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American Shared Hospital Services (AMS-0.31%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $6,999,000 from $5,134,000 in the same quarter the previous year. This increase is attributed to revenue generated by the Rhode Island Companies following their acquisition.
Revenues from the leasing segment decreased to $3,312,000 from $3,946,000, driven by lower Gamma Knife volumes.
Revenues from the retail segment increased to $3,687,000 from $988,000, primarily due to the acquisition of the Rhode Island Companies.
Total costs of revenue increased to $5,629,000 from $3,032,000, reflecting higher operating costs from the newly acquired facilities.
Depreciation and amortization expenses rose to $1,666,000 from $1,228,000 due to equipment upgrades and new acquisitions.
Selling and administrative expenses increased to $1,923,000 from $1,735,000, attributed to higher personnel costs and legal fees.
Interest expense rose to $336,000 from $277,000, due to an increase in borrowings and interest rates.
The company recorded a bargain purchase gain of $3,942,000 from the acquisition of the Rhode Island Companies.
Net loss for the quarter was $207,000, compared to a net income of $118,000 in the previous year. The loss was primarily due to lower Gamma Knife volumes.
Cash and cash equivalents increased to $14,077,000 from $13,808,000 at the beginning of the period, with net cash used in operating activities of $107,000.
Long-term debt, net of issuance costs, was $14,375,000 as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Shared Hospital Services quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.