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American Shared Hospital Services Reports Fourth Quarter And 2011 Results

Sixth graph, first sentence of release should read: Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), increased to $2,493,000 for the fourth quarter and $9,265,000 for 2011...(sted...increased to $3,119,000 for the fourth quarter and $11,258,000 for 2011...)

The corrected release reads:


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 2011.

Fourth Quarter Results

For the three months ended December 31, 2011, revenue increased 8.4% to $4,500,000 compared to $4,152,000 for the fourth quarter of 2010. Net income for the fourth quarter of 2011 rose to $244,000, or $0.05 per share. This compares to net income of $40,000, or $0.00 per share, for the fourth quarter of 2010.

The number of procedures performed on Gamma Knife ® Perfexion TM systems supplied by AMS increased 7.6% for the fourth quarter of 2011, and increased 7.1% for 2011, compared to the fourth quarter and 2010, respectively. The total number of procedures performed in AMS' Gamma Knife business increased 11.4% for this year's fourth quarter, and increased 4.8% for 2011, compared to the fourth quarter and 2010, respectively.

Gross margin for this year's fourth quarter decreased to 39.5% compared to 46.1% for the fourth quarter of 2010. This was primarily the result of an increase in depreciation expense associated with the upgrade of a number of Gamma Knife systems to Perfexion specifications during the past year. Gross margin also was affected to a lesser extent by the initiation of patient treatments during the quarter of the new devices supplied by AMS to St. Vincent's Medical Center in Jacksonville, Florida and Baskent University in Adana, Turkey.

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