UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ 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 001-08789 ________________________ American Shared Hospital Services (Exact na ...

American Shared Hospital Services (NYSE:AMS) Q1 2020 Earnings Conference Call May 11, 2020 3:00 PM ET Company Participants Stephanie Prince - ProActive Capital Group Raymond Stachowiak - Interim President, CEO & Director Craig Tagawa - SVP & Chief Operating & Financial Officer Alexis Wallace - Controller Ernest Bates - Founder & Executive Chairman Conference Call Participants Anthony Marchese - Analyst Lenny Dunn - Mutual Trust Company of America Securities Tony Kamin - Analyst Operator Good afternoon, and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________ FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ¨ 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 001-08789 ________________________ American Shared Hospital Services (Exact n ...

Table of Contents ________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock No Par Value AMS NYSE AMERICAN UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ________________________________ FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 or ¨ TRANSITION REPORT PURSUANT To SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE ...

Company Overview - American Shared Hospital Services (ASHS) leases medical equipment to hospitals and medical centers[5] - The company is a leader in Gamma Knife unit ownership through its subsidiary GK Financing, LLC (GKF)[5] - ASHS expands its financing model to include Intensity Modulated Radiation Therapy (IMRT) and Proton Beam Radiation Therapy (PBRT)[5] Market Opportunity - Proton Therapy has low market penetration[8] - Only 7%-14% of required Proton Beam Radiation Therapy (PBRT) capacity is currently available for treatment[25] - ASHS projects a need for 635-1,270 PBRT rooms to meet demand[25] - The U S market has 1,057,470 radiation therapy patients annually[27] - 15%-30% of radiation therapy patients are eligible for PBRT, representing 158,600-317,241 potential patients[27] Financials and Business Model - ASHS has operating profitability for 20 of the last 21 years[8] - ASHS structures as an alternative leasing company, offering innovative financing features[13] - ASHS typically has long-term agreements of 10 years with revenue sharing or fee per use[13] - Typical Gamma Knife project cost is $3-$4 million[31]

