e10vq
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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þ |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 |
For the quarterly period ended March 31, 2007
or
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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 |
For the transition period from to .
Commission file number 1-08789
American Shared Hospital Services
(Exact name of registrant as specified in its charter)
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California
(State or other jurisdiction of
Incorporation or organization)
Four Embarcadero Center, Suite 3700, San Francisco, California
(Address of Principal Executive Offices)
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94-2918118
(IRS Employer
Identification No.)
94111
(Zip Code) |
Registrants telephone number, including area code: (415) 788-5300
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o Accelerated filer o Non-accelerated filer þ
As of May 4, 2007, there are outstanding 5,023,418 shares of the Registrants common stock.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN SHARED HOSPITAL SERVICES
CONDENSED CONSOLIDATED BALANCE SHEETS
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(unaudited) |
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(audited) |
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March 31, 2007 |
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Dec. 31, 2006 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,221,000 |
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$ |
3,952,000 |
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Restricted cash |
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50,000 |
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50,000 |
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Securities |
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1,900,000 |
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1,574,000 |
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Accounts receivable, net of
allowance for
doubtful accounts of $170,000
in 2007
and $170,000 in 2006 |
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4,232,000 |
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4,248,000 |
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Other receivables |
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168,000 |
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102,000 |
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Prepaid expenses and other assets |
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554,000 |
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598,000 |
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Current deferred tax assets |
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601,000 |
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601,000 |
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Total current assets |
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10,726,000 |
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11,125,000 |
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Property and equipment: |
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Medical equipment and facilities |
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62,742,000 |
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61,828,000 |
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Office equipment |
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578,000 |
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515,000 |
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Deposits and construction in progress |
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3,369,000 |
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3,137,000 |
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66,689,000 |
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65,480,000 |
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Accumulated depreciation and
amortization |
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(32,792,000 |
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(31,314,000 |
) |
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Net property and equipment |
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33,897,000 |
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34,166,000 |
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Securities |
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3,795,000 |
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3,380,000 |
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Investment in preferred stock |
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2,000,000 |
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2,000,000 |
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Other assets |
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233,000 |
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234,000 |
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Total assets |
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$ |
50,651,000 |
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$ |
50,905,000 |
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LIABILITIES AND
SHAREHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
357,000 |
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$ |
340,000 |
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Employee compensation and benefits |
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79,000 |
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116,000 |
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Accrued dividends |
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239,000 |
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239,000 |
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Other accrued liabilities |
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1,050,000 |
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1,095,000 |
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Current portion of long-term debt |
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5,879,000 |
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4,867,000 |
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Current portion of obligations under capital
leases |
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1,029,000 |
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1,009,000 |
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Line of credit advances |
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3,200,000 |
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4,000,000 |
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Total current liabilities |
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11,833,000 |
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11,666,000 |
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Long-term debt, less current portion |
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11,282,000 |
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11,378,000 |
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Long term capital leases, less current portion |
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3,546,000 |
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3,811,000 |
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Deferred income taxes |
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1,996,000 |
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1,996,000 |
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Minority interest |
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2,984,000 |
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3,045,000 |
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Shareholders equity: |
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Common stock, without par value: |
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authorized
shares 10,000,000; issued
and outstanding shares, 5,023,000 in 2007
and 5,023,000 in 2006 |
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9,317,000 |
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9,317,000 |
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Additional paid-in capital |
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4,264,000 |
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4,251,000 |
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Retained earnings |
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5,429,000 |
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5,441,000 |
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Total shareholders equity |
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19,010,000 |
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19,009,000 |
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Total liabilities and shareholders equity |
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$ |
50,651,000 |
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$ |
50,905,000 |
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See accompanying notes
2
AMERICAN SHARED HOSPITAL SERVICES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three Months ended March 31, |
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2007 |
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2006 |
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Medical services revenue |
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$ |
4,749,000 |
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$ |
5,045,000 |
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Costs of revenue: |
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Maintenance and supplies |
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346,000 |
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336,000 |
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Depreciation and amortization |
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1,453,000 |
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1,462,000 |
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Other direct operating costs |
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720,000 |
