Exhibit 99.1

 

AMERICAN SHARED HOSPITAL SERVICES

FIRST QUARTER NET INCOME INCREASED 33.1%

  

San Francisco, CA – May 10, 2018 --

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 first quarter of 2018.

 

First Quarter Results

For the three months ended March 31, 2018, rental income from medical services increased 8.0% to $5,305,000 compared to rental income from medical services of $4,914,000 for the first quarter of 2017. Net income attributable to the Company for the first quarter of 2018 increased 33.1% to $390,000, or $0.07 per basic and diluted share, compared to net income attributable to the Company for the first quarter of 2017 of $293,000, or $0.05 per basic and diluted share.

 

First quarter revenue for the Company's proton therapy system installed at The Marjorie and Leonard Williams Center for Proton Therapy at Orlando Health – UF Health Cancer Center in Florida increased 5.5% to $1,218,000 compared to revenue of $1,155,000 for the first quarter of 2017.

 

Revenue for the Company's Gamma Knife operations increased 1.9% to $3,688,000 for the first quarter of 2018 compared to $3,619,000 for the first quarter of 2017. 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 and a second unit in August 2017. The decrease in revenue from these two sites was partially offset by revenue from two new sites, in Lima, Peru and Lincoln, Nebraska, that began operations in the third quarter of 2017. Excluding the two sites whose contracts expired in 2017 and the Company’s two new sites, Gamma Knife revenue for the first quarter of 2018 was consistent with the first quarter of 2017.

 

Rental income from medical services gross margin for the first quarter of 2018 decreased to $2,206,000, or 41.6% of revenue, compared to rental income from medical services gross margin of $2,346,000, or 47.7% of revenue for the first quarter of 2017. This reflected an increase in costs of revenue primarily attributable to the initiation of maintenance and service costs for the Company’s proton system in Orlando.

 

Non-GAAP pre-tax income, net of income attributable to non-controlling interest, increased 6.1% to $540,000 compared to non-GAAP pre-tax income, net of income attributable to non-controlling interest, of $509,000 for the first quarter of 2017. 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 $2,677,000 for the first quarter of 2018, compared to $2,616,000 for the first quarter of 2017.

 

Balance Sheet Highlights

At March 31, 2018, cash and cash equivalents was $2,751,000, compared to $2,152,000 at December 31, 2017. Shareholders' equity at March 31, 2018 was $30,590,000, or $5.36 per outstanding share. This compares to shareholders' equity at December 31, 2017 of $29,885,000, or $5.23 per outstanding share.



The following information was filed by American Shared Hospital Services (AMS) on Thursday, May 10, 2018 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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