Navigation Links
MedCath Corporation Announces Completion of Sale of Equity Interest in Joint Venture
Date:1/5/2009

CHARLOTTE, N.C., Jan. 5 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services, predominately the diagnosis and treatment of cardiovascular disease, today announced the completion of the sale of its ownership in a joint venture in its MedCath Partners division. MedCath had previously indicated during its fourth quarter earnings call on November 13, 2008, that its partner had provided notification of its intent to acquire MedCath's ownership in the joint venture, as allowed in the joint venture's operating agreement following the venture's 10th anniversary. The sale was completed December 31, 2008.

MedCath received $6.9 million in cash for its 51% ownership interest in the joint venture. For the twelve month period ended September 30, 2008, the joint venture contributed $11.2 million in net revenue, $3.3 million in Adjusted EBITDA and $1.6 million in minority interest expense to MedCath's consolidated earnings. MedCath will continue to provide certain medical equipment to its former partner via a long-term lease, which will contribute $0.7 million in net revenue and Adjusted EBITDA annually. MedCath intends to use the proceeds from the sale for general corporate purposes.

Use of Non-GAAP Financial Measures

This release contains measures of MedCath's historical financial performance that are not calculated and presented in conformity with generally accepted accounting principles ("GAAP"), including Adjusted EBITDA. Adjusted EBITDA represents MedCath's income from continuing operations before interest expense; interest and other income, net; income tax expense; depreciation; amortization; share-based compensation expense; pre-opening expenses; loss on disposal of property, equipment and other assets; loss on early extinguishment of debt; equity in net earnings of unconsolidated affiliates; and minority interest share of earnings of consolidated subsidiaries. MedCath's management uses Adjusted EBITDA to measure the performance of the company's various operating entities, to compare actual results to historical and budgeted results, and to make capital allocation decisions. Management provides Adjusted EBITDA to investors to assist them in performing their analyses of MedCath's historical operating results. Further, management believes that many investors in MedCath also invest in, or have knowledge of, other healthcare companies that use Adjusted EBITDA as a financial performance measure. Because Adjusted EBITDA is a non-GAAP measure, Adjusted EBITDA, as defined above, may not be comparable to other similarly titled measures of other companies.

MedCath Corporation, headquartered in Charlotte, N.C., is a healthcare provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates nine hospitals with a total of 676 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota, and Texas. MedCath is in the process of developing its tenth hospital, which is anticipated to open in fall 2009, in Kingman, Ariz. In addition, MedCath and its subsidiary MedCath Partners provide services in diagnostic and therapeutic facilities in various states.


'/>"/>
SOURCE MedCath Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. MedCath Corporation Reports Fourth Quarter Earnings and Outlook for Fiscal 2008
2. MedCath Corporation to Present at the BMO Capital Markets 2007 Focus on Healthcare Conference
3. MedCath Corporation to Present at the 26th Annual JPMorgan Healthcare Conference
4. MedCath Corporation to Hold Conference Call on First Quarter Results
5. MedCath Corporation Reports First Quarter Earnings
6. MedCath Plans 60-bed Expansion at TexSAn Heart Hospital
7. MedCath Announces Venture With Two New Jersey Hospitals
8. MedCath Corporation to Present at the Raymond James 29th Annual Institutional Investors Conference
9. MedCath Corporation to Present at the Citi 2008 Small and Mid-Cap Conference
10. MedCath Enters Definitive Agreement to Sell Dayton Heart Hospital to Good Samaritan Hospital-Dayton
11. MedCath Announces Acquisition of Ownership in Arizona Cath Lab
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... ... February 24, 2017 , ... ... it is so critically important that we all are aware of our options ... Mediaplanet is proud to announce the launch of its newest edition of "Vision ...
(Date:2/24/2017)... ... February 24, 2017 , ... Yisrayl Hawkins, Pastor and ... Bible Prophecy concerning this present generation. Yisrayl makes an astounding statement when he ... He explains that the Bible details the current times so plainly that anyone ...
(Date:2/24/2017)... ... February 24, 2017 , ... Congratulations to Head ... division on February 12th. Ms. Esparza qualified into this prestigious status after ... held in Las Vegas, Nevada. Frida is one of approximately 25 gymnasts in ...
(Date:2/23/2017)... ... 2017 , ... The Lymphoma Research Foundation (LRF) – the ... the lymphoma community through a comprehensive series of education programs, outreach initiatives and ... Beach to host its Swirl: Miami Wine Tasting Event on March 28, 2017. ...
(Date:2/23/2017)... ... 23, 2017 , ... Rosica Communications, a national PR ... media management, corporate communications, SEO and cause marketing, is opening an office in ... Hampshire, Massachusetts and Canada, Rosica will focus on expanding its footprint. , ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... Feb. 23, 2017 ITL Limited, ( ASX: ITD ), ... for the half year ended 31 December 2016 compared with the ... presentation can be viewed here . Highlights ... $1.04m; up 104%) Earnings per share of 2.2 ... of $17.5m (Dec 2015: $15.7m; up 11%) Profit ...
(Date:2/23/2017)... Research and Markets has announced the addition of the "Menopause ... ... Drugs Price Analysis and Strategies - 2016, provides drug pricing data and ... questions: What are the key drugs marketed ... Global Menopause market? What are the unit prices and ...
(Date:2/23/2017)... Research and Markets has announced the addition of the "Oesophageal ... their offering. ... The latest research Oesophageal Cancer Drugs Price Analysis and Strategies - ... Cancer market. The research answers the following questions: ... Oesophageal Cancer and their clinical attributes? How are they positioned in ...
Breaking Medicine Technology: