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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| California | 94-2918118 | |
| (State or other jurisdiction of | (IRS Employer | |
| Incorporation or organization) | Identification No.) |
| Four Embarcadero Center, Suite 3700, San Francisco, California | 94111 | |
| (Address of Principal Executive Offices) | (Zip Code) |
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(unaudited)
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||||||||
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ASSETS
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March 31,
2011 |
December 31, 2010
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||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$ | 1,384,000 | $ | 1,438,000 | ||||
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Restricted cash
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50,000 | 50,000 | ||||||
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Certificate of deposit
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9,000,000 | 9,000,000 | ||||||
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Accounts receivable, net of allowance for
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||||||||
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doubtful accounts of $100,000 in 2011
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||||||||
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and $100,000 in 2010
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4,236,000 | 3,730,000 | ||||||
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Other receivables
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109,000 | 71,000 | ||||||
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Prepaid expenses and other current assets
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412,000 | 473,000 | ||||||
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Current deferred tax assets
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313,000 | 313,000 | ||||||
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Total current assets
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15,504,000 | 15,075,000 | ||||||
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Property and equipment:
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Medical equipment and facilities
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75,355,000 | 74,356,000 | ||||||
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Office equipment
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685,000 | 685,000 | ||||||
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Deposits and construction in progress
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7,851,000 | 8,979,000 | ||||||
| 83,891,000 | 84,020,000 | |||||||
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Accumulated depreciation and
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||||||||
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amortization
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(36,287,000 | ) | (36,660,000 | ) | ||||
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Net property and equipment
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47,604,000 | 47,360,000 | ||||||
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Investment in preferred stock
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2,617,000 | 2,617,000 | ||||||
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Other assets
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507,000 | 288,000 | ||||||
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Total assets
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$ | 66,232,000 | $ | 65,340,000 | ||||
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LIABILITIES AND
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(unaudited)
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|||||||
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SHAREHOLDERS' EQUITY
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March 31,
2011 |
December 31, 2010
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||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 274,000 | $ | 337,000 | ||||
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Employee compensation and benefits
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392,000 | 211,000 | ||||||
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Customer deposits/deferred revenue
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2,304,000 | 382,000 | ||||||
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Accrued marketing costs
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31,000 | 52,000 | ||||||
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Other accrued liabilities
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769,000 | 389,000 | ||||||
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Current portion of long-term debt
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3,542,000 | 3,474,000 | ||||||
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Current portion of obligations under capital leases
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3,026,000 | 2,599,000 | ||||||
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Total current liabilities
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10,338,000 | 7,444,000 | ||||||
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Long-term debt, less current portion
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7,891,000 | 8,803,000 | ||||||
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Long-term capital leases, less current portion
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13,603,000 | 14,367,000 | ||||||
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Advances on line of credit
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7,900,000 | 8,500,000 | ||||||
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Deferred income taxes
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3,182,000 | 3,182,000 | ||||||
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Shareholders' equity:
|
||||||||
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Common stock (4,597,000 shares at March 31, 2011
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||||||||
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and 4,597,000 shares at December 31, 2010)
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8,606,000 | 8,606,000 | ||||||
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Additional paid-in capital
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4,741,000 | 4,703,000 | ||||||
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Retained earnings
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6,283,000 | 6,262,000 | ||||||
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Total equity-American Shared Hospital Services
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19,630,000 | 19,571,000 | ||||||
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Non-controlling interest in subsidiary
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3,688,000 | 3,473,000 | ||||||
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Total shareholders' equity
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23,318,000 | 23,044,000 | ||||||
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Total liabilities and shareholders' equity
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$ | 66,232,000 | $ | 65,340,000 | ||||
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Three Months ended March 31,
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||||||||
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2011
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2010
|
|||||||
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Medical services revenue
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$ | 4,367,000 | $ | 4,088,000 | ||||
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Costs of revenue:
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||||||||
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Maintenance and supplies
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344,000 | 369,000 | ||||||
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Depreciation and amortization
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1,427,000 | 1,484,000 | ||||||
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Other direct operating costs
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672,000 | 536,000 | ||||||
| 2,443,000 | 2,389,000 | |||||||
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Gross Margin
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1,924,000 | 1,699,000 | ||||||
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Selling and administrative expense
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1,122,000 | 1,061,000 | ||||||
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Interest expense
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576,000 | 481,000 | ||||||
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Operating income
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226,000 | 157,000 | ||||||
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Interest and other income
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16,000 | 31,000 | ||||||
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Income before income taxes
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242,000 | 188,000 | ||||||
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Income tax expense
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23,000 | 11,000 | ||||||
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Net income
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219,000 | 177,000 | ||||||
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Less: Net income attributable to non-controlling interest
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(198,000 | ) | (169,000 | ) | ||||
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Net income attributable to American Shared Hospital Services
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$ | 21,000 | $ | 8,000 | ||||
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Net income per share:
|
||||||||
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Earnings per common share - basic
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$ | - | $ | - | ||||
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Earnings per common share - assuming dilution
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$ | - | $ | - | ||||
| PERIODS ENDED DECEMBER 31, 2009 AND 2010 AND MARCH 31, 2011 | ||||||||||||||||||||||||||||
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Additional
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Non-controlling
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|||||||||||||||||||||||||||
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Common
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Common
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Paid-in
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Retained
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Sub-Total
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Interest in
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|||||||||||||||||||||||
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Shares
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Stock
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Capital
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Earnings
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ASHS
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Subsidiary
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Total
|
||||||||||||||||||||||
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Balances at January 1, 2009
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4,712,000 | $ | 8,877,000 | $ | 4,458,000 | $ | 6,393,000 | 19,728,000 | $ | 3,210,000 | 22,938,000 | |||||||||||||||||
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Repurchase of common stock
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(119,000 | ) | (271,000 | ) | - | - | (271,000 | ) | - | (271,000 | ) | |||||||||||||||||
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Stock based compensation expense
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2,000 | - | 135,000 | - | 135,000 | - | 135,000 | |||||||||||||||||||||
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Cash distributions to non-controlling interest
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- | - | - | - | - | (513,000 | ) | (513,000 | ) | |||||||||||||||||||
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Net income (loss)
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- | - | - | (188,000 | ) | (188,000 | ) | 654,000 | 466,000 | |||||||||||||||||||
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Balances at December 31, 2009
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4,595,000 | 8,606,000 | 4,593,000 | 6,205,000 | 19,404,000 | 3,351,000 | 22,755,000 | |||||||||||||||||||||
| + | ||||||||||||||||||||||||||||
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Stock based compensation expense
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2,000 | - | 110,000 | - | 110,000 | - | 110,000 | |||||||||||||||||||||
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Cash distributions to non-controlling interest
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- | - | - | - | - | (627,000 | ) | (627,000 | ) | |||||||||||||||||||
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Net income (loss)
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- | - | - | 57,000 | 57,000 | 749,000 | 806,000 | |||||||||||||||||||||
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Balances at December 31, 2010
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4,597,000 | 8,606,000 | 4,703,000 | 6,262,000 | 19,571,000 | 3,473,000 | 23,044,000 | |||||||||||||||||||||
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Stock based compensation expense
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- | - | 38,000 | - | 38,000 | - | 38,000 | |||||||||||||||||||||
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Cash distributions to non-controlling interest
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- | - | - | - | - | (380,000 | ) | (380,000 | ) | |||||||||||||||||||
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Investment in subsidiary by non-controlling interest
