Navigation Links
IHHI Announces Second Quarter Earnings
Date:11/16/2007

SANTA ANA, Calif., Nov. 16 /PRNewswire-FirstCall/ -- Integrated Healthcare Holdings, Inc. ("IHHI") (OTC Bulliten Board: IHCH), the operator of four Orange County, California hospitals, has reported its financial results for the second quarter ended September 30, 2007.

Second Quarter Results

IHHI reported consolidated net operating revenues of $95.4 million for the three months ended September 30, 2007, an increase of $10.1 million, or 11.8%, from the comparable period in 2006. Operating income for the three months ended September 30, 2007 was $4.1 million compared to an operating loss of $4.6 million for the same period in 2006. The consolidated net income for the three months ended September 30, 2007 was $1.1 million, or $0.01 per share, versus a net loss of $7.0 million, or $0.08 per share, during the same period of 2006. The net loss for the same period in 2006 was $7.8 million before recognition of the change in fair value of derivative (this is a non-GAAP measure).

For the six months ended September 30, 2007, IHHI reported consolidated net operating revenues of $182.2 million, an increase of $5.9 million, or 3.3%, from the comparable period in 2006. Operating income for the six months ended September 30, 2007 was $1.3 million compared to an operating loss of $3.6 million for the same period in 2006. The consolidated net loss for the six months ended September 30, 2007 was $4.7 million, or $0.04 per share, versus $4.8 million, or $0.06 per share, during the same period of 2006. The net loss for the same period in 2006 was $9.9 million before recognition of the change in fair value of derivative, representing a significant improvement in operating results during 2007 (this is a non-GAAP measure).

IHHI management evaluates and makes operating decisions using various performance measures. In addition to GAAP results, we also consider other measures, such as "adjusted" EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP term.

Our adjusted EBITDA for the three months ended September 30, 2007 was $4.9 million, an increase of $8.8 million from adjusted EBITDA of ($3.9) million for the same period in 2006. Our adjusted EBITDA for the six months ended September 30, 2007 was $2.9 million, an increase of $5.2 million from adjusted EBITDA of ($2.3) million for the same period in 2006.

Bruce Mogel, IHHI CEO, stated, "We are gratified to report the result of considerable progress moving these operations to a fiscally sound basis. This was the result of concerted efforts by our facility personnel and increasingly supportive medical staff and community."

Management attributes the improved operating results to a series of cost control and revenue enhancement initiatives which it monitors with each affiliate hospital on a weekly basis. During the three months ended September 30, 2007 and 2006, IHHI received $3.0 million and $0, respectively, in supplemental funding for indigent care, and $3.0 million and $3.5 million during the six months ended September 30, 2007 and 2006, respectively. Such supplemental fundings may or may not occur in future periods. Management commented further that the improved operating results do not yet reflect the reduced borrowing costs resulting from its refinancing efforts which took effect on October 9, 2007. The results of the refinancing are expected to be displayed in the Company's future results.

Forward Looking Statements

Statements in this press release regarding the business of IHHI which are not historical in nature are "forward-looking statements." Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed or projected. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Actual results may differ materially from those anticipated, estimated, or projected in the forward-looking statements due to various risks and uncertainties, including those discussed in our Annual Report on Form 10-K for the year ended March 31, 2007 under the caption "Risk Factors." Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. IHHI assumes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.


'/>"/>
SOURCE Integrated Healthcare Holdings, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
2. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
3. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
4. HEI, Inc. Announces Sale of RFID Division Assets
5. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
6. Mettler-Toledo International Inc. Announces Webcast of Presentation at Thomas Weisel Partners 2007 Healthcare Conference
7. Z Trim Announces Revocation of Gregory Halpern Severence Agreement
8. Brooke Franchise Corporation Announces Selected July Results
9. Manor Care, Inc. Announces Record Date for Special Stockholder Meeting
10. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
11. Planet Technologies Announces Agreement to Acquire Antigen Laboratories
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... ... PurhealthRX , a leading Health and Nutrition Company, is announcing the ... spectrum CBD oil will revolutionize the rapidly growing CBD market by reducing the amount ... into liquid products, while reducing costs to end users. , The team of researchers ...
(Date:10/13/2017)... ... ... Lori R. Somekh, founder of the Law Office of Somekh & ... and special needs planning attorneys. “Membership in ElderCounsel helps our office remain up to ... with elder law attorneys nationwide,” said Somekh. , ElderCounsel was founded ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term ... long-term care insurance companies have a waiver for care if the client has a ... when the family pays for care, is often waived, so the benefits from their ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Ellevate Network, the ... business to advocate for action towards gender equality at their inaugural Summit in New ... the globe, and reached a social audience of over 3 million. To watch the ...
(Date:10/13/2017)... ... ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh, has released ... understood books in the Holy Scriptures, Revelation. The Book of Revelation paints a picture ... Many have tossed it off as mere rubbish, but Yisrayl Hawkins says that is ...
Breaking Medicine News(10 mins):
(Date:10/5/2017)... Oct. 5, 2017  In response to the ... and Maxillofacial Surgeons (AAOMS) released prescribing recommendations that ... be used as a first-line therapy to manage ... Recognizing the value and ... Paper "Opioid Prescribing: Acute and Postoperative Pain Management" ...
(Date:10/4/2017)... Oct. 4, 2017 OBP Medical ... illuminating medical devices, today announced regulatory approval from ... Agency (or Agência Nacional de Vigilância Sanitária (ANVISA)) ... cordless surgical retractor with integrated LED light source ... illumination and exposure of a tissue pocket or ...
(Date:10/2/2017)... -- AllianceRx Walgreens Prime, the combined central specialty pharmacy and ... manager Prime Therapeutics LLC (Prime), today officially began the ... of new signage at its headquarters in ... few other company-owned facilities across the country. This also ... whom will begin to see the AllianceRx Walgreens Prime ...
Breaking Medicine Technology: