x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
|
o
|
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)
|
Class
|
Shares Outstanding as of November 10, 2009
|
|
Common
Stock, without par value
|
1,867,591
|
|
Page
|
|
PART I - FINANCIAL
INFORMATION
|
||
Item 1. |
Financial
Statements
|
|
Condensed
Consolidated Balance Sheets as of December 31, 2008
and September 30, 2009 (Unaudited) |
3
|
|
|
||
Unaudited
Condensed Consolidated Statements of Income for the Quarters and Nine
Months
Ended September 30, 2008 and 2009 |
4
|
|
Unaudited
Condensed Consolidated Statements of Shareholders’ Equity
and
Comprehensive Income as of September 30, 2009 |
5
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows for the Nine
Months
Ended September 30, 2008 and 2009 |
6
|
|
|
||
Unaudited
Notes to Condensed Consolidated Financial Statements
|
8
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
Item
4.
|
Controls
and Procedures
|
25
|
PART II - OTHER INFORMATION
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
26
|
Item
6.
|
Exhibits
|
27
|
Signatures |
28
|
December
31,
|
September
30,
|
|||||||
2008
|
2009
|
|||||||
**
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 1,234,991 | $ | 884,845 | ||||
Accounts
receivable, net of allowance for doubtful accounts of $290,688 and
$303,316, respectively
|
2,875,732 | 3,085,304 | ||||||
Deferred
tax asset
|
195,091 | 305,183 | ||||||
Prepaid
expenses and other assets
|
418,653 | 445,265 | ||||||
Total
current assets
|
4,724,467 | 4,720,597 | ||||||
PROPERTY
AND EQUIPMENT, net
|
3,887,919 | 3,161,433 | ||||||
OTHER
NONCURRENT ASSETS:
|
||||||||
Intangible
assets, net
|
10,621,918 | 10,360,067 | ||||||
Deferred
charges and other assets
|
160,289 | 152,885 | ||||||
Total
assets
|
$ | 19,394,593 | $ | 18,394,982 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Accounts
payable
|
$ | 1,551,851 | $ | 1,881,568 | ||||
Accrued
expenses
|
1,462,258 | 1,672,479 | ||||||
Accrued
payroll and related expenses
|
1,714,550 | 2,045,286 | ||||||
Income
taxes payable
|
371,569 | 290,009 | ||||||
Current
maturities of long-term debt
|
920,000 | 920,000 | ||||||
Total
current liabilities
|
6,020,228 | 6,809,342 | ||||||
LONG-TERM
LIABILITIES:
|
||||||||
Deferred
tax liability, net
|
618,913 | 614,114 | ||||||
Long-term
debt, net of current maturities
|
5,988,202 | 3,217,683 | ||||||
Other
long-term obligations
|
259,678 | 251,743 | ||||||
Total
liabilities
|
12,887,021 | 10,892,882 | ||||||
SHAREHOLDERS'
EQUITY:
|
||||||||
Preferred
Stock, no par value, 10,000,000 shares authorized; none
outstanding
|
- | - | ||||||
Common
Stock, no par value, 20,000,000 shares authorized; 1,863,587
and 1,865,824 shares issued and outstanding,
respectively
|
- | 101,924 | ||||||
Treasury
Stock purchased in excess of Common Stock basis
|
(266,786 | ) | - | |||||
Retained
earnings
|
6,817,449 | 7,428,424 | ||||||
Accumulated
other comprehensive loss
|
(43,091 | ) | (28,248 | ) | ||||
Total
shareholders' equity
|
6,507,572 | 7,502,100 | ||||||
Total
liabilities and shareholders' equity
|
$ | 19,394,593 | $ | 18,394,982 |
Quarters Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
NET
REVENUE:
|
$ | 8,763,895 | $ | 8,496,084 | $ | 26,504,119 | $ | 26,423,323 | ||||||||
DIRECT
EXPENSES:
|
||||||||||||||||
Clinical
salaries and benefits
|
2,351,310 | 2,376,929 | 7,510,984 | 7,374,481 | ||||||||||||
Dental
supplies
|
627,377 | 580,022 | 1,845,599 | 1,703,935 | ||||||||||||
Laboratory
fees
|
693,809 | 651,501 | 2,085,682 | 1,973,718 | ||||||||||||
Occupancy
|
1,213,074 | 1,235,905 | 3,601,979 | 3,669,972 | ||||||||||||
Advertising
and marketing
|
105,227 | 138,870 | 331,775 | 322,631 | ||||||||||||
Depreciation
and amortization
|
623,199 | 601,545 | 1,826,232 | 1,831,537 | ||||||||||||
General
and administrative
|
1,192,403 | 1,160,913 | 3,629,391 | 3,456,683 | ||||||||||||
6,806,399 | 6,745,685 | 20,831,642 | 20,332,957 | |||||||||||||
