American Shared Hospital Services Reports 2004 Fourth Quarter and Annual Results.SAN FRANCISCO -- American Shared Hospital Services (AMEX AMEX See: American Stock Exchange :AMS AMS - Andrew Message System )(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), 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, today announced financial results for the fourth quarter and 2004. For the twelve months ended December 31, 2004, the Company reported that net income increased 44% to $1,985,000, or $0.39 per diluted share, the largest increase in net income since the Gamma Knife became the Company's core business in 1999 and the third consecutive year of higher earnings. This compares to net income for 2003 of $1,382,000, or $0.27 per diluted share. Net income for 2004 included an income tax benefit related to the exercise of previously expensed stock options of $547,000 compared to an income tax benefit of $81,000 for 2003. 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. increased for the fourth consecutive year, rising 10% to $3,278,000, a record for the Company's Gamma Knife business, from $2,976,000 for 2003. Revenue for 2004 increased 1% to $16,389,000 from $16,178,000 for 2003. For the three months ended December 31, 2004, net income increased to $386,000, or $0.08 per diluted share, from $343,000, or $0.07 per diluted share, for the fourth quarter of 2003. Operating income rose 4% to $807,000 from $779,000 a year earlier. Revenue decreased 11% to $3,910,000 from $4,393,000 for the fourth quarter of 2003. 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 Chief Executive Officer, said, "With the opening of our 19th Gamma Knife center earlier this month at Baptist Hospital of East Tennessee, and two additional units scheduled to commence operations later this year, we expect more rapid revenue growth in 2005. Our focus on increasing efficiency and reducing costs, which contributed to our record operating income for 2004, will continue in 2005. We are optimistic about the outlook for 2005, and we intend to continue to share the Company's success with all of our stockholders through our cash dividend policy." At December 31, 2004, AMS provided Gamma Knife radiosurgery services to 18 hospitals in the United States Lists of hospitals for each U.S. state:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of is anticipated to open in early second quarter 2005. Mercy Health Center in Oklahoma City, the Company's 21st Gamma Knife project, is projected to begin operating in mid-2005. Conference Call AMS has scheduled a conference call for 4:00 p.m. ET today. To participate in the live call, dial 800-471-6718 at least 5 minutes prior to the scheduled start time. A simultaneous WebCast of the call may be accessed through the Company's website, www.ashs.com, or through CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network , www.companyboardroom.com. A replay will be available for 30 days at these same internet addresses, or by calling 888-843-8996, pass code 10848615. The replay will also be available at www.ashs.com and www.companyboardroom.com. About AMS American Shared Hospital Services is building a profitable medical services company in an underserved 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 250,000 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(R) 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, 2003, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the periods ended March 31, 2004, June 30, 2004 and September 30, 2004 and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 17, 2004.
Summary of Operations Data
Three months ended Twelve months ended
Dec. 31, Dec. 31,
2004 2003 2004 2003
------------ ------------ ------------ ------------
Revenue $3,910,000 $4,393,000 $16,389,000 $16,178,000
Cost of operations 1,951,000 2,087,000 7,887,000 7,400,000
------------ ------------ ------------ ------------
Gross margin 1,959,000 2,306,000 8,502,000 8,778,000
Selling &
administrative 618,000 888,000 2,963,000 3,255,000
Interest expense 534,000 639,000 2,261,000 2,547,000
------------ ------------ ------------ ------------
Operating income 807,000 779,000 3,278,000 2,976,000
Interest & other
income 38,000 22,000 102,000 121,000
Minority interest (219,000) (229,000) (983,000) (928,000)
------------ ------------ ------------ ------------
Income before
income taxes 626,000 572,000 2,397,000 2,169,000
Income tax expense 240,000 229,000 412,000 787,000
------------ ------------ ------------ ------------
Net income $386,000 $343,000 $1,985,000 $1,382,000
============ ============ ============ ============
Earnings per
common share:
Basic $0.08 $0.09 $0.46 $0.36
============ ============ ============ ============
Assuming
dilution $0.08 $0.07 $0.39 $0.27
============ ============ ============ ============
Basic shares 4,760,000 3,918,000 4,351,000 3,850,000
Diluted shares 5,110,000 5,135,000 5,101,000 5,088,000
Balance Sheet Data
12/31/2004 12/31/2003
------------ ------------
Cash and
securities $9,078,000 $10,312,000
Restricted cash $50,000 $50,000
Current assets $12,672,000 $13,302,000
Total assets $47,106,000 $46,304,000
Current
liabilities $7,955,000 $8,034,000
Shareholders'
equity $17,546,000 $15,329,000
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion