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American Shared Hospital Services Reports Second Quarter And First Half Results

AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the second quarter and first six months of 2013.

Second Quarter Results

Medical services revenue for the three months ended June 30, 2013 increased 7.0% to $4,583,000, compared to medical services revenue for the second quarter of 2012 of $4,284,000. The net loss for the second quarter of 2013 was $122,000, or $0.03 per diluted share. In comparison, for the second quarter of 2012, net income was $15,000, or $0.00 per diluted share.

This year's second quarter net loss included a loss from foreign currency transactions of $393,000, due to the weakening of the Turkish Lira against the U.S. Dollar. This foreign currency transaction loss impacted pre-tax income by $223,000, net of losses attributable to non-controlling interests.

Operating income for the second quarter of 2013 increased 26.2% to $284,000, compared to operating income for the second quarter of 2012 of $225,000.

The number of procedures performed on Gamma Knife® Perfexion™ systems supplied by AMS increased 35% for the second quarter and 25% for the first half of 2013 compared to the same periods of 2012. The total number of procedures performed in AMS' Gamma Knife business, including Gamma Knife and Gamma Knife Perfexion procedures, increased 26% for the second quarter and 24% for the first six months of 2013 compared to the same periods of 2012.

Medical services gross margin for the second quarter of 2013 was 41.3%, compared to medical services gross margin of 43.7% for the second quarter of 2012.

Selling and administrative expenses for the second quarter of 2013 was $1,153,000 compared to $1,109,000 for the second quarter of 2012.

Six Month Results

For the six months ended June 30, 2013, medical services revenue increased 6.5% to $9,251,000, compared to medical services revenue of $8,687,000 for the first six months of 2012. The net loss for the first six months of 2013 was $97,000, or $0.02 per diluted share, which included a pre-tax loss from foreign currency transactions of $534,000. For the first six months of 2012, net income was $24,000, or $0.01 per diluted share.

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