Contribution
from dental offices
|
1,957,496 | 1,750,399 | 5,672,477 | 6,090,366 | ||||||||||||
CORPORATE
EXPENSES:
|
||||||||||||||||
General
and administrative
|
975,006 |
(1)
|
1,049,806 |
(1)
|
2,805,315 |
(2)
|
3,212,726 |
(2)
|
||||||||
Depreciation
and amortization
|
25,519 | 21,170 | 72,173 | 65,720 | ||||||||||||
Operating
income
|
956,971 | 679,423 | 2,794,989 | 2,811,920 | ||||||||||||
Interest
expense, net
|
63,819 | 49,160 | 199,817 | 118,513 | ||||||||||||
Income
before income taxes
|
893,152 | 630,263 | 2,595,172 | 2,693,407 | ||||||||||||
Income
tax expense
|
393,005 | 264,713 | 1,127,270 | 1,131,231 | ||||||||||||
Net
income
|
$ | 500,147 | $ | 365,550 | $ | 1,467,902 | $ | 1,562,176 | ||||||||
Net
income per share of Common Stock - Basic
|
$ | 0.25 | $ | 0.20 | $ | 0.71 | $ | 0.84 | ||||||||
Net
income per share of Common Stock - Diluted
|
$ | 0.24 | $ | 0.19 | $ | 0.69 | $ | 0.82 | ||||||||
Cash
dividends per share of Common Stock
|
$ | 0.17 | $ | 0.17 | $ | 0.51 | $ | 0.51 | ||||||||
Weighted
average number of shares of Common Stock and dilutive
securities:
|
||||||||||||||||
Basic
|
1,992,821 | 1,872,924 | 2,070,157 | 1,863,054 | ||||||||||||
Diluted
|
2,045,245 | 1,914,748 | 2,141,674 | 1,896,252 |
(1)
|
Corporate
expense - general and administrative includes $186,306 related to
stock-based compensation expense in the quarter ended September 30, 2008,
and $245,485 related to total stock-based compensation expense
in the quarter ended September 30, 2009, of which $163,693 related to ASC
Topic 718 expense (stock option expense) and $81,792 related to a long
term incentive program.
|
(2)
|
Corporate
expense - general and administrative includes $544,337 related to
stock-based compensation expense in the nine months ended September 30,
2008, and $662,370 related to total stock-based compensation expense in
the nine months ended September 30, 2009, of which $498,786 related to ASC
Topic 718 expense (stock option expense) and $163,584 related to a long
term incentive program.
|
Treasury Stock Purchased in | ||||||||||||||||||||||||
Common
Stock
|
excess
of Common Stock
|
Comprehensive
|
|
Shareholders'
|
||||||||||||||||||||
Shares
|
Amount
|
Basis
|
Income
|
Retained Earnings
|
Equity
|
|||||||||||||||||||
BALANCES,
December 31, 2008
|
1,863,587 | $ | - | $ | (266,786 | ) | $ | (43,091 | ) | $ | 6,817,449 | $ | 6,507,572 | |||||||||||
Common
Stock options exercised
|
49,333 | 101,924 | 311,473 | - | - | 413,397 | ||||||||||||||||||
Purchase
and retirement of Common Stock
|
(47,096 | ) | - | (705,834 | ) | - | (705,834 | ) | ||||||||||||||||
Tax
effect of Common Stock options exercised
|
- | (1,223 | ) | - | - | (1,223 | ) | |||||||||||||||||
Dividends
declared on Common Stock
|
- | - | - | - | (951,201 | ) | (951,201 | ) | ||||||||||||||||
Stock-based
compensation expense
|
- | - | 662,370 | - | 662,370 | |||||||||||||||||||
Other
comprehensive income
|
- | - | - | 14,843 | - | 14,843 | ||||||||||||||||||
Net income, nine months ended September 30, 2009
|
- | - | - | 1,562,176 | 1,562,176 | 1,562,176 | ||||||||||||||||||
Comprehensive
income
|
1,577,019 | |||||||||||||||||||||||
BALANCES,
September 30, 2009
|
1,865,824 | $ | 101,924 | $ | - | $ | (28,248 | ) | $ | 7,428,424 | $ | 7,502,100 |
Nine Months Ended
September 30,
|
||||||||
2008
|
2009
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 1,467,902 | $ | 1,562,176 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
1,898,405 | 1,897,257 | ||||||
Stock
compensation expense
|
544,337 | 662,370 | ||||||
Loss
on disposition of property
|
885 | - | ||||||
Provision
for doubtful accounts
|
559,375 | 431,047 | ||||||
Provision
for deferred income taxes
|
73,345 | (114,891 | ) | |||||
Changes
in assets and liabilities net of effects from
acquisitions:
|
||||||||
Accounts
receivable
|
(821,943 | ) | (640,619 | ) | ||||
Prepaid
expenses and other assets
|
78,989 | (26,612 | ) | |||||
Deferred
