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 third quarter and first nine months of 2013.
Third Quarter Results
Medical services revenue for the three months ended September 30, 2013 increased 3.8% to $4,396,000, compared to medical services revenue for the third quarter of 2012 of $4,236,000.
The net loss for the third quarter of 2013 of $134,000, or $0.03 per diluted share, included a pre-tax loss from foreign currency transactions of $306,000 due to the weakening of the Turkish Lira against the U.S. Dollar. Before this foreign currency transaction loss, pre-tax income for the third quarter of 2013 was $40,000, net of losses attributable to non-controlling interests. In comparison, for the third quarter of 2012, pre-tax income net of losses attributable to non-controlling interests was $37,000, and net income was $9,000, or $0.00 per diluted share.Operating income for the third quarter of 2013 decreased to $162,000, compared to operating income for the third quarter of 2012 of $210,000. The number of procedures performed on Gamma Knife ® Perfexion TM systems supplied by AMS increased 18% for the third quarter and 23% for the first nine months 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 21% for the third quarter and 23% for the first nine months of 2013 compared to the same periods of 2012. Medical services gross margin for the third quarter of 2013 was 36.0%, compared to medical services gross margin of 40.0% for the third quarter of 2012. Selling and administrative expenses for the third quarter of 2013 decreased 7.6% to $887,000 compared to $960,000 for the third quarter of 2012.
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