[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
|
BIRNER
DENTAL MANAGEMENT SERVICES, INC.
|
(Exact
name of registrant as specified in its
charter)
|
COLORADO
|
84-1307044
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer
Identification
No.)
|
3801
EAST FLORIDA AVENUE, SUITE 508
DENVER,
COLORADO
|
80210
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(303)
691-0680
|
(Registrant’s
telephone number, including area
code)
|
N/A
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Large
accelerated filer [ ]
|
Accelerated
filer [ ]
|
Non-accelerated
filer [ ]
|
Smaller
reporting company [X]
|
(Do not check
if a smaller
|
|||
reporting
company)
|
|||
Class
|
Shares
Outstanding as of August 14, 2008
|
|
Common
Stock, without par value
|
1,946,273
|
Item
1. Financial Statements
|
Page
|
|
Condensed
Consolidated Balance Sheets as of December 31, 2007 and June 30, 2008
(Unaudited)
|
3
|
|
|
||
Unaudited
Condensed Consolidated Statements of Income for the Quarters and Six
Months Ended June 30, 2007 and 2008
|
4
|
|
Unaudited
Condensed Consolidated Statements of Shareholders’ Equity and
Comprehensive Income as of June 30, 2008
|
5
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows for the Six Months Ended
June 30, 2007 and 2008
|
6
|
|
Unaudited
Notes to Condensed Consolidated Financial Statements
|
8
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
15
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
24
|
Item
4.
|
Controls
and Procedures
|
24
|
PART II - OTHER INFORMATION
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
25
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
25
|
Item
6.
|
Exhibits
|
26
|
Signatures
|
27
|
BIRNER
DENTAL MANAGEMENT SERVICES, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
December
31,
|
June
30,
|
|||||||
ASSETS
|
2007
|
2008
|
||||||
**
|
(Unaudited)
|
|||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 964,150 | $ | 682,794 | ||||
Accounts
receivable, net of allowance for doubtful
|
||||||||
accounts
of $291,827 and $289,677, respectively
|
3,008,550 | 3,302,801 | ||||||
Deferred
tax asset
|
178,591 | 240,615 | ||||||
Income
taxes receivable
|
26,817 | - | ||||||
Prepaid
expenses and other assets
|
620,365 | 774,303 | ||||||
Total
current assets
|
4,798,473 | 5,000,513 | ||||||
PROPERTY
AND EQUIPMENT, net
|
4,533,531 | 4,558,396 | ||||||
OTHER
NONCURRENT ASSETS:
|
||||||||
Intangible
assets, net
|
11,393,590 | 11,011,949 | ||||||
Deferred
charges and other assets
|
171,687 | 161,433 | ||||||
Total
assets
|
$ | 20,897,281 | $ | 20,732,291 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Accounts
payable
|
$ | 1,945,420 | $ | 1,824,359 | ||||
Accrued
expenses
|
1,334,785 | 1,146,224 | ||||||
Accrued
payroll and related expenses
|
1,456,477 | 2,085,759 | ||||||
Income
taxes payable
|
- | 423,102 | ||||||
Current
maturities of long-term debt
|
920,000 | 920,000 | ||||||
Total
current liabilities
|
5,656,682 | 6,399,444 | ||||||
LONG-TERM
LIABILITIES:
|
||||||||
Deferred
tax liability, net
|
633,667 | 734,246 | ||||||
Long-term
debt, net of current maturities
|
4,784,511 | 3,517,445 | ||||||
Other
long-term obligations
|
291,266 | 280,746 | ||||||
Total
liabilities
|
11,366,126 | 10,931,881 | ||||||
SHAREHOLDERS'
EQUITY:
|
||||||||
Preferred
Stock, no par value, 10,000,000 shares
|
||||||||
authorized;
none outstanding
|
- | - | ||||||
Common
Stock, no par value, 20,000,000 shares authorized;
|
||||||||
2,123,440
and 2,116,947 shares issued and outstanding,
respectively
|
3,028,515 | 3,045,027 | ||||||
Retained
earnings
|
6,536,796 | 6,786,231 | ||||||
Accumulated
other comprehensive loss
|
(34,156 | ) | (30,848 | ) | ||||
Total
shareholders' equity
|
9,531,155 | 9,800,410 | ||||||
Total
liabilities and shareholders' equity
|
$ | 20,897,281 | $ | 20,732,291 | ||||
** Derived
from the Company’s audited consolidated balance sheet at December 31,
2007.
