American Shared Hospital Services

Hello, and welcome to the American Shared Hospital Services 4th Quarter 2022 Earnings Conference Call. All participants will be in the Sonali 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 1 on your touch-tone phone. To withdraw your question, please press star, then 2. Please note, today's event is being recorded. And now I'd like to turn the conference over to Stephanie Prince of PCG Advisory. Ms. Prince, please go ahead.

Thank you, Keith, and thank you to everyone joining us today. AMS's fourth quarter 2022 earnings press release was issued this morning before the market opened. If you need a copy, it can be accessed on the company's website at ashs.com at press releases under the investors tab. 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 quarterly report on Form 10-Q for the three-month period ended March 31, 2022, June 30, 2022, and September 30, 2022, the annual report on Form 10-K for the year ended December 31, 2021, and the definitive proxy statement for the annual meeting of shareholders that was held on June 21st, 2022. 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, Executive Chairman of AMS. Ray?

Thank you, Stephanie, and good day, everyone. Thank you for joining us today for our fourth quarter 2022 earnings conference call. I'll begin with some opening remarks and then turn the call over to Craig Tagawa, our President and CFO, for a financial review of our fourth quarter. Peter Gaccione, American Chair's newly appointed Chief Executive Officer, will then spend a few minutes talking about his priorities and his plans for American Chairs. Following the prepared remarks, we'll open the call up for your questions. Our most exciting news recently is that on March 10th, the Board of Directors appointed Peter Gaccione as our Chief Executive Officer. As you may remember, Peter joined American Shared six months ago as our COO after 40 years in the medical oncology business. He's very well known and respected. Many of us here at American Shared have known him for many years. He comes to us with strong market knowledge and professional contacts from across the entire radiation oncology spectrum. I am now executive chairman of the board and I remain the largest shareholder of the company, approximately 20% of the outstanding stock. I plan to continue to be actively involved in the operations of the company as we work together to solidify the growth and profitability trends that we have firmly established in the year just ended. As we also announced, we've begun a search for a new public company CFO to succeed Craig Tagawa, who has held the position for many years and will remain our CFO until a successor is in place. Craig will continue to serve as president of our company and also as chief executive officer of GK Financing, our subsidiary 81% owned by the parent company. American Shared ended a strong year with another solid fourth quarter, fourth quarter revenue increased approximately 7% period over period and reached over $5 million in quarterly revenue for the second time in 2022. Our net income increased 12% to $246,000 or 4 cents per share and capped a year of sustainable quarterly profit trend. In fact, This is now the eighth consecutive quarter where earnings per share have been higher than the comparable quarter in the prior year. I expect our profitability to continue. For the full year, the revenue increased 12% to nearly 20 million and our net income increased six times to 1.3 million or 21 cents per share. Craig will go through the details in a few minutes. Our cash balances grew 51% from last year to end at 12.5 million on December 31st and our $7 million line of credit remains unused as well. We believe these funds can be leveraged to invest in over $100 million of advanced radiation equipment. Just recently, we announced our first new order of the year, a $1.3 million agreement with a new customer. Our increased investment in sales and marketing is beginning to pay off. And our pipeline is filled with solid opportunities. We believe that American Shared is poised for growth. I'll now turn the call over to Craig for a financial overview. Craig?