This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

American Shared Hospital Services Reports First 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 first quarter of 2011.

First Quarter Results

For the three months ended March 31, 2011, revenue increased 6.8% to $4,367,000 compared to $4,088,000 for the first quarter of 2010. Gross margin increased to 44.1% for the first quarter of 2011 compared to 41.6% for the first quarter of 2010. Operating income for the first quarter of 2011 increased 43.9% to $226,000 compared to $157,000 for the first quarter of 2010. Net income for the first quarter of 2011 rose to $21,000, or $0.00 per share. This compares to net income of $8,000, or $0.00 per share, for the first quarter of 2010.

The total number of procedures performed in AMS' Gamma Knife business during the first quarter of 2011 increased 12% compared to the first quarter of 2010, including a 19% increase in procedures performed on Gamma Knife® Perfexion TM systems.

Selling and administrative expenses for the first quarter of 2011 increased 5.7% to $1,122,000 compared to $1,061,000 for the first quarter of 2010, in support of the Company's domestic and international growth initiatives.

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), was $2,047,000 for the first quarter of 2011 compared to $1,984,000 for the first quarter of 2010.

At March 31, 2011, AMS reported cash, cash equivalents and certificates of deposit of $10,384,000 compared to $10,438,000 at December 31, 2010. Shareholders' equity at March 31, 2011 was $23,318,000, or $5.07 per outstanding share. This compares to shareholders' equity at December 31, 2010 of $23,044,000, or $5.01 per outstanding share.

CEO Comments

Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "The pace of revenue growth increased again in the first quarter of the new year, driven by especially strong gains in Perfexion procedure volume. This growth is the anticipated consequence of our strategy to upgrade many of our existing Gamma Knife sites to Gamma Knife Perfexion specifications. Most recently, we entered into upgrade contracts with Lehigh Valley Hospital in Allentown, Pennsylvania, the flagship hospital of the Lehigh Valley Health Network, and Lovelace Medical Center in Albuquerque, New Mexico, the flagship hospital of Lovelace Health System. Also during the quarter we announced multi-year contracts to supply a Perfexion system to Florence Nightingale Hospital Group in Istanbul, Turkey, and a Gamma Knife and linear accelerator system to Baskent University, Adana, Turkey. All of these devices are scheduled to go into service in the next several quarters.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs