Exhibit 99.1

 

AMERICAN SHARED HOSPITAL SERVICES

REPORTS SECOND QUARTER RESULTS

 

 

San Francisco, CA – August 10, 2017 --

AMERICAN SHARED HOSPITAL SERVICES (NYSE AMERICAN: AMS) (the "Company"), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the second quarter and first six months of 2017.

 

Second Quarter Results

For the three months ended June 30, 2017, medical services revenue increased 9.5% to $4,945,000 compared to medical services revenue of $4,518,000 for the second quarter of 2016. Net income attributable to the Company for the second quarter of 2017 was $113,000, or $0.02 per share. This compares to net income attributable to the Company for the second quarter of 2016 of $93,000, or $0.02 per share.

 

This year's second quarter net income reflected unusually high selling and administrative expenses, consisting primarily of certain one-time legal and consulting fees and non-recurring costs associated with the start-up of AMS' Gamma Knife center in Lima, Peru, which began treating patients in July. Income tax expense also was unusually high in the second quarter, relative to pre-tax income, as the start-up losses associated with the Peru Gamma Knife project could not be included in the Company's income tax computation for financial reporting purposes. These non-recurring transactions amounted to approximately $0.02 per share, after taxes.

 

Second quarter revenue for the Company's initial proton therapy system installed at The Marjorie and Leonard Williams Center for Proton Therapy at Orlando Health – UF Health Cancer Center in Florida was $862,000. This center, which began treating patients in April 2016, generated revenue for the second quarter of 2016 of $446,000.

 

Revenue for the Company's Gamma Knife operations increased to $3,968,000 for the second quarter of 2017 compared to $3,962,000 for the second quarter of 2016. As previously announced, AMS lost one of its Gamma Knife units due to the expiration of its contract term at the end of April 2017. Excluding this site, Gamma Knife revenue increased 6% for this year's second quarter compared to the second quarter of 2016.

 

Medical services gross margin for the second quarter of 2017 increased to 45.5% of revenue, compared to medical services gross margin of 40.7% of revenue for the second quarter of 2016. The positive impact on gross margin from the increase in proton therapy revenue in this year's second quarter versus prior year was partially offset by higher depreciation expense associated with Cobalt-60 reloads at two Gamma Knife centers in this year's first quarter and depreciation expense for the proton system.

 

Operating income increased 51.0% to $669,000 for the second quarter of 2017 compared to operating income of $443,000 for the same period a year earlier.  Income before income taxes increased 48.9% to $664,000 for the second quarter of 2017 compared to $446,000 for the second quarter of 2016. Non-GAAP pre-tax income, net of income attributable to non-controlling interest, was $333,000 for the second quarter of 2017.  This compares to non-GAAP pre-tax income, net of income attributable to non-controlling interest, of $186,000 for the second quarter of 2016. Please refer to the financial statements included with this press release for a reconciliation of GAAP to non-GAAP financial measures.

 

Adjusted EBITDA, a non-GAAP financial measure, was $2,549,000 for the second quarter of 2017, compared to $2,328,000 for the second quarter of 2016.

 

Six Months Results

For the six months ended June 30, 2017, medical services revenue increased 12.6% to $9,859,000 compared to medical services revenue of $8,756,000 for the first six months of 2016.

 


The following information was filed by American Shared Hospital Services (AMS) on Thursday, August 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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