charges and other assets
|
10,254 | 7,405 | ||||||
Accounts
payable
|
(263,901 | ) | 329,717 | |||||
Accrued
expenses
|
(87,741 | ) | 223,817 | |||||
Accrued
payroll and related expenses
|
657,697 | 330,736 | ||||||
Income
taxes payable
|
429,759 | (81,561 | ) | |||||
Other
long-term obligations
|
(3,712 | ) | (7,935 | ) | ||||
Net
cash provided by operating activities
|
4,543,651 | 4,572,907 | ||||||
CASH
FLOWS USED IN INVESTING ACTIVITIES:
|
||||||||
Capital
expenditures
|
(671,033 | ) | (558,919 | ) | ||||
Development
or acquisition of new dental centers
|
(367,977 | ) | (350,000 | ) | ||||
Net
cash used in investing activities
|
(1,039,010 | ) | (908,919 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Advances
– line of credit
|
18,476,809 | 9,908,874 | ||||||
Repayments
– line of credit
|
(16,917,162 | ) | (11,989,394 | ) | ||||
Repayments
– Term Loan
|
(690,000 | ) | (690,000 | ) | ||||
Proceeds
from exercise of Common Stock options
|
293,788 | 413,397 | ||||||
Purchase
and retirement of Common Stock
|
(3,880,517 | ) | (705,834 | ) | ||||
Tax
benefit of Common Stock options exercised
|
2,579 | (1,224 | ) | |||||
Common
Stock cash dividends
|
(1,035,844 | ) | (949,953 | ) | ||||
Net
cash used in financing activities
|
(3,750,347 | ) | (4,014,134 | ) | ||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(245,706 | ) | (350,146 | ) | ||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
964,150 | 1,234,991 | ||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 718,444 | $ | 884,845 |
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2008
|
2009
|
|||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash
paid during the year for interest
|
$ | 245,548 | $ | 149,507 | ||||
Cash
paid during the year for income taxes
|
$ | 621,586 | $ | 1,328,907 | ||||
NON-CASH
ITEM:
|
||||||||
Gain
recognized on interst rate swap (net of taxes)
|
$ | 8,473 | $ | 14,843 |
(1)
|
UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL
STATEMENTS
|
(2)
|
SIGNIFICANT ACCOUNTING
POLICIES
|
(3)
|
EARNINGS PER
SHARE
|
Quarters Ended September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
|||||||||||||||||||||||
Income
|
Shares
|
Per Share
Amount
|
Income
|
Shares
|
Per Share
Amount
|
|||||||||||||||||||
Basic
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 500,147 | 1,992,821 | $ | 0.25 | $ | 365,550 | 1,872,924 | $ | 0.20 | ||||||||||||||
Effect
of dilutive shares of Common Stock from stock options and
warrants
|
- | 52,424 | (0.01 | ) | - | 41,824 | (0.01 | ) | ||||||||||||||||
Diluted
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 500,147 | 2,045,245 | $ | 0.24 | $ | 365,550 | 1,914,748 | $ | 0.19 |
Nine Months Ended September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
|||||||||||||||||||||||
Income
|
Shares
|
Per Share
Amount
|
Income
|
Shares
|
Per Share
Amount
|
|||||||||||||||||||
Basic
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 1,467,902 | 2,070,157 | $ | 0.71 | $ | 1,562,176 | 1,863,054 | $ | 0.84 | ||||||||||||||
Effect
of dilutive shares of Common Stock from stock options and
warrants
|
- | 71,517 | (0.02 | ) | - | 33,198 | (0.02 | ) | ||||||||||||||||
Diluted
EPS:
|
||||||||||||||||||||||||
Net
income available to shares of Common Stock
|
$ | 1,467,902 | 2,141,674 | $ | 0.69 | $ | 1,562,176 | 1,896,252 | $ | 0.82 |
(4)
|
STOCK-BASED
COMPENSATION PLANS
|
Quarters Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Valuation Assumptions
|
2008
|
2009 (5)
|
2008
|
2009
|
||||||||||||
Expected
life (1)
|
3.1 | - | 4.0 | 3.2 | ||||||||||||
Risk-free
interest rate (2)
|
2.30 | % | - | 2.28 | % | 1.30 | % | |||||||||
Expected
volatility (3)
|
63 | % | - | 58 | % | 69 | % | |||||||||
Expected
dividend yield
|
5.00 | % | - | 3.39 | % | 6.33 | % | |||||||||
Expected
Forteiture (4)
|
9.39 | % | - | 2.70 | % | 4.97 | % |
(1)
|
The
expected life, in years, of stock options is estimated based on historical
experience.
