American Shared Hospital Services Reports Third Quarter Results
AMERICAN SHARED HOSPITAL SERVICES (NYSE AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the third quarter and first nine months of 2010.
Third Quarter Results
For the three months ended September 30, 2010, revenue increased 9% to $4,280,000 compared to $3,926,000 for the third quarter of 2009, and increased sequentially for the second consecutive quarter. Operating income for this year's third quarter increased 14% to $196,000 compared to $172,000 for the third quarter of 2009. Pre-tax income increased 30% to $223,000 and net income for the third quarter of 2010 was $6,000, or $0.00 per share. This compares to pre-tax income of $172,000 and net income of $17,000, or $0.00 per share, for the third quarter of 2009.
The total number of Gamma Knife ® procedures performed during this year's third quarter increased 15% over same quarter last year, and are now up 5% year-to-date. Gross margin improved to 43% for the third quarter of 2010 compared to 40% for the third quarter of 2009.Selling and administrative expenses for this year's third quarter increased to $1,091,000 compared to $875,000 for the third quarter of 2009, and were essentially flat sequentially, as the Company continues to invest in its domestic and international growth initiatives. Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $2,067,000 for the third quarter and $6,052,000 for the first nine months of 2010, compared to $2,220,000 for the third quarter and $6,360,000 for the first nine months of 2009. At September 30, 2010, AMS reported cash, cash equivalents and certificates of deposit of $10,091,000. This compares to cash, cash equivalents and certificates of deposit of $9,833,000 at December 31, 2009. Shareholders' equity at September 30, 2010 was $22,958,000, or $4.99 per outstanding share. This compares to shareholders' equity at December 31, 2009 of $22,755,000, or $4.95 per outstanding share.
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