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- | - | - | - | - | 397,000 | 397,000 | |||||||||||||||||||||
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Net income
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- | - | - | 21,000 | 21,000 | 198,000 | 219,000 | |||||||||||||||||||||
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Balances at March 31, 2011 (unaudited)
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4,597,000 | $ | 8,606,000 | $ | 4,741,000 | $ | 6,283,000 | $ | 19,630,000 | $ | 3,688,000 | $ | 23,318,000 | |||||||||||||||
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Three Months ended March 31,
|
||||||||
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2011
|
2010
|
|||||||
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Operating activities:
|
||||||||
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Net income
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$ | 219,000 | $ | 177,000 | ||||
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Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
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Depreciation and amortization
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1,453,000 | 1,516,000 | ||||||
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Stock based compensation expense
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38,000 | 28,000 | ||||||
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Changes in operating assets and liabilities:
|
||||||||
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Receivables
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(544,000 | ) | (196,000 | ) | ||||
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Prepaid expenses and other assets
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(168,000 | ) | (53,000 | ) | ||||
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Customer deposits/deferred revenue
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1,922,000 | - | ||||||
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Accounts payable and accrued liabilities
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477,000 | (236,000 | ) | |||||
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Net cash from operating activities
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3,397,000 | 1,236,000 | ||||||
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|
||||||||
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Investing activities:
|
||||||||
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Payment for purchase of property and equipment
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(1,335,000 | ) | (110,000 | ) | ||||
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Net cash from investing activities
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(1,335,000 | ) | (110,000 | ) | ||||
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Financing activities:
|
||||||||
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Cash distribution to non-controlling interest
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(380,000 | ) | (95,000 | ) | ||||
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Advances on line of credit
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- | 400,000 | ||||||
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Payments on line of credit
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(600,000 | ) | - | |||||
|
Investment in subsidiary by non-controlling interest
|
397,000 | - | ||||||
|
Principal payments on capital leases
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(689,000 | ) | (440,000 | ) | ||||
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Principal payments on long-term debt
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(844,000 | ) | (1,272,000 | ) | ||||
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Net cash from financing activities
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(2,116,000 | ) | (1,407,000 | ) | ||||
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Net change in cash and cash equivalents
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(54,000 | ) | (281,000 | ) | ||||
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Cash and cash equivalents at beginning of period
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1,438,000 | 833,000 | ||||||
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Cash and cash equivalents at end of period
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$ | 1,384,000 | $ | 552,000 | ||||
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Supplemental cash flow disclosure:
|
||||||||
|
Cash paid during the period for:
|
||||||||
|
Interest
|
$ | 622,000 | $ | 572,000 | ||||
|
Income taxes
|
$ | 11,000 | $ | 29,000 | ||||
|
Schedule of non-cash investing and financing activities
|
||||||||
|
Acquisition of equipment with capital lease financing
|
$ | 352,000 | $ | 3,044,000 | ||||
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·
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The installation of Still River’s first proton beam unit is nearing completion, with the final phase of installation expected to be completed in summer 2011. The first two of three installation phases have been completed at the initial site, and Still River has begun work on the final phase. Still River believes that installation of the first system will be completed and a working system in place before the end of 2011. The three phases of installation are:
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o
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Phase 1 consists of rigging and mounting the accelerator gantry, which holds and positions the proton source with sub-millimeter accuracy.
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o
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Phase 2 includes assembling and installing the clinical environment which comprises the 6D robotic couch, the high-accuracy treatment gantry and its applicators, the 2D/3D imaging and positioning systems and the clinical software interfaces.
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o
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Phase 3 consists of the installation of the accelerator module. In connection with the final phase, the accelerator module has recently passed a series of tests, and final fabrication of the second magnet, an integral part of the accelerator module, was completed in November 2010. The module continues to pass more tests as manufacturing progresses.
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·
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In spite of the uncertain economic climate and a limited number of potential investors, with the initial Series D offering Still River was still able to raise the cash required to continue its operations, was able to add two new major investors, and continues to be able to raise additional cash with Series D extensions. Due to the high level of interest in more compact and lower cost proton beam radiation therapy devices, Still River has been able to attract funding from financially significant and highly sophisticated investors, such as Caxton Health and Life Sciences, Venrock Associates and CHL Medical Partners. All of these major investors, as well as Still River management, continue to invest in the Series D extensions.