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824,000 |
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2,519,000 |
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2,622,000 |
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Gross Margin |
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2,230,000 |
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2,423,000 |
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Selling and administrative expense |
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1,161,000 |
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914,000 |
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Interest expense |
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467,000 |
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563,000 |
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Operating income |
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602,000 |
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946,000 |
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Interest and other income |
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118,000 |
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90,000 |
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Minority interest expense |
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(300,000 |
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(316,000 |
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Income before income taxes |
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420,000 |
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720,000 |
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Income tax expense |
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195,000 |
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284,000 |
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Net income |
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$ |
225,000 |
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$ |
436,000 |
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Net income per share: |
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Earnings per common share basic |
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$ |
0.04 |
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$ |
0.09 |
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Earnings per common share assuming dilution |
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$ |
0.04 |
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$ |
0.09 |
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See accompanying notes
3
AMERICAN SHARED HOSPITAL SERVICES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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Three Months ended March 31, |
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2007 |
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2006 |
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Operating
activities: |
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Net income |
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$ |
225,000 |
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$ |
436,000 |
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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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1,484,000 |
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1,492,000 |
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Deferred income tax |
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(6,000 |
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283,000 |
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Minority interest in consolidated subsidiaries |
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300,000 |
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316,000 |
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Stock based compensation expense |
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15,000 |
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8,000 |
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Changes in operating assets and liabilities: |
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Receivables |
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(50,000 |
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(284,000 |
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Prepaid expenses and other assets |
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39,000 |
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8,000 |
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Accounts payable and accrued liabilities |
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(59,000 |
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(26,000 |
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Net cash from operating activities |
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1,948,000 |
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2,233,000 |
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Investing activities: |
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Payment for purchase of property and equipment |
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(1,209,000 |
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(1,830,000 |
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Proceeds from sales and maturities of marketable securities |
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753,000 |
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577,000 |
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Investment in marketable securities |
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(1,494,000 |
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(507,000 |
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Net cash from investing activities |
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(1,950,000 |
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(1,760,000 |
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Financing activities: |
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Payment of dividends |
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(239,000 |
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(238,000 |
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Distribution to minority owners |
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(361,000 |
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(247,000 |
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Long term debt financing on purchase of property and
equipment |
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2,110,000 |
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Capital lease financing on purchase of property and equipment |
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1,540,000 |
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Payments on line of credit |
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(800,000 |
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Principal payments on capital leases |
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(245,000 |
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(211,000 |
) |
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Principal payments on long-term debt |
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(1,194,000 |
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(1,449,000 |
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Net cash from financing activities |
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(729,000 |
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(605,000 |
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Net change in cash and cash equivalents |
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(731,000 |
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(132,000 |
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Cash and cash equivalents at beginning of period |
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3,952,000 |
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1,298,000 |
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Cash and cash equivalents at end of period |
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$ |
3,221,000 |
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$ |
1,166,000 |
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Supplemental cash flow disclosure: |
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Cash paid during the period for: |
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Interest |
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$ |
503,000 |
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$ |
563,000 |
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Income taxes |
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$ |
210,000 |
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$ |
127,000 |
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Schedule of non-cash investing and financing activities |
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Accrued dividends |
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$ |
239,000 |
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$ |
238,000 |
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See accompanying notes
4
AMERICAN SHARED HOSPITAL SERVICES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
In the opinion of management, the accompanying unaudited condensed consolidated financial
statements contain all adjustments (consisting of only normal recurring accruals) necessary to
present fairly American Shared Hospital Services consolidated financial position as of March 31,
2007 and the results of its operations for the three month periods ended March 31, 2007 and 2006,
which results are not necessarily indicative of results on an annualized basis. Consolidated
balance sheet amounts as of December 31, 2006 have been derived from audited financial statements.
These unaudited consolidated financial statements should be read in conjunction with the
audited financial statements for the year ended December 31, 2006 included in the Companys 10-K
filed with the Securities and Exchange Commission.
These financial statements include the accounts of American Shared Hospital Services (the
Company) and its wholly-owned subsidiaries: OR21, Inc. (OR21); MedLeader.com, Inc.
(MedLeader); American Shared Radiosurgery Services (ASRS); and ASRS majority-owned subsidiary,
GK Financing, LLC (GK Financing).
The Company through its majority-owned subsidiary, GK Financing, provided Gamma Knife units to
twenty-one medical centers as of March 31, 2007 in Arkansas, California, Connecticut, Florida,
Illinois, Maryland, Massachusetts, Mississippi, Nevada, New Jersey, New Mexico, New York,
Tennessee, Oklahoma, Ohio, Pennsylvania, Texas and Wisconsin.
All significant intercompany accounts and transactions have been eliminated in consolidation.
Note 2. Per Share Amounts
Per share information has been computed based on the weighted average number of common shares
and dilutive common share equivalents outstanding. For the three months ended March 31, 2007 basic
earnings per share was computed using 5,023,000 common shares and diluted earnings per share was
computed using 5,049,000 common shares and equivalents. For the three months ended March 31,
2006 basic earnings per share was computed using 5,019,000 common shares and diluted earnings per
share was computed using 5,048,000 common shares and equivalents.
Note 3. Stock-based Compensation
On June 28, 2006, the Companys shareholders approved the 2006 Stock Incentive Plan (the 2006
Plan) under which 750,000 shares of the Companys common stock are reserved for issuance of shares
to officers of the Company, other key employees, non-employee directors, and
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advisors. The 2006 Plan serves as successor to the Companys previous two stock-based employee
compensation plans, the 1995 and 2001 Stock Option Plans. The share reserve under those two plans,
including the shares of common stock subject to currently outstanding options under the plans, were
transferred to the 2006 Plan, and no further grants or share issuances will be made under the 1995
Plan or 2001 Plans. Under the 2006 Plan, there are 2,000 restricted stock units granted,
consisting of annual automatic grants to non-employee directors, and approximately 199,000 options
granted, of which approximately 93,000 options are vested, as of March 31, 2007.
Through 2005, the Company accounted for these plans using the intrinsic value method
prescribed by APB Opinion No. 25, Accounting for Stock Issued to employees, and related
Interpretations. No stock-based employee compensation cost was reflected in net income as all
options granted under those plans had an exercise price greater than or equal to the market value
of the underlying common stock on the date of grant.
Beginning in 2006, in accordance with FASB Statement No. 123R, Accounting for Stock-Based
Compensation, the Company began expensing the fair value of its stock options issued, using the
modified prospective format. The Companys stock-based awards to employees are calculated using
the Black-Scholes valuation model. The Companys stock-based awards have characteristics
significantly different from those of traded options, and changes in the subjective input
assumptions can materially affect the present value estimates. The estimated fair value of the
Companys options is amortized over the period during which an employee is required to provide
service in exchange for the award, usually the vesting period. Accordingly, stock-based
compensation expense before income tax effect in the amount of approximately $15,000 is reflected
in first quarter 2007 net income, compared to approximately $8,000 in first quarter 2006.
Note 4. Accounting for Uncertainty in Income Taxes
Effective January 1, 2007, the Company adopted Financial Accounting Standards Interpretation,
or FIN, No. 48, Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement
No. 109 (FIN 48). FIN 48 prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement of uncertain tax positions taken or expected to be
taken in a companys income tax return, and also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods, disclosure, and transition.
The cumulative effect of adopting FIN 48 is recognized as a change in accounting principle,
and any adjustment required as the result of adoption would be recorded as an adjustment to the
opening balance of retained earnings on January 1, 2007. As a result of the implementation of FIN
48, the Company recognized no change in the liability for unrecognized tax benefits related to tax
positions taken in prior periods, and no corresponding change in retained earnings.
Additionally, FIN 48 specifies that tax positions for which the timing of the ultimate
resolution is uncertain should be recognized as long-term liabilities. The Company made no
reclassifications between current taxes payable and long term taxes payable upon adoption of
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FIN 48. Also, the Company had no amounts of unrecognized tax benefits that, if recognized,
would affect its effective income tax rate for January 1, 2007 and March 31, 2007.
