UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 8-K/a
   Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                                  Act of 1934



      Date of Report (Date of earliest event reported): September 19, 2006


                                    PHC, Inc.
             (Exact Name of Registrant as Specified in its Charter)

                                  Massachusetts
                    (State of Incorporation or Organization)

        0-22916                                         04-2601571
(Commission File Number)                   (I.R.S. Employer Identification No.)


200 Lake Street, Suite 102, Peabody, Massachusetts              01960
 (Address of Principal Executive Offices)                     (Zip Code)


Registrant's telephone number, including area code:  (978) 536-2777

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)

[ ] Soliciting material pursuant to  Rule 14a-12 under the Exchange  Act (17 CFR
    240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4c))



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Item 2.02.  Results of Operations and Financial Condition

The registrant is providing the following information pursuant to Item 2.02. The
information  being  provided  consists of the  attached  revised  press  release
relating to the  registrants  results of operations and financial  condition for
the quarter and year ended June 30, 2006.  The text of the revised press release
is included as Exhibit 99.1 to this report.

In  preparation  of the  Company's  annual  report on 10-K the  Company  found a
miscalculation  in the  deferred  tax asset  which  resulted  in an  increase in
deferred tax benefit and related increases in total assets,  stockholders equity
and net income of $213,447 resulting in increased earnings per share of $.01.

The information furnished pursuant to this Current Report on Form 8-K (including
the  exhibits  hereto)  shall not be  considered  "filed"  under the  Securities
Exchange Act of 1934, as amended, nor shall it be incorporated by reference into
any of the registrant's filings under the Securities Act of 1933, as amended, or
under the  Securities  Exchange Act of 1934, as amended,  unless the  Registrant
expressly  states in such  filing  that  such  information  is to be  considered
"filed" or incorporated by reference therein.

Item 9.01 Financial Statements and Exhibits

      (d) The following exhibit is being furnished herewith:

Exhibit No.    Exhibit Description

     99.1      Press release text of PHC, Inc. dated October 16, 2006.



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                                    SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                             PHC, INC.


Date:  October 16, 2006                               By:  /s/ Bruce A. Shear
                                                           ___________________
                                                               Bruce A. Shear
                                                               President


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