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·
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Based on ongoing discussions with Still River management and regular review of their financial statements and cash flow projections, the Company believes that Still River will have adequate cash flow to continue development of the system. Still River states that their burn rate of cash is approximately $1.2 million per month, and expects that the additional funding from the current offering will be sufficient to complete the installation of the first system. Still River, as a development stage company manufacturing its first product, continuously analyzes its cash requirements.
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·
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Much of Still River’s unique design is based on existing technology:
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o
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The single room PBRT concept and design, although a departure from the large scale three and four room PBRT systems on the market, is based on the existing principle of generating protons from a cyclotron. Still River, through design innovations and advances in magnet technology, has made the cyclotron more compact such that it can be mounted on the gantry
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o
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A gantry mounted cyclotron, although appearing to be revolutionary, has in fact been done previously. A neutron generating gantry mounted cyclotron has successfully treated patients for over ten years at Detroit Medical Center.
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o
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Still River’s development approach for the Monarch250 has been to integrate as many commercially existing components as possible into the Monarch250. The patient couch, CT imaging and treatment planning software are all commercially available and will be integrated into the Monarch250.
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o
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Still River has hired engineers and staff with many years of accelerator and proton beam experience. Personnel have been hired with prior experience at MIT’s Plasma Fusion Lab, as well as Still River rival, IBA.
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·
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Still River has completed several significant milestones towards its manufacture and installation of its first proton beam unit:
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o
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built the magnet and other cyclotron subsystems for the first three units
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o
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completed the manufacture/assembly of the gantry system
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o
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demonstrated integrated software control of all cyclotron operations on the prototype unit
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o
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completed and passed the cold mass test on the prototype unit.
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o
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completed the beam extraction test phase.
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·
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Preliminary submissions have been made to the FDA, and Still River anticipates that it will file its final 510(k) submission in mid-year 2011. The minimum expected review period is 3 months, and Still River is planning for a 6 month review period. It is not possible to predict the actual review period and outcome, and it is uncertain as to whether the FDA will require an inspection of the unit prior to deeming Still River’s application complete.
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·
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The expected completion of the first unit, and therefore the Company’s first two units, has been delayed due to minor problems during some of the tests that were quickly rectified. However, minor problems such as these are expected in a new technology, and do not affect the Company’s position on the viability of the Still River technology.
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·
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A respected physicist was hired by the Company as a third party consultant to perform a technical review of this project, and continues to make periodic reviews at the request of the Company. His discussions with Still River’s chief technology officer indicated that the delays encountered have at times resulted in modifications being required, but the modifications were not significant, and he still believes that development of the PBRT machine will be completed in Still River’s timeline. The consultant was not engaged to analyze Still River’s financial condition.
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·
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Still River added a new CEO, Joseph Jachinowski, in late 2009 strengthening its management depth, and with the new investors, increased its board strength as well. Independent board members consist of the following: Robert Wilson, Former Vice Chairman of Johnson and Johnson; Peter P. D’Angelo, President, Caxton Associates; Dr. Anders Hove, MD, Partner, Venrock Associates; Dr. Myles D. Greenberg, MD, General Partner, CHL Medical Partners; Dr. Jay Rao, MD, JD, Portfolio Manager, Green Arrow Capital Management; and Mr. Paul Volcker, Former Chairman, United States Federal Reserve.
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·
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Still River currently has 15 sites agreeing to install the Monarch250 system.
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10.60
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Lease Agreement for a Gamma Knife Unit dated as of May 1, 2010 between GK Financing, LLC and Fort Sanders Regional Medical Center. (Confidential material appearing in this document has been omitted and filed separately with the Securities and Exchange Commission in accordance with Rule 24b-2, promulgated under the Securities and Exchange Act of 1934, as amended. Omitted information has been replaced with asterisks.)
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31.1
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Date: May 16, 2011
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/s/ Ernest A. Bates, M.D.
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Ernest A. Bates, M.D.
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Chairman of the Board and Chief Executive Officer
|
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Date: May 16, 2011
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/s/ Craig K. Tagawa
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Craig K. Tagawa
|
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Senior Vice President
|
|||
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Chief Operating and Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|