The Companys policy for deducting interest and penalties is to treat interest as interest
expense and penalties as taxes. As of March 31, 2007 the Company had no amount accrued for the
payment of interest and penalties related to unrecognized tax benefits and no amounts as of the
adoption date of FIN 48.
The tax return years 2002 through 2006 remain open to examination by the major domestic taxing
jurisdictions to which the Company is subject. Net operating losses generated on a tax return
basis by the Company in 1995 through 1997 and 1999 through 2004 remain open to examination by the
major domestic taxing jurisdictions.
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
This quarterly report to the Securities and Exchange Commission may be deemed to contain
certain forward-looking statements with respect to the financial condition, results of operations
and future plans of American Shared Hospital Services, which involve risks and uncertainties
including, but not limited to, the risks of the Gamma Knife business, the risks of developing the
Companys IMRT and The Operating Room for the 21st Century® programs, and the risks of
investing in a development-stage company, Still River Systems, Inc. (Still River), without a
proven product. Further information on potential factors that could affect the financial
condition, results of operations and future plans of American Shared Hospital Services is included
in the filings of the Company with the Securities and Exchange Commission, including the Companys
Annual Report on Form 10-K for the year ended December 31, 2006 and the definitive Proxy Statement
for the Annual Meeting of Shareholders to be held on June 14, 2007.
Medical services revenue decreased $296,000 to $4,749,000 for the three month period ended
March 31, 2007 from $5,045,000 for the three month period ended March 31, 2006. The decrease is
partially due to one site that was out of service for approximately 5 weeks due to a cobalt reload,
staffing issues at another site, and generally lower revenue generated by some of the Companys
other sites in first quarter 2007 compared to first quarter 2006.
The Company had twenty-one Gamma Knife units in operation at both March 31, 2007 and March 31,
2006. Currently sixteen of the Companys customers are under fee-per-use contracts, and five
customers are under retail arrangements. Retail arrangements are further classified as either
turn-key or net revenue sharing. Revenue from fee per use contracts is recorded on a gross basis
as determined by each hospitals contracted rate. Under turn-key arrangements, the Company
receives payment from the hospital in the amount of its reimbursement from third party payors, and
is responsible for paying all the operating costs of the Gamma Knife. Revenue is recorded on a
gross basis and estimated based on historical experience and hospital contracts with third party
payors. For net revenue sharing arrangements the Company receives a contracted percentage of the
reimbursement received by the hospital less the operating expenses of the Gamma Knife. Revenue is
recorded on a net basis and estimated based on historical experience.
7
The Company has a contract to provide IGRT and related equipment services to an existing Gamma
Knife customer under a revenue sharing agreement, which is expected to begin operation in late
2007. One of the Companys existing Gamma Knife contracts is scheduled to terminate in fall 2007
at the end of its term, and another contract is scheduled to terminate in early 2008 at the end of
its term.
The number of Gamma Knife procedures decreased by 62 to 607 in first quarter 2007 from 669 in
the same quarter in the prior year. This decrease was partially due to a cobalt reload at one of
the Companys sites, which caused it to be out of service for approximately five weeks, staffing
issues at another site, and generally lower volume at some of the Companys other sites.
Total costs of revenue decreased $103,000 to $2,519,000 for the three month period ended March
31, 2007 from $2,622,000 for the three month period ended March 31, 2006. Maintenance and supplies
increased by $10,000 for the three month period ended March 31, 2007 compared to the same period in
the prior year, due to an increase in Gamma Knife contract maintenance costs, partially offset by
lower costs for repairs not covered under maintenance contracts. Depreciation and amortization
decreased by $9,000 for the three month period ended March 31, 2006 compared to the same period in
the prior year primarily because depreciation was stopped for one month for a cobalt reload at one
of the Gamma Knife sites. Other direct operating costs decreased $104,000 for the three month
period ended March 31, 2007 compared to the same period in the prior year primarily due to lower
site specific marketing related costs.