American Shared Hospital Services (NYSE:AMS) Q3 2019 Earnings Conference Call November 8, 2019 3:00 PM ET Company Participants Stephanie Prince – Investor Relations Craig Tagawa – Chief Operating and Financial Officer Alexis Wallace – Controller Ernie Bates – Chairman and Chief Executive Officer Conference Call Participants Tony Kamin – Eastwood Partners Lenny Dunn – Mutual Trust Company Operator Welcome to the Third Quarter 2019 Earnings Conference Call. My name is Paulette, and I will be your operator for ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended September 30, 2019 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for American Shared Hospital Services for the period ended September 30, 2019 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from $57.5 million at the end of 2018 to $55.3 million as of September 30, 2019, primarily due to a reduction in net property and equipment Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $10,244 | $9,946 | | **Net Property and Equipment** | $43,003 | $46,694 | | **Total Assets** | **$55,258** | **$57,502** | | **Total Current Liabilities** | $8,778 | $9,474 | | **Total Liabilities** | $23,836 | $26,454 | | **Total Shareholders' Equity** | **$31,422** | **$31,048** | | **Total Liabilities and Equity** | **$55,258** | **$57,502** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2019, revenues increased to $5.3 million, with net income stable at $165,000, while nine-month revenues grew to $15.8 million, but net income decreased to $466,000 Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | 9 Months 2019 | 9 Months 2018 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $5,301 | $4,470 | $15,819 | $14,944 | | **Gross Margin** | $1,813 | $1,634 | $5,479 | $5,921 | | **Operating Income** | $446 | $185 | $1,263 | $1,624 | | **Net Income (to AMS)** | $165 | $168 | $466 | $845 | | **Diluted EPS** | $0.03 | $0.03 | $0.08 | $0.14 | [Condensed Consolidated Statement of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Shareholders'%20Equity) Shareholders' equity increased from $31.0 million at the beginning of the year to $31.4 million by September 30, 2019, driven by net income and stock-based compensation - Total shareholders' equity increased from **$31,048,000** on January 1, 2019, to **$31,422,000** on September 30, 2019[5](index=5&type=chunk) - Key changes during the nine months ended September 30, 2019 included net income of **$1,028,000** (comprising **$466,000** for ASHS and **$562,000** for noncontrolling interests), stock-based compensation of **$170,000**, and cash distributions to noncontrolling interests of **$865,000**[5](index=5&type=chunk)[7](index=7&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2019, net cash provided by operating activities was $6.1 million, with total cash, cash equivalents, and restricted cash decreasing by $145,000 Cash Flow Summary (Nine Months Ended September 30, in thousands) | Category | 2019 | 2018 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $6,127 | $6,225 | | **Net Cash used in Investing Activities** | $(729) | $(1,187) | | **Net Cash used in Financing Activities** | $(5,543) | $(5,351) | | **Net Change in Cash** | $(145) | $(313) | | **Cash at End of Period** | $1,647 | $2,189 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, business segments, new lease accounting standards, property and equipment, debt, and stock-based compensation - The company operates in a single reportable segment: leasing radiosurgery and radiation therapy equipment to healthcare providers[17](index=17&type=chunk) - The company adopted the new lease accounting standard (ASU 2016-02) on January 1, 2019, recognizing right-of-use assets and lease liabilities of approximately **$1,362,000** for operating leases[18](index=18&type=chunk) Property and Equipment (in thousands) | Category | Sept 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Medical equipment and facilities | $90,672 | $94,031 | | Gross Property and Equipment | $96,839 | $100,702 | | Accumulated depreciation | $(53,836) | $(54,008) | | **Net Property and Equipment** | **$43,003** | **$46,694** | - As of September 30, 2019, the company had outstanding long-term debt of **$3,896,000** and obligations under capital leases of **$12,853,000**[24](index=24&type=chunk)[25](index=25&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, revenue trends, operating costs, profitability, liquidity, capital resources, and future commitments for the period [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Total revenues for the nine months ended September 30, 2019, increased by 5.8% to $15.8 million, primarily driven by PBRT, while net income declined to $466,000 due to higher operating expenses Revenue by Source (Nine Months Ended Sept 30, in thousands) | Revenue Source | 2019 | 2018 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | PBRT System | $4,728 | $3,622 | +$1,106 | +30.5% | | Gamma Knife | $10,320 | $10,476 | -$156 | -1.5% | | IGRT Contract | $771 | $846 | -$75 | -8.9% | | **Total Revenue** | **$15,819** | **$14,944** | **+$875** | **+5.8%** | - The increase in PBRT revenue was driven by higher volumes (**4,407 fractions in 2019** vs. **3,597 in 2018**) and a higher average reimbursement rate[47](index=47&type=chunk)[48](index=48&type=chunk) - The decrease in Gamma Knife revenue for the nine-month period was attributed to lower volumes and a decrease in the average reimbursement rate at retail sites[49](index=49&type=chunk) - Total costs of revenue increased by **$1.3 million** for the nine-month period, driven by higher maintenance costs for the PBRT system, increased depreciation, and higher direct operating costs at retail sites[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2019, the company held $1.65 million in cash, with working capital of $1.47 million, deemed sufficient to meet obligations over the next 12 months Key Liquidity Metrics (as of Sept 30, 2019, in thousands) | Metric | Amount | | :--- | :--- | | Cash, cash equivalents and restricted cash | $1,647 | | Working Capital | $1,466 | | Shareholders' Equity | $31,422 | | Total Assets | $55,258 | - The company has scheduled debt and capital lease payments of approximately **$1.85 million** and **$5.03 million**, respectively, over the next 12 months[65](index=65&type=chunk) [Commitments](index=26&type=section&id=Commitments) The company has significant future commitments totaling **$71.3 million**, primarily for equipment purchases, capital leases, and debt - The company has purchase commitments for two MEVION S250i PBRT systems for **$34.0 million**, with delivery projected no later than 2023[68](index=68&type=chunk)[69](index=69&type=chunk) - Commitments for Gamma Knife and LINAC systems, including Cobalt-60 reloads and Icon upgrades, total **$6,960,000**, scheduled between 2020 and 2022[70](index=70&type=chunk) Total Contractual Obligations (in thousands) | Category | Total | Next 12 Months (est.) | 2020-2022 | | :--- | :--- | :--- | :--- | | Long-term debt | $4,383 | $1,242 | $2,686 | | Capital leases | $14,509 | $4,142 | $11,947 | | Future equipment purchases | $40,960 | $0 | $40,960 | | Equipment service contracts | $10,182 | $344 | $7,651 | | **Total** | **$71,258** | **$5,728** | **$64,206** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company does not hold derivative instruments or significant market-sensitive investments, thus limiting its exposure to market risk - The Company does not hold derivative instruments and has no significant market-sensitive investments, limiting its exposure to market risk[74](index=74&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[76](index=76&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, such controls[78](index=78&type=chunk) [PART II - OTHER INFORMATION](index=29&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers other information including legal proceedings, risk factors, sales of equity securities, and exhibit index [Other Information Items](index=29&type=section&id=Other%20Information%20Items) This section confirms no legal proceedings, no changes to risk factors, no unregistered sales of equity securities, and no defaults upon senior securities during the period - Item 1: No legal proceedings were reported[80](index=80&type=chunk) - Item 1A: There are no changes to the risk factors listed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018[80](index=80&type=chunk) - Items 2, 3, 4, and 5 reported no activity or were not applicable[80](index=80&type=chunk) [Item 6. Exhibit Index](index=30&type=section&id=Item%206.%20Exhibit%20Index) This section lists the exhibits filed with the report, including a services agreement amendment, CEO and CFO certifications, and XBRL data files - The report includes certifications from the CEO and CFO as required by Sections 302 and 906 of the Sarbanes-Oxley Act[82](index=82&type=chunk) - Interactive Data Files (XBRL) are included as exhibits[82](index=82&type=chunk)

American Shared Hospital Services (NYSE:AMS) Q2 2019 Earnings Conference Call August 13, 2019 3:00 PM ET Company Participants Vivian Cervantes - ProActive Capital Group Craig Tagawa - SVP, Chief Operating & Financial Officer Alexis Wallace - Controller Ernest Bates - Founder, Chairman & CEO Conference Call Participants Leonard Dunn - Mutual Trust Operator Good afternoon, everyone, and welcome to the second quarter June 30, 2019, financial results conference call for American Shared Hospital Services. [Opera ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________ | --- | --- | --- | |----------------------------------------------------------------------------|---------------------|-----------------------------------------------------| | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | American Shared Hospital Services Common Stock, No Par Value | AMS | NYSE AMERICAN | FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ¨ 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 001-08789 ________________________ American Shared Hospital Services (Exact ...