Japanese Broker Sells Its Shares in American Health Services Corp.

NEWPORT BEACH — Cosmo Securities, a Japanese securities broker, has sold its entire 9.7% stake, or 600,000 common shares, in American Health Services Corp., according to a federal filing.

Clark Underwood, chief financial officer for American Health Services, said Cosmo acquired the stock from another individual who offered it to the company as collateral on a loan. He said he was unaware of any internal development at American Health that would have prompted the sale. The firm owns medical laboratories and outpatient clinics.

Cosmo sold the shares Sept. 6 for an undisclosed sum, according to a Securities and Exchange Commission filing. American Health stock recently has been trading at just under $1.50 per share.

In early August, S. Lewis Meyer resigned as president and chief executive of the company. The company named E. Larry Atkins, executive vice-president and chief operating officer, to replace Meyer.

American Health Services reported earnings of $325,508 for its first quarter ended March 31, up from $106,666 for the corresponding period in 1989. Revenues rose 30% to $7.4 million from $5.7 million.