-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950149-03-000895.txt : 20030421
<SEC-HEADER>0000950149-03-000895.hdr.sgml : 20030421
<ACCEPTANCE-DATETIME>20030421110325
ACCESSION NUMBER:		0000950149-03-000895
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030421
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN SHARED HOSPITAL SERVICES
		CENTRAL INDEX KEY:			0000744825
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				942918118
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08789
		FILM NUMBER:		03656435

	BUSINESS ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4170
		BUSINESS PHONE:		415-788-5300

	MAIL ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4170
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f89376e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<DIV align="center"><FONT size="3"><B>Washington, DC 20549</B>
</FONT>
</DIV>

<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="3"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of the Securities Exchange Act of 1934</B>
</FONT>

<P align="left"><FONT size="2">Date of Report (Date of earliest reported) <B>April&nbsp;21, 2003</B>
</FONT>
<P align="center"><FONT size="6"><B>AMERICAN SHARED HOSPITAL SERVICES</B>
</FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its chapter)
</FONT>
</DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>California</B><br>
(State or other jurisdiction<br>
of incorporation</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>0-8789</B><br>
(Commission<br>
File Number)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>94-2918118</B><br>
(IRS Employer<br>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Four Embarcadero Center, Suite&nbsp;3700, San Francisco, CA</B><br>
(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>94111</B><br>
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Registrant&#146;s telephone number, including area code <B>415-788-5300</B>
</FONT>
<P align="center"><FONT size="2">(Former name or former address, if changed since last report)
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2"><B>ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Exhibits
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Earnings Press Release, dated 4/21/03
</FONT>
<P align="left"><FONT size="2"><B>ITEM 9: REGULATION FD DISCLOSURE</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;21, 2003, the Company announced its financial results for the
Quarter ended March&nbsp;31, 2003. A copy of the press release containing the
announcement is included as Exhibit&nbsp;99.1 to this Current Report and is
incorporated herein by reference. The Company does not intend for this exhibit
to be incorporated by reference into future filings under the Securities
Exchange Act of 1934. The foregoing information is provided pursuant to Item
12 (Results of Operations and Financial Condition) of Form&nbsp;8-K.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>SIGNATURE</B>
</FONT>

<P align="left"><FONT size="2">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 hereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: April&nbsp;21, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>American Shared Hospital Services</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Ernest A. Bates, M.D.</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" width="40%" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Ernest A. Bates, M.D.<br>
Chairman and CEO</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>




</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>f89376exv99w1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

            AMERICAN SHARED HOSPITAL SERVICES ANNOUNCES FIRST QUARTER
                13% SALES GROWTH AND 24% OPERATING INCOME GROWTH

        EARNINGS CALL IS SCHEDULED TO TAKE PLACE AT 4:00 PM EASTERN TODAY

SAN FRANCISCO, CA, APRIL 21, 2003 -- AMERICAN SHARED HOSPITAL SERVICES
(AMEX,PCX:AMS), the leading provider of Gamma Knife(R) radiosurgery services,
announced today financial results for the three months ended March 31, 2003.

For the first quarter of 2003, the Company's revenue rose 13% to $3,669,000 from
$3,245,000 in the same period last year. Operating income rose 24% to $727,000
from $588,000 the prior year. For first quarter 2003, net income amounted to
$336,000 or $0.07 per share (diluted) compared to net income of $320,000 or
$0.06 per share (diluted) for the year earlier quarter.

First quarter 2003 net income growth compared to first quarter 2002 was reduced
due to a decrease in income tax benefits recorded in first quarter 2003
($16,000) compared to first quarter 2002 ($65,000). Income tax benefits resulted
from the Company's Chairman and Chief Executive Officer's exercise of previously
expensed options to purchase common shares.

Commenting on American Shared Hospital Services' recent results, Craig K.
Tagawa, Chief Operating and Financial Officer, said, "First quarter 2003 revenue
and operating income growth, 13% and 24% respectively, were driven by a 20%
increase in Gamma Knife treatments. Additionally, treatments for centers open
more than one year grew 9% in first quarter 2003 compared to first quarter 2002.
Income before income taxes increased 25% to $533,000 while net income increased
5% to $336,000. Our net income growth was reduced due to a higher effective
income tax rate in first quarter 2003 compared to first quarter 2002. The
Company's March 31, 2003 cash balance increased approximately $1,417,000 to
$11,341,000. The cash increase was primarily due to the net reimbursement of
progress payments of $966,000 on Gamma Knife projects financed in first quarter
2003 and a decrease in accounts receivable of $313,000."