|
(2)
|
The
risk-free interest rate is based on U.S. Treasury bills whose term is
consistent with the expected life of the stock
options.
|
(3)
|
The
expected volatility is estimated based on historical and current stock
price data for the Company.
|
(4)
|
Forfeitures
of options granted prior to the Company’s adoption of ASC Topic 718 on
January 1, 2006 are recorded as they occur. Forfeitures of options granted
since the Company’s adoption of ASC Topic 718 are estimated based on
historical experience.
|
(5)
|
The
Company did not issue any options during the quarter ended September 30,
2009.
|
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, 2008
|
466,516 | $ | 15.55 | $7.88 - $21.85 | 3.8 | $ | 273 | |||||||||||||
Granted
|
19,000 | $ | 10.75 | $10.75 - $10.75 | ||||||||||||||||
Exercised
|
(49,333 | ) | $ | 8.38 | $7.88 - $14.81 | |||||||||||||||
Forfeited
|
(30,500 | ) | $ | 16.76 | $11.50 - $21.75 | |||||||||||||||
Outstanding
at September 30, 2009
|
405,683 | $ | 16.10 | $9.66 - $21.85 | 3.4 | $ | 777 | |||||||||||||
Exercisable
at September 30, 2009
|
246,055 | $ | 15.81 | $9.66 - $21.85 | 2.3 | $ | 505 |
(5)
|
LONG TERM INCENTIVE
PROGRAM
|
(6)
|
DIVIDENDS
|
Date Dividend Paid
|
Quarterly Dividend Paid
per Share
|
|||
April
9, 2004; July 9, 2004; October 8, 2004; January 14, 2005
|
0.0375 | |||
April
8, 2005; July 8, 2005; October 14, 2005; January 13, 2006
|
0.10 | |||
April
14, 2006; July 14, 2006; October 13, 2006; January 12,
2007
|
0.13 | |||
April
13, 2007; July 13, 2007; October 12, 2007; January 11,
2008
|
0.15 | |||
April
11, 2008; July 11, 2008; October 10, 2008; January 9, 2009
|
0.17 | |||
April
10, 2009; July 10, 2009; October 9, 2009
|
0.17 |
(7)
|
LINE OF
CREDIT
|
(8)
|
TERM
LOAN
|
(9)
|
ACQUISITIONS
|
(10)
|
SUBSEQUENT
EVENTS
|
(11)
|
OTHER
|
Quarters
|
Nine Months
|
|||||||||||||||
Ended September 30,
|
Ended September 30,
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
RECONCILIATION
OF ADJUSTED EBITDA:
|
||||||||||||||||
Net
income
|
$ | 500,147 | $ | 365,550 | $ | 1,467,902 | $ | 1,562,176 | ||||||||
Add
back:
|
||||||||||||||||
Depreciation
and amortization - Offices
|
623,199 | 601,545 | 1,826,232 | 1,831,537 | ||||||||||||
Depreciation
and amortization - Corporate
|
25,519 | 21,170 | 72,173 | 65,720 | ||||||||||||
Stock-based
compensation expense
|
186,306 | 245,485 | 544,337 | 662,370 | ||||||||||||
Interest
expense, net
|
63,819 | 49,160 | 199,817 | 118,513 | ||||||||||||
Income
tax expense
|
393,005 | 264,713 | 1,127,270 | 1,131,231 | ||||||||||||
Adjusted
EBITDA
|
$ | 1,791,995 | $ | 1,547,623 | $ | 5,237,731 | $ | 5,371,547 |
Quarters Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
Total
dental group practice revenue
|
$ | 14,976,112 | $ | 14,690,693 | $ | 45,146,842 | $ | 45,248,436 | ||||||||
Less
- amounts retained by dental Offices
|
(6,212,217 | ) | (6,194,609 | ) | (18,642,723 | ) | (18,825,113 | ) | ||||||||
Net
revenue
|
$ | 8,763,895 | $ | 8,496,084 | $ | 26,504,119 | $ | 26,423,323 |
Quarters Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2008
|
2009
|
2008
|
2009
|
|||||||||||||
NET
REVENUE:
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
DIRECT
EXPENSES:
|
||||||||||||||||
Clinical
salaries and benefits
|
26.8 | % | 28.0 | % | 28.3 | % | 27.9 | % | ||||||||
Dental
