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American Shared Hospital Services Reports Fourth Quarter And 2010 Results

Stocks in this article: AMS

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 fourth quarter and 2010.

Fourth Quarter Results

For the three months ended December 31, 2010, revenue increased to $4,152,000 compared to $4,092,000 for the fourth quarter of 2009. Operating income for the fourth quarter of 2010 increased 19% to $348,000 compared to $293,000 for the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $40,000, or $0.01 per share. This compares to a net loss ($137,000), or ($0.03) per share, for the fourth quarter of 2009.

The total number of Gamma Knife ® procedures performed during the fourth quarter of 2010 increased 2% compared to the fourth quarter of 2009, and increased 4% for 2010 versus 2009.

Selling and administrative expenses for the fourth quarter of 2010 decreased 5% to $1,005,000 compared to $1,058,000 for the fourth quarter of 2009, even as the Company continued to support its domestic and international growth initiatives.

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $2,159,000 for the fourth quarter and $8,211,000 for 2010, compared to $2,175,000 for the fourth quarter and $8,535,000 in 2009.

At December 31, 2010, AMS reported cash, cash equivalents and certificates of deposit of $10,438,000 compared to $9,833,000 at December 31, 2009. Shareholders' equity at December 31, 2010 was $23,044,000, or $5.01 per outstanding share. This compares to shareholders' equity at December 31, 2009 of $22,755,000, or $4.95 per outstanding share.

2010 Results

For the twelve months ended December 31, 2010, revenue was $16,675,000 compared to $16,768,000 for 2009. Net income for 2010 was $57,000, or $0.01 per diluted share. This compares to a net loss for 2009 of ($188,000), or ($0.04) per share.

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