American Shared Hospital Services(US:AMS)2022-05-11 16:00Revenue Performance - Revenues for the three-month period ended March 31, 2022, increased by $483,000 to $4,847,000 compared to $4,364,000 for the same period in the prior year[66] - Revenues from the PBRT system increased by $508,000 to $2,039,000 for the three-month period ended March 31, 2022, driven by an increase in procedure volumes[66] - Gamma Knife revenues decreased by $84,000 to $2,808,000 for the three-month period ended March 31, 2022, due to a decrease in procedures[67] Procedure Volumes - The number of PBRT fractions increased by 397 to 1,628 for the three-month period ended March 31, 2022, compared to 1,231 for the same period in the prior year[66] - The number of Gamma Knife procedures decreased by 26 to 329 for the three-month period ended March 31, 2022, compared to 355 for the same period in the prior year[68] Cost and Income - Total costs of revenue decreased by $150,000 to $2,780,000 for the three-month period ended March 31, 2022, compared to $2,930,000 for the same period in the prior year[68] - Net income increased by $240,000 to $269,000, or $0.04 per diluted share for the three-month period ended March 31, 2022, due to increased revenues and decreased operating costs[74] Cash and Working Capital - The Company had cash, cash equivalents, and restricted cash of $8,401,000 at March 31, 2022, compared to $8,263,000 at December 31, 2021[76] - As of March 31, 2022, the Company had working capital of $10,421,000, an increase of $1,225,000 from $9,196,000 at December 31, 2021, primarily due to a decrease in accounts payable and current liabilities[77] Debt and Financing - The Company has scheduled interest and principal payments under its debt obligations of approximately $2,010,000 during the next 12 months[76] - The Company has secured a five-year $22,000,000 credit agreement with Fifth Third Bank, which refinanced its existing domestic Gamma Knife portfolio and includes a $7,000,000 revolving line of credit that has not been drawn on as of March 31, 2022[78] Commitments and Projects - Total commitments for the purchase of two MEVION S250i PBRT systems amount to $34,000,000, with delivery required no later than 2023[81] - As of March 31, 2022, the Company had commitments totaling $10,760,000 for the installation of four Leksell Gamma Knife Icon Systems and two Linear Accelerator systems, scheduled between 2022 and 2023[82] - The Company has commitments to service and maintain its Gamma Knife and PBRT equipment, totaling $9,356,000 as of March 31, 2022[84] - The Company is actively seeking sites for the second and third PBRT units but has not yet entered into agreements for placement or financing[81] - The Company expects to upgrade the Gamma Knife unit in Ecuador in the latter part of 2022, financed by DFC[82] Related Party Transactions - Related party transactions with Elekta for equipment purchases and maintenance costs were $1,232,000 and $269,000 for the three-month period ended March 31, 2022[86] Cash Flow and Obligations - The Company has cash on hand of $8,401,000 and a line of credit of $7,000,000 to fund its projects, with no significant cash requirements pending financing for the next 12 months[82] - The Company believes that cash flow from operations will be sufficient to cover service commitments and other obligations[84]