Exhibit 99.1

 

AMERICAN SHARED HOSPITAL SERVICES FOURTH QUARTER

NET INCOME INCREASED 63.2% AS REVENUE INCREASED 21.6%

 

San Francisco, CA – March 23, 2017 --

AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS) (the "Company"), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the fourth quarter and 2016.

 

Fourth Quarter Results

For the three months ended December 31, 2016, medical services revenue increased 21.6% to $5,060,000 compared to medical services revenue of $4,162,000 for the fourth quarter of 2015.

 

Fourth quarter revenue for the Company's initial proton therapy system installed at The Marjorie and Leonard Williams Center for Proton Therapy at UF Health Cancer Center-Orlando Health in Florida was $903,000.

 

Revenue for the Company's Gamma Knife operations was $4,056,000 for the fourth quarter of 2016 compared to $4,028,000 for the fourth quarter of 2015, as treatment volume was essentially unchanged versus prior year.

 

Net income attributable to the Company for the fourth quarter of 2016 increased 63.2% to $452,000, or $0.08 per share. This compares to net income attributable to the Company for the fourth quarter of 2015 of $277,000, or $0.05 per share.

 

Medical services gross margin for the fourth quarter of 2016 increased to 55.9% of revenue, compared to medical services gross margin of 44.7% of revenue for the fourth quarter of 2015, reflecting the increase in revenue from proton therapy as well as a favorable mix of Gamma Knife procedures.

 

Operating income increased 98.1% to $1,448,000 for the fourth quarter of 2016 compared to operating income of $731,000 for the same period a year earlier.  Income before income taxes was $1,452,000 for the fourth quarter of 2016 compared to $709,000 for the fourth quarter of 2015. Non-GAAP pre-tax income, net of income attributable to non-controlling interest, was $971,000 for the fourth quarter of 2016.  This compares to non-GAAP pre-tax income, net of income attributable to non-controlling interest, of $383,000 for the fourth quarter of 2015.

 

Selling and administrative expenses for the fourth quarter of 2016 increased to $891,000, compared to selling and administrative expenses of $792,000 for the fourth quarter of 2015. With the addition of the proton center in Orlando, interest expense increased to $488,000 for the fourth quarter of 2016, compared to interest expense of $339,000 for the fourth quarter of 2015.

 

Adjusted EBITDA, a non-GAAP financial measure, was $2,877,000 for the fourth quarter of 2016, compared to $2,340,000 for the fourth quarter of 2015. Please refer to the financial statements included with this press release for a reconciliation of GAAP to this non-GAAP financial measure.

 

Twelve Months Results

For the twelve months ended December 31, 2016, medical services revenue increased 13.0% to $18,700,000 compared to medical services revenue of $16,548,000 for 2015.

 

Excluding treatments at a customer site whose contract expired at the end of the first quarter of 2015, Gamma Knife volume was essentially unchanged for 2016 compared to 2015. Revenue for the Company's proton therapy system for the April through December 2016 period was $2,149,000.

 


The following information was filed by American Shared Hospital Services (AMS) on Thursday, March 23, 2017 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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