|
BIRNER
DENTAL MANAGEMENT SERVICES, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
Quarters
Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2007
|
2008
|
2007
|
2008
|
|||||||||||||
NET
REVENUE:
|
$ | 10,265,570 | $ | 10,044,161 | $ | 20,955,907 | $ | 20,249,109 | ||||||||
DIRECT
EXPENSES:
|
||||||||||||||||
Clinical
salaries and benefits
|
3,621,786 | 3,742,574 | 7,314,011 | 7,668,500 | ||||||||||||
Dental
supplies
|
593,981 | 624,037 | 1,154,906 | 1,218,222 | ||||||||||||
Laboratory
fees
|
689,207 | 739,161 | 1,369,412 | 1,391,874 | ||||||||||||
Occupancy
|
1,141,105 | 1,203,227 | 2,274,157 | 2,388,906 | ||||||||||||
Advertising
and marketing
|
267,317 | 119,099 | 416,078 | 226,548 | ||||||||||||
Depreciation
and amortization
|
610,526 | 602,018 | 1,221,079 | 1,203,033 | ||||||||||||
General
and administrative
|
1,119,165 | 1,266,972 | 2,295,661 | 2,436,989 | ||||||||||||
8,043,087 | 8,297,088 | 16,045,304 | 16,534,072 | |||||||||||||
Contribution
from dental offices
|
2,222,483 | 1,747,073 | 4,910,603 | 3,715,037 | ||||||||||||
CORPORATE
EXPENSES:
|
||||||||||||||||
General
and administrative
|
1,054,125 | (1) | 889,204 | (1) | 2,300,652 | (2) | 1,830,308 | (2) | ||||||||
Depreciation
and amortization
|
27,275 | 23,186 | 58,103 | 46,654 | ||||||||||||
Operating
income
|
1,141,083 | 834,683 | 2,551,848 | 1,838,075 | ||||||||||||
Interest
expense
|
89,166 | 58,369 | 195,319 | 135,997 | ||||||||||||
Income
before income taxes
|
1,051,917 | 776,314 | 2,356,529 | 1,702,078 | ||||||||||||
Income
tax expense
|
439,976 | 326,057 | 961,822 | 734,265 | ||||||||||||
Net
income
|
$ | 611,941 | $ | 450,257 | $ | 1,394,707 | $ | 967,813 | ||||||||
Net
income per share of Common Stock - Basic
|
$ | 0.29 | $ | 0.21 | $ | 0.66 | $ | 0.46 | ||||||||
Net
income per share of Common Stock - Diluted
|
$ | 0.26 | $ | 0.21 | $ | 0.60 | $ | 0.44 | ||||||||
Cash
dividends per share of Common Stock
|
$ | 0.15 | $ | 0.17 | $ | 0.30 | $ | 0.34 | ||||||||
Weighted
average number of shares of
|
||||||||||||||||
Common
Stock and dilutive securities:
|
||||||||||||||||
Basic
|
2,123,900 | 2,107,415 | 2,125,131 | 2,109,250 | ||||||||||||
Diluted
|
2,310,103 | 2,178,816 | 2,307,829 | 2,188,583 | ||||||||||||
(1)
|
Corporate
expense - general and administrative includes $81,030 of equity
compensation for a stock award and $100,523 related to stock-based
compensation expense in the quarter ended June 30, 2007,
and $184,618 related to stock-based compensation expense in the
quarter ended June 30, 2008.
|
||||||||
(2)
|
Corporate
expense - general and administrative includes $162,060
of equity compensation for a stock award and $190,587 related
to stock-based compensation expense in the six months ended June 30, 2007,
and $358,030 related to stock-based compensation expense in the six months
ended June 30, 2008.
