American Shared posts income gain

American Shared Hospital Services shrugged off modest revenue growth to report a substantial improvement in both fourth-quarter and year-end net income. For the year, the San Francisco-based company had revenues of $37.2 million, up 0.5% compared with the $37 million reported in 1996. Net income, however, was $1.5 million, compared with a loss of $353,000 in 1996.

In its fourth quarter (end-December), American Shared had revenues of $9.5 million, an increase of 2.2% compared with the $9.3 million reported in the same period last year. Net income was $505,000 for the quarter, compared with $59,000 in the fourth quarter in the fourth quarter in 1996.The company, which announced the sale of its imaging business to Alliance Imaging on March 12 (SCAN 3/18/98), will use the $13.5 million in cash it receives from that transaction to fund continued growth of its gamma-knife business.