American Shared Hospital Services(US:AMS)2021-05-12 16:00Revenue Performance - The Company recognized revenues of approximately $4,364,000 for the three-month period ended March 31, 2021, a decrease of $204,000 compared to $4,568,000 for the same period in the prior year[64]. - Revenues from the PBRT system decreased by $145,000 to $1,531,000 for the three-month period ended March 31, 2021, primarily due to lower fractions resulting from the COVID-19 pandemic[65]. - Gamma Knife revenues remained stable at $2,892,000 for the three-month periods ended March 31, 2021 and 2020, despite a decrease in procedures offset by an increase in average reimbursement[66]. - The COVID-19 pandemic has significantly impacted business activity, leading to delays in Gamma Knife procedures and PBRT treatments, affecting overall revenue generation[63]. Procedure Statistics - The number of PBRT fractions decreased by 445 to 1,231 for the three-month period ended March 31, 2021 compared to 1,676 for the same period in the prior year[65]. - The number of Gamma Knife procedures decreased by 21 to 355 for the three-month period ended March 31, 2021 compared to 376 for the same period in the prior year[66]. Cost and Income Analysis - Total costs of revenue decreased by $244,000 to $2,930,000 for the three-month period ended March 31, 2021 compared to $3,174,000 for the same period in the prior year[67]. - Depreciation and amortization decreased by $449,000 to $1,198,000 for the three-month period ended March 31, 2021 compared to $1,647,000 for the same period in the prior year[68]. - Net income increased by $164,000 to $29,000, or $0.00 per diluted share for the three-month period ended March 31, 2021 compared to a net loss of $135,000, or $0.02 per diluted share for the same period in the prior year[71]. Financial Position - As of March 31, 2021, the Company had cash, cash equivalents, and restricted cash of $5,013,000, an increase of $688,000 from $4,325,000 at December 31, 2020, primarily due to cash from operating activities of $2,783,000[73]. - As of March 31, 2021, the Company had shareholders' equity of $23,844,000, working capital of $4,163,000, and total assets of $44,047,000[74]. Debt and Commitments - The Company has scheduled interest and principal payments under its debt obligations of approximately $1,209,000 during the next 12 months[73]. - The Company has commitments to purchase two MEVION S250i PBRT systems for $34,000,000, with delivery required no later than 2023[76]. - Total Gamma Knife and LINAC commitments as of March 31, 2021 were $10,860,000, with upgrades expected to occur between 2022 and 2023[77]. - The Company has a commitment from DFC to finance the upgrade of the Gamma Knife unit in Ecuador, expected in Q3 2021[77]. - Total service commitments as of March 31, 2021 were $10,272,000, with cash flow from operations expected to cover these payments[79]. Financial Instruments - The Company does not hold or issue derivative instruments for trading purposes and has no exposure to off-balance sheet financial transactions[81].