Selling and administrative costs increased by $247,000 to $1,161,000 for the three month
period ended March 31, 2007 from $914,000 for the three month period ended March 31, 2006. This
increase was primarily due to increased payroll related costs, consulting services and other
business development costs, primarily related to the proton beam business.
Interest expense decreased by $96,000 to $467,000 for the three month period ended March 31,
2007 from $563,000 for the three month period ended March 31, 2006 primarily due to the completion
of debt service for three term loans during 2006 and lower interest expense on the debt relating to
the more mature Gamma Knife units. The mature units have lower interest expense because interest
expense decreases as the outstanding principal balance of each loan is reduced. The reduction in
interest on these term loans was partially offset by increased interest expense from borrowing
under the Companys line of credit with a bank.
Interest and other income increased by $28,000 to $118,000 for the three month period ended
March 31, 2007 from $90,000 for the three month period ended March 31, 2006 due to increased
interest income as a result of higher interest rates on invested cash balances.
Minority interest decreased by $16,000 to $300,000 for the three month period ended March 31,
2007 from $316,000 for the three month period ended March 31, 2006 due to decreased profitability
of GK Financing. Minority interest represents the 19% interest of GK Financing owned by a third
party.
8
Income tax expense decreased by $89,000 to $195,000 in the first quarter 2007 compared to
$284,000 in the first quarter 2006. The Company recorded a 46% income tax provision in first
quarter 2007 compared to a 39% income tax provision in first quarter 2006, primarily due to
increased income at the subsidiary level in certain states where there are separate state income
tax filing requirements. However, income tax expense is lower because income before income taxes
is $300,000 less than in first quarter 2006.
The Company had net income of $225,000 ($0.04 per diluted share) for the three month period
ended March 31, 2007 compared to net income of $436,000 ($0.09 per diluted share) in the same
period in the prior year. The decrease was primarily due to lower revenue from Gamma Knife units
and increased selling and administrative costs.
Liquidity and Capital Resources
The Company had cash and cash equivalents of $3,221,000 at March 31, 2007 compared to
$3,952,000 at December 31, 2006. The Companys cash position decreased by $731,000 primarily due
to net investment in securities of $741,000, purchase of property and equipment of $1,209,000,
principal payments on long-term debt and capital leases of $1,439,000, payment on the Companys
line of credit with a bank of $800,000, payments to the minority partner of $361,000 and payment of
dividends of $239,000. This was partially offset by net cash from operating activities of
$1,948,000 and long-term debt financing on the purchase of equipment of $2,110,000.
During first quarter 2007, the Company paid quarterly dividends of $239,000, or $0.0475 per
share, that had been declared in fourth quarter 2006. On March 14, 2007 the Companys Board of
Directors declared a quarterly dividend of $0.0475 per share to shareholders of record on April 2,
2007, which resulted in a reduction in retained earnings of $239,000 in first quarter 2007. The
dividends were paid to shareholders on April 16, 2007.
The Company as of March 31, 2007 had shareholders equity of $19,010,000, negative working
capital of $1,107,000 and total assets of $50,651,000.
The Company has scheduled interest and principal payments under its debt obligations of
approximately $5,732,000 and scheduled capital lease payments of approximately $1,355,000 during
the next 12 months. The Company believes that its cash flow from operations and cash resources are
adequate to meet its scheduled debt and capital lease obligations during the next 12 months.
The Company has a $6,000,000 line of credit, renewable annually, available as needed for
equipment purchases and working capital. Amounts drawn against the line of credit are secured by
the Companys cash invested with the bank. At March 31, 2007 there was $3,200,000 drawn against
the line of credit.
The Company invests its cash primarily in money market or similar funds and high quality short
to long-term fixed income securities in order to maximize current income while minimizing the
potential for principal erosion. A portion of these investments are classified as
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securities on the balance sheet and are considered held-to-maturity investments because it is
the companys ability and intent to hold these securities until maturity. Securities with maturity
dates between three and twelve months in the amount of $1,900,000 are classified as current assets.
