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American Shared Hospital Services Reports 33% Increase in First Quarter 2001 Core Operating Earnings and Announces Earnings Call (Business Wire)...These results support our belief that Gamma Knife technology is the best radiation therapy treatment for brain cancer.......The Gamma Knife treats certain vascular malformations and brain tumors without invasive surgery....- Apr 18 5:00 AM ET


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Website: http://biz.yahoo.com/bw/010418/0024_2.html

Posted on: 04/18/2001

"Yahoo - American Shared Hospital Services Reports 33% Increase in First Quarter 2001 Core Operating Earnings and Announces Earnings Call"
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Wednesday April 18, 5:00 am Eastern Time

Press Release

American Shared Hospital Services Reports 33% Increase in First Quarter 2001 Core Operating Earnings and Announces Earnings Call

SAN FRANCISCO--(BW HealthWire)--April 18--AMERICAN SHARED HOSPITAL SERVICES (AMEX:AMS - news; PCX:AMS), the world leader in providing Gamma Knife radiosurgery services, Wednesday announced financial results for the three months ended March 31, 2001.

The Company reported unaudited revenues of $2,860,000 for the three months ended March 31, 2001, compared with revenues of $2,098,000 in the same period last year. For the three months ended March 31, 2001, the Company reported unaudited net income of $417,000 or $0.12 per share ($0.08 per share, assuming dilution), compared with net income of $391,000 or $0.10 per share ($0.07 per share, assuming dilution) in the same period last year.

The higher first quarter revenues in 2001 vs. 2000 reflect ten Gamma Knife units in operation this year, as compared with eight units in the same period last year. Revenues in first quarter 2001 compared to the same period in the prior year increased 36% with 17% of the increase contributed by units in operation more than one year.

Ernest A. Bates, M.D., Chairman and CEO of American Shared said, "I am pleased to announce that all measurable indicators are positive showing continued growth. Revenues, number of treatments and core operating earnings increased 36%, 33% and 33% from one year ago. Core operating earnings is net income, excluding $120,000 of mostly one time expense for OR21 and MedLeader.com.

"I am particularly pleased that 17% of our revenue growth was generated by units in operation more than one year. These results support our belief that Gamma Knife technology is the best radiation therapy treatment for brain cancer.

"Our tenth Gamma Knife unit at Sunrise Hospital and Medical Center in Las Vegas, Nevada opened in January 2001. Two additional Gamma Knife units located in Jackson, Mississippi and Peoria, Illinois are schedule to open in second quarter 2001.

"Our cash balance at March 31, 2001 was approximately $12,214,000, compared to $12,421,000 at December 31, 2000. American Shared's cash position would have increased approximately $400,000 in first quarter 2001 had the Company not elected to declare its first annual dividend ($360,000) and continued to repurchase Company stock ($265,000)."

Earnings Conference Call

American Shared Hospital Services will host a conference call Tuesday, April 24, 2001 at 3 pm Eastern time (12 pm Pacific time). During the call, Company management will discuss the financial results announced today.

To participate by phone, call 888-868-9078 ten (10) minutes prior to the scheduled call time. Tell the operator that you wish to participate in the American Shared conference call. You will be placed on hold until the call begins. To listen over the Internet, go to Investor Broadcast Network's Vcall website at www.vcall.com. Go to Vcall's website at least fifteen (15) minutes prior to the scheduled call time to register, download, and install any necessary software.

A replay of the call will be available for 30 days by calling 877-519-4471 (PIN No. 2552578), or by going to Vcall's website.

About the Gamma Knife

The Gamma Knife is a stereotactic radiosurgery device manufactured by Elekta AB of Sweden (Stockholm Stock Exchange:EKTA). The Gamma Knife treats certain vascular malformations and brain tumors without invasive surgery. It uses three dimensional computer modeling to target a high dose of radiation at abnormal tissue. More than 150,000 patients worldwide already have been treated with Gamma Knife units.

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), Internet-based information services, and its program for The Operating Room for the 21st Century(sm). Headquarters are in San Francisco.

Safe Harbor 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 for the year ended December 31, 2000, and its definitive Proxy Statement dated April 12, 2001 for the Annual Meeting of Shareholders to be held on May 17, 2001, which is being mailed on or about April 23, 2001 to shareholders of record on March 31, 2001.

                   AMERICAN SHARED HOSPITAL SERVICES
                        Selected Financial Data
                              (unaudited)
                      Summary of Operations Data

                                         3 months ended March 31

                                             2001             2000
                                             ----             ----
Revenues                                 $ 2,860,000      $ 2,098,000
Costs of operations                        1,019,000          714,000
                                         -----------      -----------
Gross margin                               1,841,000        1,384,000
Selling & administrative                     809,000          548,000
Interest expense                             586,000          501,000
                                         -----------      -----------
                                             446,000          335,000

Interest & other income                      166,000          204,000
Minority interest                        ($  195,000)     ($  148,000)
                                         -----------      -----------
Income before income taxes                   417,000          391,000
Income tax benefit                                 0                0
                                         -----------      -----------
Net income                               $   417,000      $   391,000
                                         ===========      ===========

Earnings per common share:
   Basic                                 $      0.12      $      0.10
                                         ===========      ===========
   Assuming dilution                     $      0.08      $      0.07
                                         ===========      ===========

                   Balance Sheet Data

Cash                                      $12,214,000      $12,698,000
Restricted cash                           $    50,000      $    50,000
Current assets                            $14,888,000      $15,121,000
Total assets                              $40,604,000      $37,018,000

Current liabilities                       $ 5,112,000      $ 3,940,000
Shareholders' equity                      $13,464,000      $13,017,000

Contact:
     American Shared Hospital Services
     Ernest A. Bates, M.D., 415/788-5300
     e.bates@ashs.com
     www.ashs.com

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