American Shared Hospital Services (AMS, Financial) filed Quarterly Report for the period ended 2010-06-30.
American Shared Hospital Services has a market cap of $13.51 million; its shares were traded at around $2.9401 with and P/S ratio of 0.81.
Total costs of revenue decreased by $260,000 and $441,000 to $2,405,000 and $4,794,000 for the three and six month periods ended June 30, 2010 from $2,665,000 and $5,235,000 for the three and six month periods ended June 30, 2009. Maintenance and supplies increased by $48,000 and $22,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year, primarily due to higher costs for repairs and maintenance that were not covered by maintenance contracts. Depreciation and amortization decreased by $150,000 and $290,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year. The decrease for both the three and six month periods is primarily due to a change in the asset life of one Gamma Knife unit because the contract with the customer was extended. In addition, depreciation on three other units ended because the remaining value of the equipment had reached salvage value. Other direct operating costs decreased by $158,000 and $173,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year. For both the three and six month periods, the decrease is primarily due to lower marketing costs, insurance expense and operating costs in connection with the Company s retail sites, partially offset by higher property taxes and other taxes.
Other income (expense) increased by $49,000 to income of $31,000 for the three month period ended June 30, 2010 from expense of $18,000 for the same period in the prior year, and increased $46,000 to income of $62,000 for the six month period from income of $16,000 for the same period in the prior year. The increase for both the three and six month periods was primarily due to an increase in interest income as a result of higher interest rates available on invested cash balances. In addition, for the three and six month periods ended June 30, 2009 there was also a cost of approximately $20,000 from the early extinguishment of debt.
The Company had income tax expense of $21,000 and $32,000 for the three and six month periods ended June 30, 2010 compared to income tax expense of $28,000 and an income tax benefit of $65,000 for the three and six month periods ended June 30, 2009, respectively. For the three month period ended June 30, 2010, this decrease is due to a decrease in income before income taxes to $195,000 compared to income before income taxes of $246,000 in the same period in 2009. For the six month period, this increase is due to an increase in income before income taxes to $383,000 compared to income before income taxes of $204,000 for the same period in 2009. Based on the Company s current estimated effective income tax rate for 2010, a 76% income tax provision was applied to net income before income taxes and net income attributable to non-controlling interest, compared to a 49% rate applied in 2009 which resulted in an income tax benefit. The Company s effective income tax rate is higher than the expected statutory federal and state income tax rates at a consolidated level, primarily due to higher income at the Company s subsidiary levels in certain states where there are separate state income tax filing requirements.
The Company had net income of $3,000, or $0.00 per diluted share, and $11,000, or $0.00 per diluted share, for the three and six month periods ended June 30, 2010, compared to net income of $26,000, or $0.01 per diluted share, and a net loss of $68,000, or ($0.01) per diluted share, in the same periods in the prior year, respectively. The decrease for the three month period was primarily due to reduced medical services revenue, partially offset by lower costs of revenue and no transaction costs compared to the prior year. The increase for the six month period was primarily due to reduced costs of revenue and no transaction costs compared to the prior year, partially offset by lower medical services revenue, higher selling and administrative costs and increased income tax expense.
The Company had cash and cash equivalents of $527,000 at June 30, 2010 compared to $833,000 at December 31, 2009. The Company s cash position decreased by $306,000 due to payments for the purchase of property and equipment of $249,000, principal payments on long term debt and capital leases of $3,191,000 and distributions to minority owners of $247,000. These decreases were partially offset by net cash from operating activities of $2,781,000 and advances on the Company s line of credit with a bank of $600,000.
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American Shared Hospital Services has a market cap of $13.51 million; its shares were traded at around $2.9401 with and P/S ratio of 0.81.
