American Shared Hospital Services Reports First Quarter 2000 Financial Results and Schedules Conference Call.Business/Health Editors SAN FRANCISCO--(BW HealthWire)--April 26, 2000 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 world leader in providing 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. 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, Wednesday announced financial results for the three months ended March 31, 2000. The Company reported unaudited revenues of $2,098,000 for the three months ended March 31, 2000, compared with revenues of $1,566,000 in the same period last year. For the three months ended March 31, 2000, the Company reported unaudited net income of $391,000 or $0.10 per share ($0.07 per share, assuming dilution), compared with net income of $488,000 or $0.11 per share ($0.08 per share, assuming dilution) in the same period last year. The higher first quarter revenues in 2000 vs. 1999 reflect eight Gamma Knife units in operation this year, as compared with five units in the same period last year. The lower first quarter net income in 2000 vs. 1999 reflects the fact that, although more units were operating this year vs. first quarter 1999, four of the units operating this year are new within the past nine months, and have not yet reached the revenue or earnings potential of more mature systems. Also, as previously announced, a mature Gamma Knife unit that operated in first quarter 1999 was sold to the customer in late 1999, at the end of its five year term. 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. of American Shared said, "We are pleased that our first quarter 2000 financial results met our expectations. We also note that our first quarter 2000 total Revenues grew by 34% over 1999's first quarter. Units in operation more than one year showed a 25% revenue increase for the period. Dr. Bates continued, "The new operations that we previously announced also are developing as planned. MedLeader.com, Inc., our Internet-based information business, this month participated in the 2000 Annual Meeting of the American Association of Neurological Surgeons ("AANS AANS American Association of Neurological Surgeons AANS American Association for Netherlandic Studies ") in San Francisco. Starting in May it will webcast portions of the Meeting's proceedings "on demand" to the more than 5,600 members of AANS. "Our development of The Operating Room operating room n. Abbr. OR A room equipped for performing surgical operations. for the 21st Century(sm) includes a scheduled workshop on cardiovascular operating rooms later this spring at The Johns Hopkins University Johns Hopkins University, mainly at Baltimore, Md. Johns Hopkins in 1867 had a group of his associates incorporated as the trustees of a university and a hospital, endowing each with $3.5 million. Daniel C. Applied Physics Laboratory The Johns Hopkins University Applied Physics Laboratory (APL), located in Laurel, Maryland, is a not-for-profit, university-affiliated research center employing 4,000 people. , as OR21(sm) develops a cardiac operating room proposal. "We continue to build a solid and growing base of long term Gamma Knife contracts. Our ninth Gamma Knife unit began operation this week at JFK Medical Center in Edison, New Jersey Edison Township (usually known as Edison) is a township in Middlesex County, New Jersey, United States. As of the United States 2000 Census, the township had a total population of 97,687, making it at the time the fifth largest municipality in New Jersey. As of the U.S. . We also have five additional units under development, including Gamma Knife systems in Las Vegas, Nevada; Jackson, Mississippi; Lima, Peru; and Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r ,
Brazil, as well as one more signed contract that is subject to state
regulatory approval."Our cash balance at March 31, 2000 was about $12.7 million (approximately $3.33 per basic share), giving us ample funds to grow our current and expanding business." Telephone Conference Call Schedule American Shared Hospital Services will host a telephone conference call today, Wednesday, April 26 at 3:00 p.m. Eastern time (12:00 noon Pacific time). During the call, Company management will discuss the financial results announced today. To participate in the call by telephone (with the ability to ask questions) call 888/868-9078 ten (10) minutes prior to the scheduled call time. (International callers dial 973/628-6885). Tell the operator that you wish to participate in the American Shared conference call. You will be placed on hold until the call begins. The call also will be broadcast "live" in a "listen-only" mode over the Internet through Investor Broadcast Network's Vcall website located at www.vcall.com. To listen to the live Internet call, go to Vcall's website at least 15 minutes prior to the scheduled call time to register, and to download and install any necessary audio software. Those unable to hear the call "live" at the scheduled time can hear a replay which will be available shortly after the call ends. To hear the Internet replay go to Vcall's website at www.vcall.com. To access the replay by telephone, call 877/375-5693 (international callers dial 402/220-1356). Independent Research Coverage Research coverage of American Shared Hospital Services is provided by Westergaard Broadcasting Network.com (WBN), an independent publisher and broadcaster of Internet-based institutional investment research. American Shared pays a fee to WBN for the service. Further information, including the research and details of the relationship, is available at www.wbn.com/AMS. About the Gamma Knife The Gamma Knife is a stereotactic radiosurgery stereotactic radiosurgery n. Stereotaxis in which tissue destruction is produced by ionizing radiation rather than by surgical incision. stereotactic radiosurgery device manufactured by Elekta AB of Sweden (Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. :EKTA). The Gamma Knife treats certain vascular malformations and brain tumors without invasive surgery Invasive surgery A form of surgery that involves making an incision in the patient's body and inserting instruments or other medical devices into it. Mentioned in: Laser Surgery . It uses three dimensional computer modeling to target a high dose of radiation at abnormal tissue. More than 135,000 patients worldwide already have been treated with Gamma Knife units. 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, the risks of the Internet-based information business, and the risks of developing The Operating Room for the 21st Century. 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, 1999, and its definitive Proxy Statement dated April 20, 2000 for the Annual Meeting of Shareholders to be held on May 19, 2000, which is being mailed this week to shareholders of record on March 31, 2000. About American Shared Hospital Services American Shared Hospital Services is a medical services company with interests in radiosurgery services (through its 81% interest in GK Financing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ), Internet-based information services, and its program for The Operating Room for the 21st Century(sm). Headquarters are in San Francisco.
AMERICAN SHARED HOSPITAL SERVICES
Selected Financial Data
(unaudited)
Summary of Operations Data
3 months ended March 31
2000 1999
----------- -----------
Revenues $ 2,098,000 $ 1,566,000
Costs of operations 714,000 471,000
Gross margin 1,384,000 1,095,000
Selling & administrative 548,000 426,000
Interest expense 501,000 255,000
335,000 414,000
Interest & other income 204,000 119,000
Minority interest ($ 148,000) ($ 90,000)
Income before income taxes 391,000 443,000
Income tax benefit 0 45,000
Net income $ 391,000 $ 488,000
Earnings per common share:
Basic $ 0.10 $ 0.11
Assuming dilution $ 0.07 $ 0.08
Balance Sheet Data
Cash $12,698,000 $ 8,772,000
Restricted cash $ 50,000 $ 2,299,000
Current assets $15,121,000 $12,510,000
Total assets $37,018,000 $25,255,000
Current liabilities $ 3,940,000 $ 3,923,000
Shareholders' equity $13,017,000 $10,792,000
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