<SEC-DOCUMENT>0001144204-15-019129.txt : 20150330
<SEC-HEADER>0001144204-15-019129.hdr.sgml : 20150330
<ACCEPTANCE-DATETIME>20150330080310
ACCESSION NUMBER:		0001144204-15-019129
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150330
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150330
DATE AS OF CHANGE:		20150330

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:		15732520

	BUSINESS ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
		BUSINESS PHONE:		415-788-5300

	MAIL ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>v405862_8k.htm
<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</B></P>

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    <TD COLSPAN="3" STYLE="text-align: center">Date of report (Date of earliest event reported):&nbsp;&nbsp;March 30, 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>AMERICAN SHARED HOSPITAL SERVICES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant</FONT><BR>
<FONT STYLE="font-size: 10pt">as specified in charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 33%"><B>California</B></TD>
    <TD STYLE="text-align: center; width: 34%"><B>1-08789</B></TD>
    <TD STYLE="text-align: center; width: 33%"><B>94-2918118</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><B>Four Embarcadero Center, Suite 3700, San Francisco, CA 94111</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code <B>415-788-5300</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</TD>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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under the Exchange Act (17 CFR 240.13e-4(c))</TD>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Item 2.02 Results of Operations and Financial
Conditions</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 30, 2015, the Company issued a
press release announcing its financial results for the fourth quarter and year end 2014. The full text of the press release is
furnished as Exhibit&nbsp;99.1 to this report. The Company does not intend for this exhibit to be incorporated by reference into
future filings under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Item 9.01 Financial Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-indent: -62pt">Exhibit 99.1 &mdash; Earnings press
release dated March 30, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-indent: -62pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information in this report is summary
information that is intended to be considered in the context of our SEC filings and other public announcements that we may make,
by press release or otherwise, from time to time. We disclaim any current intention to revise or update the information contained
in this report, although we may do so from time to time as our management believes is warranted. Any such updating may be made
through the filing of other documents or reports with the SEC, through press releases or through other public disclosures.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</P>

