American Shared Hospital Services Announces Fourth Quarter and Year End 2002 Financial Results; Earnings Call Scheduled To Take Place at 4 pm Eastern Today.Business Editors/Health/Medical Writers SAN FRANCISCO--(BUSINESS WIRE)--Feb. 4, 2003 American Shared Hospital Services (AMEX AMEX See: American Stock Exchange ,PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :AMS AMS - Andrew Message System ), the leading provider of Gamma Knife Gamma Knife A trademark for a radiologic nonsurgical device used in stereotactic radiosurgery. Gamma knife A surgical tool that focuses beams of radiation at the head, which converge in the brain to form a lesion. (R) radiosurgery radiosurgery /ra·dio·sur·gery/ (-ser´jer-e) surgery in which tissue destruction is performed by means of ionizing radiation rather than by surgical incision. services, announced today financial results for the three months and the fiscal year ended December 31, 2002. For the fiscal year ended December 31, 2002, the Company reported net income of $1,102,000 or $0.22 per diluted share compared to net income of $1,068,000 or $0.21 per diluted share for the prior year. For the fiscal year ended December 31, 2002, the Company reported revenue of $13,366,000 compared with revenue of $11,758,000 in the prior year. For the three months ended December 31, 2002, the Company reported unaudited net income of $188,000 or $0.04 per diluted share compared with net income of $209,000 or $0.04 per diluted share in the same period last year. For the three months ended December 31, 2002, the Company reported unaudited revenue of $3,342,000 compared with revenue of $3,029,000 in the same period last year. Craig K. Tagawa, Chief Operating and Financial Officer, said, "We are pleased to report another year of revenue and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. growth. Operating income for fiscal year and fourth quarter 2002 increased 25% and 2%, respectively. Fiscal year and fourth quarter 2002 revenue increased 14% and 10%, respectively. Fourth quarter 2002 revenue growth and operating income was negatively impacted by the Company's two newest Gamma Knife centers that started in mid 2002. Marketing efforts at these two sites have been increased to speed up awareness of these new programs that have developed slower than anticipated. The Company's fiscal year 2002 and fourth quarter pre-tax income was negatively impacted by a $309,000 and $59,000, respectively, decrease in interest and other income compared to 2001." Ernest A. Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. , M.D., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We have again delivered annual double-digit revenue and operating income growth. Cash from operations continues to be strong and allowed the Company to use approximately $1,300,000 of its cash in 2002 towards future Gamma Knife purchases. Our two additional Gamma Knife units under development, Johns Hopkins Noun 1. Johns Hopkins - United States financier and philanthropist who left money to found the university and hospital that bear his name in Baltimore (1795-1873) Hopkins 2. and Baptist Medical Center, are scheduled to open in early to mid 2003. "Management is encouraged by the continued success of its business model and will recommend to its Board of Directors this week that an annual dividend of $0.12 per common share be issued in 2003." Earnings Conference Call American Shared will host a conference call Tuesday, February 4, 2003 at 4 pm Eastern time (1 pm Pacific time). During the call, Company management will discuss the financial results announced today. To participate, please call 866/297-6395 at least 10 minutes prior to the start of the call. A live on-demand webcast of the call will be provided by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and posted at www.ashs.com and www.companyboardroom.com. A replay of the call will be available for 30 days by calling 888/843-8996 and enter pass code 6741900. The replay will also be available at www.ashs.com and www.companyboardroom.com. American Shared Hospital Services (www.ashs.com) American Shared Hospital Services is building a profitable medical services company in an under served niche -- turnkey technology solutions for advanced radiosurgical procedures. The Company's core business is supplying hospitals with the Gamma Knife -- a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia Trigeminal Neuralgia Definition Trigeminal neuralgia is a disorder of the trigeminal nerve (the fifth cranial nerve) that causes episodes of sharp, stabbing pain in the cheek, lips, gums, or chin on one side of the face. (facial pain facial pain, n See pain, facial. ). The Gamma Knife, the gold standard in radiosurgery, reduces surgical risk and patient discomfort, resulting in a shorter hospital stay and lower risk of complications. In most cases, Gamma Knife patients resume their normal activities within a few days of treatment, compared to weeks or months for patients who undergo conventional surgery. More than 195,000 patients worldwide have already received this treatment. American Shared Hospital Services is the world leader in providing Gamma Knife radiosurgery services. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife business and the risks of developing its IMRT IMRT Intensity-modulated radiation therapy Radiation oncology A format for delivering high-dose RT to regions–eg, nasopharynx, that are surrounded by radiation-sensitive areas; in IMRT, a broad radiation field is divided into hundreds of small pencil beams, and The Operating Room operating room n. Abbr. OR A room equipped for performing surgical operations. for the 21st Century(SM) programs. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the periods ended March 31, 2002, June 30, 2002 and September 30, 2002 and its definitive Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for the Annual Meeting of Shareholders held on June 6, 2002.
American Shared Hospital Services
Selected Financial Data
Summary of Operations Data
Unaudited
Three months ended Twelve months ended
Dec. 31, Dec.31,
2002 2001 2002 2001
Revenue $3,342,000 $3,029,000 $13,366,000 $11,758,000
Costs of
operations 1,525,000 1,141,000 5,399,000 4,285,000
------------ ------------ ------------ ------------
Gross profit
margin 1,817,000 1,888,000 7,967,000 7,473,000
Selling &
administrative 753,000 866,000 3,313,000 3,245,000
Interest expense 612,000 581,000 2,437,000 2,456,000
------------ ------------ ------------ ------------
Operating income 452,000 441,000 2,217,000 1,772,000
Minority interest 172,000 185,000 831,000 751,000
Interest & other
income 33,000 92,000 171,000 480,000
------------ ------------ ------------ ------------
Income before
income taxes 313,000 348,000 1,557,000 1,501,000
Income tax expense 125,000 139,000 455,000 433,000
------------ ------------ ------------ ------------
Net income $188,000 $209,000 $1,102,000 $1,068,000
============ ============ ============ ============
Earnings per
common share:
Basic $0.05 $0.06 $0.30 $0.30
============ ============ ============ ============
Assuming
dilution $0.04 $0.04 $0.22 $0.21
============ ============ ============ ============
Balance Sheet Data
12/31/02 12/31/01
Cash $9,924,000 $11,580,000
Restricted cash $50,000 $50,000
Current Assets $13,430,000 $14,788,000
Total Assets $45,164,000 $42,385,000
Current
Liabilities $6,164,000 $5,437,000
Total Liabilities $30,624,000 $28,600,000
Shareholders'
equity $14,540,000 $13,785,000
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