|
BIRNER
DENTAL MANAGEMENT SERVICES, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE
INCOME
|
||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||
Common
Stock
|
Comprehensive
Income
|
Retained
Earnings
|
Shareholders'
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
BALANCES,
December 31, 2007
|
2,123,440 | $ | 3,028,515 | $ | (34,156 | ) | $ | 6,536,796 | $ | 9,531,155 | ||||||||||
Common
Stock options exercised
|
25,685 | 281,288 | - | 281,288 | ||||||||||||||||
Purchase
and retirement of Common Stock
|
(32,178 | ) | (648,597 | ) | - | (648,597 | ) | |||||||||||||
Tax
benefit of Common Stock options exercised
|
- | 25,791 | - | 25,791 | ||||||||||||||||
Dividends
declared on Common Stock
|
- | - | (718,378 | ) | (718,378 | ) | ||||||||||||||
Stock-based
compensation expense
|
- | 358,030 | - | 358,030 | ||||||||||||||||
Other
comprehensive income
|
3,308 | 3,308 | ||||||||||||||||||
Net
income, six months ended June 30, 2008
|
- | - | 967,813 | 967,813 | 967,813 | |||||||||||||||
Comprehensive
income
|
971,121 | |||||||||||||||||||
BALANCES,
June 30, 2008
|
2,116,947 | $ | 3,045,027 | $ | (30,848 | ) | $ | 6,786,231 | $ | 9,800,410 |
BIRNER DENTAL MANAGEMENT
SERVICES, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(UNAUDITED)
|
||||||||
Six
Months Ended
|
||||||||
June
30,
|
||||||||
2007
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 1,394,707 | $ | 967,813 | ||||
Adjustments
to reconcile net income to net
|
||||||||
cash
provided by operating activities:
|
||||||||
Depreciation
and amortization
|
1,279,179 | 1,249,687 | ||||||
Stock
compensation expense
|
352,647 | 358,030 | ||||||
Provision
for doubtful accounts
|
295,717 | 373,156 | ||||||
Provision
for deferred income taxes
|
11,299 | 38,555 | ||||||
Changes
in assets and liabilities net of effects
|
||||||||
from
acquisitions:
|
||||||||
Accounts
receivable
|
(715,438 | ) | (667,407 | ) | ||||
Prepaid
expenses and other assets
|
(25,309 | ) | (153,938 | ) | ||||
Deferred
charges and other assets
|
8,333 | 10,254 | ||||||
Accounts
payable
|
73,867 | (121,061 | ) | |||||
Accrued
expenses
|
(184,620 | ) | (227,669 | ) | ||||
Accrued
payroll and related expenses
|
439,558 | 629,282 | ||||||
Income
taxes payable
|
200,380 | 449,919 | ||||||
Other
long-term obligations
|
(35,418 | ) | (10,520 | ) | ||||
Net
cash provided by operating activities
|
3,094,902 | 2,896,101 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Capital
expenditures
|
(373,960 | ) | (535,866 | ) | ||||
Development
of new dental centers
|
- | (357,045 | ) | |||||
Net
cash used in investing activities
|
(373,960 | ) | (892,911 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Advances
– line of credit
|
10,431,678 | 9,306,369 | ||||||
Repayments
– line of credit
|
(11,963,223 | ) | (10,113,435 | ) | ||||
Repayments
– Term Loan
|
(230,000 | ) | (460,000 | ) | ||||
Repayment
of long-term debt
|
(33,561 | ) | - | |||||
Proceeds
from exercise of Common Stock options
|
203,050 | 281,288 | ||||||
Purchase
and retirement of Common Stock
|
(708,189 | ) | (648,597 | ) | ||||
Tax
benefit of Common Stock options exercised
|
87,844 | 25,791 | ||||||
Common
Stock cash dividends
|
(595,522 | ) | (675,962 | ) | ||||
Net
cash used in financing activities
