical services revenue decreased to $15,417,000, compared to medical services revenue of $17,584,000 for 2013. Excluding revenue in Turkey, medical services revenue decreased 7.3% for 2014 compared to 2013.

 

The net loss for 2014 of $952,000, or $0.19 per share, included a pre-tax loss from the sale of the Turkish subsidiary of $572,000, and a pre-tax gain from foreign currency transactions of $161,000. In comparison, the net loss for 2013 of $312,000, or $0.07 per share, included a pre-tax loss from foreign currency transactions of $1,174,000.

 

Balance Sheet Highlights

At December 31, 2014, cash, cash equivalents and certificates of deposit were $1,059,000 compared to $1,909,000 at December 31, 2013. Shareholders' equity at December 31, 2014 was $26,154,000, or $4.88 per outstanding share. This compares to shareholders' equity at December 31, 2013 of $24,055,000, or $5.22 per outstanding share.

 

On June 13, 2014, AMS realized proceeds of approximately $1.6 million from the private placement of common stock. Additionally, on October 24, 2014, AMS closed the private sale of $1.2 million aggregate principal amount of unsecured notes, warrants to purchase 200,000 shares of common stock, no par value, and 100,000 newly issued common shares at a purchase price of $2.20 per share. The Warrants expire three years after their initial issuance date and may be exercised for a purchase price equal to $2.20 per share of Common Stock, the closing price per share of the Company’s Common Stock on the New York Stock Exchange.

 


The following information was filed by American Shared Hospital Services (AMS) on Monday, March 30, 2015 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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