American Shared Hospital Services

Good afternoon and welcome to the American Shared Hospital Services third quarter 2021 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Stephanie Prince of PCG Advisory. Please go ahead.

Thank you, Carrie, and thank you to everyone joining us today. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. Please note that various remarks that may be made on this conference call about future expectations, plans, and prospects for the company constitute forward-looking statements for the purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's filings with the SEC. This includes the company's annual report on Form 10-K for the year ended December 31, 2020, the quarterly report on Form 10-Q for the quarters ended March 31 and June 30, 2021, and the definitive proxy statement for the annual meeting of shareholders that was held on June 25, 2021. The company assumes no obligation to update the information contained in this conference call. I would now like to turn the call over to Ray Stachowiak, CEO of AMS. Ray. Ray?

Thank you, Stephanie. Good afternoon, everyone. Thanks for joining us today for our third quarter 2021 earnings conference call. I'll begin with some opening remarks and then we'll mix it up a bit from our usual order and have Alexis Wallace, our chief accounting officer, provide a financial review. After that, Craig Tagawa, our president, COO and CFO, will provide an operational review of results. Following the prepared remarks, myself, Craig, Alexis, and Ernie Bates, our Senior Vice President, Sales and Business Development and International Operations, will open the call for your questions. In the third quarter, AMS continued to be impacted by COVID-19, as well as unplanned downtime of our proton beam system. Total revenue decreased 12% year-over-year. Costs continued to decline from the positive impact of our year-end balance sheet restructuring and the debt refinancing that we completed in April. Operating income was $186,000, the third consecutive positive quarter. Craig and Alexis will go into the details in a few moments. With our financial house tightened up and expanded radiation therapy equipment offerings in place, we've turned to expanding our addressable market. During the quarter, we announced an agreement for business development services which will expand our sales and marketing efforts to all federal facilities in the United States. This includes all Veteran Affairs, VA hospitals, and Department of Defense hospitals, which include many of our country's most sustained facilities. We continue to have substantial resources to invest in future opportunities. We have over $7 million in cash and a $7 million line of credit. We're ready to put these resources to work, and I look forward to discussing our progress in the months to come. I'll now turn the call over to Alexis for the third quarter financial review. Alexis?