Ernest A. Bates, M.D., Chairman and Chief Executive Officer, said, "We strive to
continue double digit revenue growth through the addition of new Gamma Knife
units. Our Gamma Knife unit at The Johns Hopkins Hospital commenced service in
the last week of first quarter 2003. We anticipate opening Baptist Medical
Center in Jacksonville, Florida in second quarter 2003 and Albuquerque Regional
Medical Center in Albuquerque, New Mexico in third or fourth quarter 2003. This
year, we have signed lease agreements with Albuquerque Regional Medical Center
and Northern Westchester Hospital in Mt. Kisco, New York and are in negotiations
with additional hospitals. We expect to have 21 Gamma Knife units in operation
by the end of third quarter 2004. The success of our Gamma Knife units confirms
the value of the Gamma Knife in treating brain disorders."

                                     -more-
<PAGE>
American Shared Hospital Services
2003 First Quarter Financial Results

Page 2

EARNINGS CONFERENCE CALL

American Shared has scheduled its conference call for 4:00 pm Eastern time (1:00
pm Pacific time) today. During the call, Company management will discuss the
financial results announced today.

To participate, please call 800/737-1224 at least 10 minutes prior to the start
of the call. A live on-demand webcast of the call will be provided by CCBN and
posted at www.ashs.com and www.companyboardroom.com.

A replay of the call will be available for 30 days by calling 888/843-8996 and
enter pass code 7092071. The replay will also be available at www.ashs.com and
www.companyboardroom.com.

AMERICAN SHARED HOSPITAL SERVICES (WWW.ASHS.COM)

American Shared Hospital Services is building a profitable medical services
company in an under served niche -- turnkey technology solutions for advanced
radiosurgical procedures. The Company's core business is supplying hospitals
with the Gamma Knife -- a non-invasive treatment for malignant and benign brain
tumors, vascular malformations and trigeminal neuralgia (facial pain). The Gamma
Knife, the gold standard in radiosurgery, reduces surgical risk and patient
discomfort, resulting in a shorter hospital stay and lower risk of
complications. In most cases, Gamma Knife patients resume their normal
activities within a few days of treatment, compared to weeks or months for
patients who undergo conventional surgery. More than 200,000 patients worldwide
have already received this treatment. American Shared Hospital Services is the
world leader in providing Gamma Knife radiosurgery services.

SAFE HARBOR STATEMENT

This press release 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 and the
risks of developing its IMRT and The Operating Room for the 21st Century(R)
programs. 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 Company's Annual Report on Form 10-K for
the year ended December 31, 2002 and the definitive Proxy Statement for the
Annual Meeting of Shareholders held on June 6, 2002.

                                     -more-
<PAGE>
American Shared Hospital Services
2003 First Quarter Financial Results

Page 3

                        AMERICAN SHARED HOSPITAL SERVICES
                             Selected Financial Data
                                   (unaudited)
                           Summary of Operations Data


<TABLE>
<CAPTION>
                                               3 months ended March 31
                                           -------------------------------
                                               2003               2002
                                           ------------       ------------
<S>                                        <C>                <C>
Revenue                                    $  3,669,000       $  3,245,000
Costs of operations                           1,535,000          1,235,000
                                           ------------       ------------
Gross margin                                  2,134,000          2,010,000
Selling & administrative                        826,000            798,000
Interest expense                                581,000            624,000
                                           ------------       ------------
Operating income                                727,000            588,000

Interest & other income                          44,000             54,000
Minority interest                          ($   238,000)      ($   217,000)
                                           ------------       ------------
Income before income taxes                      533,000            425,000
Income tax expense                              197,000            105,000
                                           ------------       ------------
Net income                                 $    336,000       $    320,000
                                           ============       ============

Earnings per common share:
   Basic                                   $       0.09       $       0.09
                                           ============       ============
   Assuming dilution                       $       0.07       $       0.06
                                           ============       ============

                   Balance Sheet Data

Cash                                       $ 11,341,000       $ 11,041,000
Restricted cash                            $     50,000       $     50,000
Current assets                             $ 14,483,000       $ 14,533,000
Total assets                               $ 46,729,000       $ 42,199,000

Current liabilities                        $  7,110,000       $  5,794,000
Shareholders' equity                       $ 14,467,000       $ 13,638,000
</TABLE>


                                   # # # # # #

                  Contact: Ernest A. Bates, M.D., 415-788-5300
                      Chairman and Chief Executive Officer
                                e.bates@ashs.com

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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