|
(2,807,923 | ) | (2,284,546 | ) | ||||
NET
INCREASE (DECREASE) IN CASH AND
|
||||||||
CASH
EQUIVALENTS
|
(86,981 | ) | (281,356 | ) | ||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
888,186 | 964,150 | ||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 801,205 | $ | 682,794 |
BIRNER DENTAL MANAGEMENT
SERVICES, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(UNAUDITED)
|
||||||||
Six
Months Ended
|
||||||||
June
30,
|
||||||||
2007
|
2008
|
|||||||
SUPPLEMENTAL
DISCLOSURE OF CASH
|
||||||||
FLOW
INFORMATION:
|
||||||||
Cash
paid during the year for interest
|
$ | 247,494 | $ | 171,078 | ||||
Cash
paid during the year for income taxes
|
$ | 662,300 | $ | 220,000 | ||||
NON-CASH
ITEM:
|
||||||||
Gain
recognized on interst rate swap (net of taxes)
|
$ | - | $ | 3,308 |
Quarters
Ended June 30,
|
||||||||||||||||||||||||
2007
|
2008
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share Amount
|
Income
|
Shares
|
Per
Share Amount
|
|||||||||||||||||||
Basic
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 611,941 | 2,123,900 | $ | 0.29 | $ | 450,257 | 2,107,415 | $ | 0.21 | ||||||||||||||
Effect
of dilutive shares of Common Stock from stock options and
warrants
|
- | 186,203 | (0.03 | ) | - | 71,401 | - | |||||||||||||||||
Diluted
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 611,941 | 2,310,103 | $ | 0.26 | $ | 450,257 | 2,178,816 | $ | 0.21 |
Six
Months Ended June 30,
|
||||||||||||||||||||||||
2007
|
2008
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share Amount
|
Income
|
Shares
|
Per
Share Amount
|
|||||||||||||||||||
Basic
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 1,394,707 | 2,125,131 | $ | 0.66 | $ | 967,813 | 2,109,250 | $ | 0.46 | ||||||||||||||
Effect
of dilutive shares of Common Stock from stock options and
warrants
|
- | 182,698 | (0.06 | ) | 79,333 | (0.02 | ) | |||||||||||||||||
Diluted
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 1,394,707 | 2,307,829 | $ | 0.60 | $ | 967,813 | 2,188,583 | $ | 0.44 |
Quarters
Ended
|
Six
Months Ended
|
||||||||
June
30,
|
June
30,
|
||||||||
Valuation
Assumptions
|
2007
(6)
|
2008
(6)
|
2007
|
2008
|
|||||
Expected
life
|
-
|
-
|
4.5
|
(1)
|
4.1
|
(2)
|
|||
Risk-free
interest rate (3)
|
-
|
-
|
4.75%
|
2.30%
|
|||||
Expected
volatility (4)
|
-
|
-
|
58%
|
58%
|
|||||
Expected
dividend yield
|
-
|
-
|
3.07%
|
3.28%
|
|||||
Expected
Forteiture (5)
|
-
|
-
|
5.32%
|
2.00%
|
(1)
|
The
expected life, in years, of stock options is estimated using the
simplified-method calculation.
|
(2)
|
The
expected life, in years, of stock options is estimated based on historical
experience.
|
(3)
|
The
risk-free interest rate is based on U.S. Treasury bills whose term is
consistent with the expected life of the stock
options.
|
(4)
|
The
expected volatility is estimated based on historical and current stock
price data for the Company.
|
(5)
|
Forfeitures
of options granted prior to the Company’s adoption of SFAS 123(R) on
January 1, 2006 are recorded as they occur. Forfeitures of options granted
since the Company’s adoption of SFAS 123(R) are estimated based on
historical experience.
|
6)
|
The
Company did not issue any options during the quarters ended June 30, 2007
or June 30, 2008.