Highlight of Business Operations:
Medical services revenue decreased by $428,000 and $507,000 to $4,155,000 and $8,243,000 for the three and six month periods ended June 30, 2010 from $4,583,000 and $8,750,000 for the three and six month periods ended June 30, 2009, respectively. The decreases for both the three and six month periods are primarily due to a shift in Gamma Knife volume to sites with relatively lower payment rates per procedure compared to the same periods in the prior year. As a result, revenue from Gamma Knife operations decreased by $388,000 and $424,000 to $3,875,000 and $7,663,000 for the three and six month periods ended June 30, 2010 from $4,263,000 and $8,087,000 in the prior periods respectively. In addition, revenue from the Company s radiation therapy contract decreased by $40,000 and $83,000 to $280,000 and $580,000 for the three and six month periods ended June 30, 2010 from $320,000 and $663,000 due to lower volume at that site.Total costs of revenue decreased by $260,000 and $441,000 to $2,405,000 and $4,794,000 for the three and six month periods ended June 30, 2010 from $2,665,000 and $5,235,000 for the three and six month periods ended June 30, 2009. Maintenance and supplies increased by $48,000 and $22,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year, primarily due to higher costs for repairs and maintenance that were not covered by maintenance contracts. Depreciation and amortization decreased by $150,000 and $290,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year. The decrease for both the three and six month periods is primarily due to a change in the asset life of one Gamma Knife unit because the contract with the customer was extended. In addition, depreciation on three other units ended because the remaining value of the equipment had reached salvage value. Other direct operating costs decreased by $158,000 and $173,000 for the three and six month periods ended June 30, 2010 compared to the same periods in the prior year. For both the three and six month periods, the decrease is primarily due to lower marketing costs, insurance expense and operating costs in connection with the Company s retail sites, partially offset by higher property taxes and other taxes.
Other income (expense) increased by $49,000 to income of $31,000 for the three month period ended June 30, 2010 from expense of $18,000 for the same period in the prior year, and increased $46,000 to income of $62,000 for the six month period from income of $16,000 for the same period in the prior year. The increase for both the three and six month periods was primarily due to an increase in interest income as a result of higher interest rates available on invested cash balances. In addition, for the three and six month periods ended June 30, 2009 there was also a cost of approximately $20,000 from the early extinguishment of debt.
The Company had income tax expense of $21,000 and $32,000 for the three and six month periods ended June 30, 2010 compared to income tax expense of $28,000 and an income tax benefit of $65,000 for the three and six month periods ended June 30, 2009, respectively. For the three month period ended June 30, 2010, this decrease is due to a decrease in income before income taxes to $195,000 compared to income before income taxes of $246,000 in the same period in 2009. For the six month period, this increase is due to an increase in income before income taxes to $383,000 compared to income before income taxes of $204,000 for the same period in 2009. Based on the Company s current estimated effective income tax rate for 2010, a 76% income tax provision was applied to net income before income taxes and net income attributable to non-controlling interest, compared to a 49% rate applied in 2009 which resulted in an income tax benefit. The Company s effective income tax rate is higher than the expected statutory federal and state income tax rates at a consolidated level, primarily due to higher income at the Company s subsidiary levels in certain states where there are separate state income tax filing requirements.
The Company had net income of $3,000, or $0.00 per diluted share, and $11,000, or $0.00 per diluted share, for the three and six month periods ended June 30, 2010, compared to net income of $26,000, or $0.01 per diluted share, and a net loss of $68,000, or ($0.01) per diluted share, in the same periods in the prior year, respectively. The decrease for the three month period was primarily due to reduced medical services revenue, partially offset by lower costs of revenue and no transaction costs compared to the prior year. The increase for the six month period was primarily due to reduced costs of revenue and no transaction costs compared to the prior year, partially offset by lower medical services revenue, higher selling and administrative costs and increased income tax expense.
The Company had cash and cash equivalents of $527,000 at June 30, 2010 compared to $833,000 at December 31, 2009. The Company s cash position decreased by $306,000 due to payments for the purchase of property and equipment of $249,000, principal payments on long term debt and capital leases of $3,191,000 and distributions to minority owners of $247,000. These decreases were partially offset by net cash from operating activities of $2,781,000 and advances on the Company s line of credit with a bank of $600,000.
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