Securities in the amount of $3,795,000 have maturities in excess of one year and are classified as
long-term.
The Companys $2,000,000 convertible preferred stock investment in Still River Systems, Inc.
(Still River) is considered a long-term investment on the balance sheet and is recorded at cost.
The Company has also made deposits of $1,000,000 per machine towards the purchase of two Still
River Clinatron 250 systems, which are classified under Deposits and construction in progress. The
Company used its line of credit to fund the investment and initial deposit. During first quarter
2007 interim financing was obtained from a lender for the total amount of the deposits paid to
date. The Company has a commitment to pay additional deposits of $2,000,000 per machine until FDA
approval, is received, the remaining balance towards the purchase of the equipment is committed.
It is anticipated that similar interim financing will be available on the future deposits.
The Company also made deposits totaling $930,000 in fourth quarter 2006 and $310,000 in first
quarter 2007 towards the purchase of four Gamma Knife Perfexion units. Financing has been
obtained on two of the units where the Company has obtained placement commitments from customers.
A lender has provided a commitment to provide funding on the remaining two units, once customer
contracts to place the units have been obtained.
Including the commitments for the two Clinatron 250 systems and the 4 Perfexion units, the
Company has total remaining commitments to purchase equipment in the amount of approximately
$35,000,000. The Company believes it has the ability, and it is its intent, to finance these
purchase commitments as needed.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company does not hold or issue derivative instruments for trading purposes and is not a
party to any instruments with leverage or prepayment features. The Company does not have
affiliation with partnerships, trust or other entities whose purpose is to facilitate off-balance
sheet financial transactions or similar arrangements, and therefore has no exposure to the
financing, liquidity, market or credit risks associated with such entities. At March 31, 2007 the
Company had no significant long-term, market-sensitive investments.
Item 4. Controls and Procedures
(a) Evaluation of disclosure controls and procedures. Our Chief Executive Officer and
our Chief Financial Officer, after evaluating the effectiveness of the Companys disclosure
controls and procedures (as defined in the Securities Exchange Act of 1934 (Exchange Act)
Exchange Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this quarterly
report, have concluded that our disclosure controls and procedures are effective based on their
10
evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules
13a-15 or 15d-15.
(b) Changes in internal control over financial reporting. There were no changes in
our internal control over financial reporting identified in connection with the evaluation required
by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our last fiscal
quarter that has materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.
PART II OTHER INFORMATION
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Item 1.
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Legal Proceedings. |
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None. |
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Item 1A.
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Risk Factors |
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There are no changes from those listed in the Companys Annual Report on Form 10-K
for the year ended December 31, 2006. |
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds. |
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None. |
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Item 3.
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Defaults Upon Senior Securities. |
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None. |
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Item 4.
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Submission of Matters to a Vote of Securities Holders. |
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None. |
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Item 5.
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Other Information. |
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None. |
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Item 6.
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Exhibits and Reports on Form 8-K. |
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(a) |
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Exhibits |
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The following exhibits are filed herewith: |
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Exhibit Number |
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Description |
10.53
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Addendum Two to Lease Agreement for a Gamma
Knife Unit effective as of January 17, 2007 between GK Financing, LLC
and Sunrise Hospital Medical Center, LLC, d/b/a as Sunrise Hospital
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. |
11
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Exhibit Number |
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Description |
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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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(b) |
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Reports on Form 8-K |
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The following report on Form 8-K was filed during the three months ended
March 31, 2007: |
Form 8-K dated and filed March 6, 2007 relating to a press release
announcing the Companys preliminary financial results for its fourth
quarter and fiscal year ended 2006.
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The following report on Form 8-K was filed after March 31, 2007: |
Form 8-K dated and filed May 15, 2007 relating to a press release
announcing the Companys preliminary financial results for its first
quarter of fiscal year 2007.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN SHARED HOSPITAL SERVICES
Registrant
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Date: May 15, 2007 |
/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 15, 2007 |
/s/ Craig K. Tagawa
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Craig K. Tagawa |
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Senior Vice President
Chief Operating and Financial Officer |
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13