American Shared Hospital Services (AMS, Financial) filed Quarterly Report for the period ended 2011-09-30.
American Shared Hospital Services has a market cap of $11.35 million; its shares were traded at around $2.46 with a P/E ratio of 246 and P/S ratio of 0.68. American Shared Hospital Services had an annual average earning growth of 8.1% over the past 5 years.
Total costs of revenue increased by $4,254,000 and $4,273,000 to $6,689,000 and $11,502,000 for the three and nine month periods ending September 30, 2011 from $2,435,000 and $7,229,000 for the three and nine month periods ended September 30, 2010. Cost of revenue for the three and nine month periods ended September 30, 2011 includes cost of equipment sales of $4,140,000, which is specific to equipment sales revenue recorded in the third quarter 2011. There was no cost of equipment sales for the same periods in the prior year. Maintenance and supplies decreased by $80,000 and $214,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. For both the three and nine month periods this was primarily due to no maintenance costs for two new Perfexion units that were covered under warranty, lower maintenance contract costs for several other sites, and lower costs for maintenance and repairs not covered under maintenance contracts. One Perfexion unit came off warranty in third quarter 2011 and is now covered under a maintenance contract. Depreciation and amortization increased by $79,000 and decreased by $52,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. The increase for the third quarter was primarily due to depreciation on two new Perfexion units and one new Gamma Knife unit that began operation in 2011. The decrease for the nine month period was primarily because depreciation was stopped in 2010 on three sites where the remaining value of the equipment had reached its salvage value. This was partially offset by increased depreciation expense on two new Perfexion units that were installed in 2010 and two new Perfexion units and one new Gamma Knife unit installed in 2011. Other direct operating costs increased by $115,000 and $399,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. For both the three and nine month periods, the increase is primarily due to higher operating costs in connection with the Company s retail sites and higher property taxes.
Net income attributable to non-controlling interest increased by $116,000 and $224,000 to $314,000 and $762,000 for the three and nine month periods ended September 30, 2011 from $198,000 and $538,000 for the three and nine month periods ended September 30, 2010. Non-controlling interest represents third party ownership interest in GK Financing, and third party ownership interests in two subsidiaries of GK Financing that started operation in 2011. The variance is a result of increased profitability of GK Financing and the start of operations from the two GKF subsidiaries.
The Company had net income of $220,000, or $0.05 per diluted share, and $262,000, or $0.06 per diluted share, for the three and nine month periods ended September 30, 2011, compared to net income of $6,000, or $0.00 per diluted share, and $17,000, or $0.00 per diluted share, in the same periods in the prior year, respectively. The increase in net income for both the three and nine month periods was primarily due to revenue from equipment sales of $4,984,000 less cost of equipment sales of $4,140,000, and the related effect of this transaction on net income attributable to non-controlling interest and income tax expense.
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American Shared Hospital Services has a market cap of $11.35 million; its shares were traded at around $2.46 with a P/E ratio of 246 and P/S ratio of 0.68. American Shared Hospital Services had an annual average earning growth of 8.1% over the past 5 years.
Highlight of Business Operations:
Medical services revenue decreased by $116,000 and increased by $214,000 to $4,164,000 and $12,737,000 for the three and nine month periods ended September 30, 2011 from $4,280,000 and $12,523,000 for the three and nine month periods ended September 30, 2010, respectively. The decrease for the three month period is primarily due to lower revenue at three sites compared to the same period in the prior year, partially offset by higher revenue at another site, and the new site in Turkey that began operation in June 2011. The increase for the nine month period is primarily due to an increase in Gamma Knife volume at several sites compared to the same periods in the prior year, particularly at sites where the Company has replaced Gamma Knife units with Perfexion units, and the addition of the new Gamma Knife unit in Turkey. The increases at these sites were partially offset by lower revenue generated at three other sites where volume was lower than in the same period in the prior year.Total costs of revenue increased by $4,254,000 and $4,273,000 to $6,689,000 and $11,502,000 for the three and nine month periods ending September 30, 2011 from $2,435,000 and $7,229,000 for the three and nine month periods ended September 30, 2010. Cost of revenue for the three and nine month periods ended September 30, 2011 includes cost of equipment sales of $4,140,000, which is specific to equipment sales revenue recorded in the third quarter 2011. There was no cost of equipment sales for the same periods in the prior year. Maintenance and supplies decreased by $80,000 and $214,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. For both the three and nine month periods this was primarily due to no maintenance costs for two new Perfexion units that were covered under warranty, lower maintenance contract costs for several other sites, and lower costs for maintenance and repairs not covered under maintenance contracts. One Perfexion unit came off warranty in third quarter 2011 and is now covered under a maintenance contract. Depreciation and amortization increased by $79,000 and decreased by $52,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. The increase for the third quarter was primarily due to depreciation on two new Perfexion units and one new Gamma Knife unit that began operation in 2011. The decrease for the nine month period was primarily because depreciation was stopped in 2010 on three sites where the remaining value of the equipment had reached its salvage value. This was partially offset by increased depreciation expense on two new Perfexion units that were installed in 2010 and two new Perfexion units and one new Gamma Knife unit installed in 2011. Other direct operating costs increased by $115,000 and $399,000 for the three and nine month periods ended September 30, 2011 compared to the same periods in the prior year. For both the three and nine month periods, the increase is primarily due to higher operating costs in connection with the Company s retail sites and higher property taxes.
Net income attributable to non-controlling interest increased by $116,000 and $224,000 to $314,000 and $762,000 for the three and nine month periods ended September 30, 2011 from $198,000 and $538,000 for the three and nine month periods ended September 30, 2010. Non-controlling interest represents third party ownership interest in GK Financing, and third party ownership interests in two subsidiaries of GK Financing that started operation in 2011. The variance is a result of increased profitability of GK Financing and the start of operations from the two GKF subsidiaries.
The Company had net income of $220,000, or $0.05 per diluted share, and $262,000, or $0.06 per diluted share, for the three and nine month periods ended September 30, 2011, compared to net income of $6,000, or $0.00 per diluted share, and $17,000, or $0.00 per diluted share, in the same periods in the prior year, respectively. The increase in net income for both the three and nine month periods was primarily due to revenue from equipment sales of $4,984,000 less cost of equipment sales of $4,140,000, and the related effect of this transaction on net income attributable to non-controlling interest and income tax expense.
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