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    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>American Shared Hospital Services</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">March 30, 2015</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Ernest A. Bates, M.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 40%">Ernest A. Bates, M.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chairman and CEO</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v405862_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>AMERICAN
SHARED HOSPITAL SERVICES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>REPORTS FOURTH
QUARTER AND 2014 RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>San Francisco,
CA</B> &ndash; March 30, 2015 -- <B>AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS)</B>, a leading provider of turnkey technology
solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the fourth quarter
and 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Fourth Quarter
Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the three
months ended December 31, 2014, medical services revenue increased 1.4% to $3,992,000 compared to medical services revenue of
$3,937,000 for the fourth quarter of 2013. Revenue for the fourth quarter of 2013 included the Company's operations in Turkey,
which were sold effective May 31, 2014. Excluding prior year's revenue in Turkey, medical services revenue increased 12.0% for
the fourth quarter of 2014 compared to the fourth quarter of 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Net income
for the fourth quarter of 2014 was $58,000, or $0.01 per share. This compares to a net loss for the fourth quarter of 2013 of
$82,000, or $0.02 per share, which included a pre-tax loss from foreign currency transactions of $334,000 due to the weakening
of the Turkish Lira against the U.S. Dollar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The number
of procedures performed on Gamma Knife&reg; Perfexion<SUP>TM</SUP> systems supplied by AMS in the United States increased 5.8%
for the fourth quarter and decreased 7.7% for all of 2014 compared to the same periods of 2013, excluding procedures performed
in Turkey. The total number of procedures performed in AMS' U.S. Gamma Knife business, including Gamma Knife and Gamma Knife Perfexion
procedures, increased 13.8% for the fourth quarter and decreased 4.9% for all of 2014 compared to the same periods of 2013, excluding
procedures performed in Turkey.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Medical services
gross margin for the fourth quarter of 2014 increased to 38.6%, compared to medical services gross margin of 34.3% for the fourth
quarter of 2013, primarily the result of lower costs due to the sale of the Turkish subsidiary. Operating income increased 45.4%
to $381,000 for the fourth quarter of 2014 compared to $262,000 for the same period a year earlier. Pretax income increased to
$154,000 for the fourth quarter of 2014 compared to a pretax loss of $38,000 for the fourth quarter of 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Selling and
administrative expenses for the fourth quarter of 2014 were $838,000 compared to $750,000 for the fourth quarter of 2013, primarily
due to increased accounting and tax services and legal fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Twelve Months
Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the twelve
months ended December 31, 2014, medical services revenue decreased to $15,417,000, compared to medical services revenue of $17,584,000
for 2013. Excluding revenue in Turkey, medical services revenue decreased 7.3% for 2014 compared to 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The net loss
for 2014 of $952,000, or $0.19 per share, included a pre-tax loss from the sale of the Turkish subsidiary of $572,000, and a pre-tax
gain from foreign currency transactions of $161,000. In comparison, the net loss for 2013 of $312,000, or $0.07 per share, included
a pre-tax loss from foreign currency transactions of $1,174,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Balance
Sheet Highlights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">At December
31, 2014, cash, cash equivalents and certificates of deposit were $1,059,000 compared to $1,909,000 at December 31, 2013. Shareholders'
equity at December 31, 2014 was $26,154,000, or $4.88 per outstanding share. This compares to shareholders' equity at December
31, 2013 of $24,055,000, or $5.22 per outstanding share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On June 13,
2014, AMS realized proceeds of approximately $1.6 million from the private placement of common stock. Additionally, on October
24, 2014, AMS closed the private sale of $1.2 million aggregate principal amount of unsecured notes, warrants to purchase 200,000
shares of common stock, no par value, and 100,000 newly issued common shares at a purchase price of $2.20 per share. The Warrants
expire three years after their initial issuance date and may be exercised for a purchase price equal to $2.20 per share of Common
Stock, the closing price per share of the Company&rsquo;s Common Stock on the New York Stock Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>CEO Comments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Chairman and
Chief Executive Officer Ernest A. Bates, M.D., said, &quot;We enjoyed a healthy increase in procedure volume in our domestic Gamma
Knife business in the fourth quarter compared to prior year, as we did in the third quarter. AMS' financial results reflected
this gain, with gross margin, operating income and net income all up versus the fourth quarter of 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&quot;We are
optimistic about our Gamma Knife business in 2015. One reason is the increase in reimbursement for both Gamma Knife and linear
accelerator (LINAC) radiosurgery that went into effect on January 1, 2015. The Centers for Medicare and Medicaid Services (CMS)
has established a comprehensive Ambulatory Payment Classification (APC) for Gamma Knife and LINAC one session cranial radiosurgery,
one of the most common procedures performed on these devices. The comprehensive reimbursement rate of approximately $9,768 will
be inclusive of the delivery and ancillary codes but exclusive of co-insurance payments or other adjustments. For 2014, the average
current CMS reimbursement rate for delivery and ancillary codes (exclusive of co-insurance and other adjustments) was approximately
$5,600--an estimated increase of $4,168 per Medicare Gamma Knife treatment (exclusive of co-insurance and other adjustments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&quot;The expansion
of our Gamma Knife portfolio is another reason for optimism for the new year. Our newest Gamma Knife Perfexion system, located
at PeaceHealth Sacred Heart Medical Center at RiverBend, Springfield, Oregon, began treating patients in December 2014. This is
the fourteenth Perfexion system in AMS' portfolio. The Gamma Knife Perfexion remains the 'gold standard' for cranial radiosurgery.
It is an excellent device for treating metastatic brain tumors, which are diagnosed in an estimated 180,000 new patients annually.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&quot;Construction
of the dedicated proton therapy center at UF Health Center Cancer Center at Orlando Health, AMS' first proton center, continues
apace. The superconducting synchrocyclotron proton accelerator&mdash;the key element of the MEVION S250&trade; proton therapy
system to be installed at the center&mdash;was delivered in November 2014. We continue to expect the installation process to be
completed late this year and patient treatments to begin shortly thereafter. The UF Health Cancer Center at Orlando Health, Central
Florida&rsquo;s most advanced cancer center, is the first hospital in the Central Florida region to install a proton therapy system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&quot;The world's
first MEVION S250 went into service just over a year ago at the S. Lee Kling Proton Therapy Center at Barnes-Jewish Hospital and
Washington University School of Medicine in St. Louis. The clinical data from the first year of treating patients at this site
recently reported by Mevion are remarkable. The MEVION S250 took just 11 months to treat its first 100 patients--the fastest per
treatment room ramp-up of any proton therapy system. The system has already treated more than 20 patients in a single day and
in a single work shift. Additionally, the system demonstrated efficient treatment times, with 97% operational uptime just five
months after opening, and the ability to treat a diverse and complex array of cancers in both children and adults. These reliability
and patient throughput data are enormously significant to hospitals considering the development of a proton center, and helpful
to us as we negotiate additional proton projects.&quot;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Earnings
Conference Call</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">American Shared
has scheduled a conference call at 12:00 p.m. PDT (3:00 p.m. EDT) today. To participate in the live call, dial (800) 351-9852
at least 5 minutes prior to the scheduled start time. A simultaneous WebCast of the call may be accessed through the Company's