|
Number
of Options
|
Weighted-Average
Exercise Price
|
Range
of Exercise Prices
|
Weighted-Average
Remaining Contractual Term (years)
|
Aggregate
Intrinsic Value (thousands)
|
||||||
Outstanding
at December 31, 2007
|
377,133
|
$ 14.36
|
$ 5.50
- $21.85
|
3.7
|
2,677
|
|||||
Granted
|
98,000
|
$ 20.69
|
$19.40
- $21.00
|
|||||||
Exercised
|
(25,685)
|
$ 10.95
|
$ 7.88
- $19.54
|
|||||||
Forfeited
|
(12,666)
|
$ 16.36
|
$12.50
- $19.54
|
|||||||
|
|
|||||||||
Outstanding
at June 30, 2008
|
436,782
|
$ 15.92
|
$ 5.50
- $21.85
|
3.9
|
$1,161
|
|||||
|
|
|||||||||
Exercisable
at June 30, 2008
|
213,638
|
$ 12.62
|
$ 5.50
- $21.85
|
2.4
|
$1,086
|
Six
Months Ended
|
||||||
June
30, 2008
|
||||||
Number
of Restricted Shares
|
Weighted-Average
Grant-Date
Fair Value
|
|||||
Non-vested
at December 31, 2007
|
20,000
|
$13.51
|
||||
Granted
|
-
|
-
|
||||
Vested
|
(20,000)
|
13.51
|
||||
Forfeited
|
-
|
-
|
||||
Non-vested
at June 30, 2008
|
-
|
$13.51
|
Divdend
Declaration Date
|
Quarterly
Dividend
Declared
per Share
|
|||
March
9, 2004
|
0.0375
|
|||
February
10, 2005
|
0.10
|
|||
January
10, 2006
|
0.13
|
|||
January
19, 2007
|
0.15
|
|||
January
17, 2008
|
0.17
|
Quarters
|
Six
Months
|
|||||||||||||||
Ended
June 30,
|
Ended
June 30,
|
|||||||||||||||
2007
|
2008
|
2007
|
2008
|
|||||||||||||
RECONCILIATION
OF ADJUSTED EBITDA:
|
||||||||||||||||
Net
income
|
$ | 611,941 | $ | 450,257 | $ | 1,394,707 | $ | 967,813 | ||||||||
Add
back:
|
||||||||||||||||
Depreciation
and amortization - Offices
|
610,526 | 602,018 | 1,221,079 | 1,203,033 | ||||||||||||
Depreciation
and amortization - Corporate
|
27,275 | 23,186 | 58,103 | 46,654 | ||||||||||||
Stock-based
compensation expense
|
181,553 | 184,618 | 352,647 | 358,030 | ||||||||||||
Interest
expense, net
|
89,166 | 58,369 | 195,319 | 135,997 | ||||||||||||
Income
tax expense
|
439,976 | 326,057 | 961,822 | 734,265 | ||||||||||||
Adjusted
EBITDA
|
$ | 1,960,437 | $ | 1,644,505 | $ | 4,183,677 | $ | 3,445,792 |
Quarters
Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2007
|
2008
|
2007
|
2008
|
|||||||||||||
Total
dental group practice revenue
|
$ | 15,101,800 | $ | 14,916,479 | $ | 30,835,494 | $ | 30,170,730 | ||||||||
Less
- amounts retained by dental Offices
|
(4,836,230 | ) | (4,872,318 | ) | (9,879,587 | ) | (9,921,621 | ) | ||||||||
Net
revenue
|
$ | 10,265,570 | $ | 10,044,161 | $ | 20,955,907 | $ | 20,249,109 |
BIRNER
DENTAL MANAGEMENT SERVICES, INC. AND SUBSIDIARIES
|
||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
(UNAUDITED)
|
||||||||
Quarters
Ended
|
Six
Months Ended
|
|||||||
June
30,
|
June
30,
|
|||||||
2007
|
2008
|
2007
|
2008
|
|||||
NET
REVENUE:
|
100.0
%
|
100.0
%
|
100.0
%
|
100.0
%
|
||||
DIRECT
EXPENSES:
|
||||||||
Clinical
salaries and benefits
|
35.3
%
|
37.3
%
|
34.9
%
|
37.9
%
|
||||
Dental
supplies
|
5.8
%
|
6.2
%
|
5.5
%
|
6.0
%
|
||||
Laboratory
fees
|
6.7
%
|
7.4
%
|
6.5
%
|
6.9
%
|
||||
Occupancy
|
11.1
%
|
12.0
%
|
10.9
%
|
11.8
%
|
||||
Advertising
and marketing
|
2.6
%
|
1.2
%
|
2.0
%
|
1.1
%
|
||||
Depreciation
and amortization
|
5.9
%
|
6.0
%
|
5.8
%
|
5.9
%
|
||||
General
and administrative
|
10.9
%
|
12.6
%
|
11.0
%
|
12.0
%
|
||||
78.4
%
|
82.6
%
|
76.6
%
|
81.7
%
|
|||||
Contribution
from dental offices
|
21.6
%
|
17.4
%
|
23.4
%
|
18.3
%
|
