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 fourth quarter and 2013.
Fourth Quarter Results
Medical services revenue for the three months ended December 31, 2013 decreased 4.6% to $3,937,000, compared to medical services revenue for the fourth quarter of 2012 of $4,125,000.
The net loss for the fourth quarter of 2013 of $82,000, or $0.02 per basic and diluted share, included a pre-tax loss from foreign currency transactions of $334,000 due to the weakening of the Turkish Lira against the U.S. Dollar. Before this foreign currency transaction loss, pre-tax income for the fourth quarter of 2013 was $151,000, net of losses attributable to non-controlling interests. In comparison, net income for the fourth quarter of 2012 of $5,000, or $0.00 per basic and diluted share, included a pre-tax gain from foreign currency transactions of $137,000. Before this foreign currency transaction gain, the pre-tax loss for the fourth quarter of 2012 was $18,000, net of income attributable to non-controlling interests.Operating income for the fourth quarter of 2013 increased to $262,000, compared to operating income for the fourth quarter of 2012 of $56,000. The number of procedures performed on Gamma Knife ® Perfexion TM systems supplied by AMS increased 5% for the fourth quarter and 18% for 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 7% for the fourth quarter and 19% for 2013 compared to the same periods of 2012. Medical services gross margin for the fourth quarter of 2013 was 34.3%, compared to medical services gross margin of 37.0% for the fourth quarter of 2012. Selling and administrative expenses for the fourth quarter of 2013 decreased 21.2% to $750,000 compared to $952,000 for the fourth quarter of 2012.
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