website, <U>www.ashs.com</U>, or through CCBN, <U>www.earnings.com</U> (individual investors) or <U>www.streetevents.com</U> (institutional
investors). A replay will be available for 30 days at these same internet addresses, or by calling (888) 843-7419, pass code 3931
0536#.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>About AMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">American Shared
Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the
world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors,
vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well
as its proprietary Operating Room for the 21st Century<SUP>SM</SUP> concept. AMS owns a common stock investment in Mevion Medical
Systems, Inc., developer of the compact MEVION S250 Proton Therapy System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Safe Harbor
Statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>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 and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century program,
the risks of investing in a development-stage company, Mevion Medical Systems, Inc., and the risks of the timing, financing, and
operations of the Company&rsquo;s proton therapy business. 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 and Form 10-K/A for the year ended
December 31, 2013, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, the Form 10-Q and Form 10-Q/A for the
quarter ended June 30, 2014, the Form 10-Q for the quarter ended September 30, 2014,and the definitive Proxy Statement for the
Annual Meeting of Shareholders held on June 10, 2014.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="color: Black">Contacts:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">American
                                         Shared Hospital Services</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">Ernest
A. Bates, M.D., (415) 788-5300</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">Chairman
and Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: blue"><FONT STYLE="color: Black"><U>eabates@ashs.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">Berkman
Associates</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">Neil
Berkman, (310) 477-3118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">President</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: blue"><FONT STYLE="color: Black"><U>info@berkmanassociates.com</U></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>AMERICAN&nbsp;SHARED&nbsp;HOSPITAL&nbsp;SERVICES</B></FONT></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PRESS&nbsp;RELEASE</FONT></TD>
    <TD STYLE="width: 72%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">March
    30,&nbsp;2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Page&nbsp;4</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Fourth
    Quarter&nbsp;Financial&nbsp;Results</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Selected&nbsp;Financial&nbsp;Data</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Summary&nbsp;of&nbsp;Operations&nbsp;Data</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Three&nbsp;months&nbsp;ended</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Twelve&nbsp;months&nbsp;ended</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Medical&nbsp;services&nbsp;revenue</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,992,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,937,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,417,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,584,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Costs&nbsp;of&nbsp;revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,450,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,585,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,138,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,640,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Gross&nbsp;margin</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,542,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,352,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,279,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,944,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Selling&nbsp;&amp;&nbsp;administrative&nbsp;expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">838,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,630,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,025,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Interest&nbsp;expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">323,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">340,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,699,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,799,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Operating&nbsp;income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">381,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">262,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(50,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,120,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">(Loss)&nbsp;on&nbsp;sale&nbsp;of&nbsp;subsidiary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(572,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Gain (loss)&nbsp;foreign&nbsp;currency&nbsp;transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">--</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(334,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">161,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,174,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other&nbsp;income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income (loss)&nbsp;before&nbsp;income&nbsp;taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">387,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(66,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(433,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(29,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Income&nbsp;tax&nbsp;expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">96,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">129,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">84,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net&nbsp;income(loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">291,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(110,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(562,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(113,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Less:&nbsp;Net&nbsp;(income) loss&nbsp;attributable</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">to&nbsp;non-controlling&nbsp;interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(233,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(390,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(199,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Net&nbsp;income (loss)&nbsp;attributable&nbsp;to</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">American&nbsp;Shared&nbsp;Hospital&nbsp;Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(82,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(952,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(312,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Earnings (loss)&nbsp;per&nbsp;common&nbsp;share:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; padding-left: 0.125in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">0.01</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.19</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.07</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Assuming&nbsp;dilution</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">0.01</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.19</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.07</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Balance&nbsp;Sheet&nbsp;Data</TD><TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash&nbsp;and&nbsp;cash&nbsp;equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,059,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,909,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 28%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current&nbsp;assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,247,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,706,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Certificate&nbsp;of&nbsp;deposit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investment&nbsp;in&nbsp;equity&nbsp;securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,709,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,701,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total&nbsp;assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,528,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71,742,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current&nbsp;liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,251,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,785,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Shareholders'&nbsp;equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,154,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,055,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
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