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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 2012.

First Quarter Results

For the three months ended March 31, 2012, revenue increased 0.8% to $4,403,000 compared to $4,367,000 for the first quarter of 2011. Net income for the first quarter of 2012 was $9,000, or $0.00 per diluted share. This compares to net income of $21,000, or $0.00 per diluted share, for the first quarter of 2011.

The number of procedures performed on Gamma Knife ® Perfexion TM systems supplied by AMS increased 2.8% for the first quarter of 2012 compared to the first quarter of 2011. The total number of procedures performed in AMS' Gamma Knife business increased 5.1% for this year's first quarter compared to the first quarter of 2011.

Gross margin for this year's first quarter decreased to 41.7% compared to 44.1% for the first quarter of 2011, but increased sequentially compared to gross margin of 39.5% for the fourth quarter of 2011, reflecting quarter-to-quarter variations in mix of procedures between sites.

Selling and administrative expenses for the first quarter of 2012 decreased 8.7% to $1,024,000 compared to $1,122,000 for the first quarter of 2011, primarily the result of reduced payroll costs. Operating income increased to $239,000 for the first quarter of 2012 compared to $226,000 for the first quarter of 2011.

Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (EBITDA), increased to $2,139,000 for the first quarter of 2012 compared to $2,047,000 for the first quarter of 2011.

Balance Sheet Highlights

At March 31, 2012, cash, cash equivalents and certificates of deposit were $10,788,000 compared to $11,580,000 at December 31, 2011. Shareholders' equity March 31, 2012 was $25,115,000, or $5.45 per outstanding share. This compares to shareholders' equity at December 31, 2011 of $25,171,000, or $5.46 per outstanding share.

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