||||
CORPORATE
EXPENSES:
|
||||||||
General
and administrative
|
10.3
%
|
8.9
%
|
11.0
%
|
9.0
%
|
||||
Depreciation
and amortization
|
0.3
%
|
0.2
%
|
0.3
%
|
0.2
%
|
||||
Operating
income
|
11.1
%
|
8.3
%
|
12.2
%
|
9.1
%
|
||||
Interest
expense
|
0.9
%
|
0.6
%
|
0.9
%
|
0.7
%
|
||||
Income
before income taxes
|
10.2
%
|
7.7
%
|
11.2
%
|
8.4
%
|
||||
Income
tax expense
|
4.3
%
|
3.2
%
|
4.6
%
|
3.6
%
|
||||
Net
income
|
6.0
%
|
4.5
%
|
6.7
%
|
4.8
%
|
Payments
due by Period
|
|||||||||||||||||||||
Total
|
Less
than 1 year
|
1-3
years
|
3-5
years
|
More
than 5 years
|
|||||||||||||||||
Long-term
debt obligations
|
$ | 4,437,445 | $ | 920,000 | $ | 3,287,445 | $ | 230,000 | $ | - | |||||||||||
Operating
lease obligations
|
9,636,968 | 3,106,032 | 4,622,047 | 1,851,069 | 57,820 | ||||||||||||||||
Total
|
$ | 14,074,413 | $ | 4,026,032 | $ | 7,909,492 | $ | 2,081,069 | $ | 57,820 |
Issuer
Purchases of Equity Securities
|
||||||||
Period
|
Total
Number Of Shares Purchased
|
Average
Price Paid per Share
|
Total
Number Of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Approximate
Dollar Value Of Shares That May Yet Be Purchased Under the Plans or
Programs
|
||||
April
1, 2008 through April 30, 2008
|
3,174
|
$ 18.83
|
3,174
|
$ 567,044
|
||||
May
1, 2008 through May 31, 2008
|
3,684
|
18.15
|
3,684
|
$ 1,933,126
|
||||
June
1, 2008 through June 30, 2008
|
-
|
-
|
-
|
$ 1,933,126
|
||||
Total
|
6,858
|
$ 18.47
|
6,858
|
(a)
|
The
Company’s Annual Meeting of Shareholders was held on June 10,
2008.
|
(b)
|
The
following director was elected at the meeting to serve a three-year term
as a Class II director.
|
For
|
Withheld
Authority
|
Abstain
|
|||
|
|||||
Brooks
G. O'Neil
|
2,009,006
|
1,642
|
-
|
(c)
|
No
other matters were voted upon at the 2008 annual
meeting.
|
Exhibit
|
|
Number
|
Description of
Document
|
3.1
|
Amended
and Restated Articles of Incorporation, incorporated herein by reference
to Exhibit 3.1 and 3.2 to the Company’s Registration Statement of Form S-1
(SEC File No. 333-36391), as filed with the Securities and Exchange
Commission on September 25, 1997.
|
3.2
|
Amended
and Restated Bylaws, incorporated herein by reference to Exhibit 3.3 to
the Company’s Registration Statement on Form S-1 (SEC File No. 333-36391),
as filed with the Securities and Exchange Commission on September 25,
1997.
|
4.1
|
Reference
is made to Exhibits 3.1 and 3.2.
|
4.2
|
Specimen
Stock Certificate, incorporated herein by reference to Exhibit 4.2 to the
Company’s Registration Statement on Form S-1 (SEC File No. 333-36391), as
filed with the Securities and Exchange Commission on November 25,
1997.
|
31.1
|
Rule
13a-14(a) Certification of the Chief Executive Officer.
|
31.2
|
Rule
13a-14(a) Certification of the Chief Financial Officer.
|
32.1
|
Section
1350 Certifications of the Chief Executive Officer and the Chief Financial
Officer.
|
BIRNER DENTAL MANAGEMENT SERVICES, INC | |||
Date:
August 14, 2008
|
By:
|
/s/ Frederic W.J. Birner | |
Name:
|
Frederic W.J. Birner | ||
Title:
|
Chairman
of the Board and Chief Executive Officer
(Principal
Executive Officer)
|
||
Date:
August 14, 2008
|
By:
|
/s/ Dennis N. Genty | |
Name:
|
Dennis N. Genty | ||
Title:
|
Chief
Financial Officer, Secretary, and Treasurer
(Principal Financial and
Accounting Officer)
|
||