supplies
|
7.2 | % | 6.8 | % | 7.0 | % | 6.4 | % | ||||||||
Laboratory
fees
|
7.9 | % | 7.7 | % | 7.9 | % | 7.5 | % | ||||||||
Occupancy
|
13.8 | % | 14.5 | % | 13.6 | % | 13.9 | % | ||||||||
Advertising
and marketing
|
1.2 | % | 1.6 | % | 1.3 | % | 1.2 | % | ||||||||
Depreciation
and amortization
|
7.1 | % | 7.1 | % | 6.9 | % | 6.9 | % | ||||||||
General
and administrative
|
13.6 | % | 13.7 | % | 13.7 | % | 13.1 | % | ||||||||
77.7 | % | 79.4 | % | 78.6 | % | 77.0 | % | |||||||||
Contribution
from dental offices
|
22.3 | % | 20.6 | % | 21.4 | % | 23.0 | % | ||||||||
CORPORATE
EXPENSES:
|
||||||||||||||||
General
and administrative
|
11.1 | % | 12.4 | % | 10.6 | % | 12.2 | % | ||||||||
Depreciation
and amortization
|
0.3 | % | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||
Operating
income
|
10.9 | % | 8.0 | % | 10.5 | % | 10.6 | % | ||||||||
Interest
expense
|
0.7 | % | 0.6 | % | 0.8 | % | 0.4 | % | ||||||||
Income
before income taxes
|
10.2 | % | 7.4 | % | 9.8 | % | 10.2 | % | ||||||||
Income
tax expense
|
4.5 | % | 3.1 | % | 4.3 | % | 4.3 | % | ||||||||
Net
income
|
5.7 | % | 4.3 | % | 5.5 | % | 5.9 | % |
Payments due by Period
|
||||||||||||||||||||
Total
|
Less than 1
year
|
1-3 years
|
3-5 years
|
More than 5
years
|
||||||||||||||||
Debt
obligations
|
$ | 4,137,683 | $ | 920,000 | $ | 3,217,683 | $ | - | $ | - | ||||||||||
Operating
lease obligations
|
7,647,291 | 2,941,528 | 3,548,219 | 1,154,236 | 3,309 | |||||||||||||||
Total
|
$ | 11,784,974 | $ | 3,861,528 | $ | 6,765,902 | $ | 1,154,236 | $ | 3,309 |
Period
|
Total Number
Of Shares
Purchased
|
Average Price
Paid per Share
|
Total Number
Of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs (1)
|
Approximate
Dollar Value
Of Shares That
May Yet Be
Purchased
Under the
Plans or
Programs (1)
|
||||||||||||
July
1, 2009 through July 31, 2009
|
15,623 | $ | 15.99 | 15,623 | $ | 640,697 | ||||||||||
August
1, 2009 through August 31, 2009
|
5,300 | 16.67 | 5,300 | $ | 552,328 | |||||||||||
September
1, 2009 through September 30, 2009
|
12,488 | 15.83 | 12,488 | $ | 354,646 | |||||||||||
Total
|
33,411 | $ | 16.04 | 33,411 |
(1)
|
All purchases were made on the
open market pursuant to plans that were approved by the Board of
Directors. The Company’s Board of Directors has authorized a
stock repurchase program since 2000. The maximum authorized
amounts under the program have ranged from $150,000 to $2.4
million. Most recently, in August 2008, the Board of Directors
approved up to $2.0 million of stock repurchases. As of
September 30, 2009, there was approximately $355,000 available for the
purchase of the Company’s Common Stock under these plans. There is no
expiration date on these plans. Purchases under these plans may
be made from time to time as the Company’s management deems
appropriate.
|
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 on 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: November
13, 2009
|
By:
|
/s/ Frederic W.J. Birner
|
Name:
|
Frederic
W.J. Birner
|
|
Title:
|
Chairman of the Board and Chief Executive Officer
|
|
(Principal
Executive Officer)
|
||
Date: November
13, 2009
|
By:
|
/s/ Dennis N. Genty
|
Name:
|
Dennis
N. Genty
|
|
Title:
|
Chief Financial Officer, Secretary, and Treasurer
|
|
(Principal Financial and
Accounting Officer)
|