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MedCath Corporation Reports First Quarter Earnings
Date:2/7/2008

r's results, income from operations increased 15.6%. Adjusted EBITDA in the first quarter of fiscal 2008 increased 12.2% to $23.5 million from $20.9 million in the first quarter of fiscal 2007, which included $2.1 million attributable to HMC. Excluding this amount from prior year's results, Adjusted EBITDA increased 25.0%. Income from continuing operations was $3.3 million, or $0.15 per diluted share, in the first quarter of fiscal 2008, compared to income from continuing operations of $254,000, or $0.01 per diluted share, in the first quarter of fiscal 2007. MedCath's first quarter of fiscal 2007 income from continuing operations would have been $0.7 million, or $0.03 per diluted share, had HMC been accounted for as an equity investment in the first quarter of fiscal 2007.

MedCath's operating results for the quarter ended December 31, 2007 reflect the following items that collectively negatively impacted net revenue $0.2 million, Adjusted EBITDA $0.6 million and diluted earnings per share $0.02:

-- A $0.2 million, or net impact of $0.01 per diluted share, decrease in

net revenue and Adjusted EBITDA related to settlement of third-party

cost reports during the quarter, and

-- A $0.4 million, or net impact of $0.01 per diluted share, decrease in

Adjusted EBITDA related to senior management severance expense and

higher professional fees incurred for implementation of the Company's

business continuity plan during the quarter.

MedCath's first quarter of fiscal 2007 results were negatively impacted by a $2.7 million reduction in net revenue and Adjusted EBITDA and a $3.7 million, or $0.18 per diluted share, reduction in income from continuing operations.

Share-based compensation expense totaled $3.7 million, or $0.12 per diluted share, in the first quarter of fiscal 2008, compared to $1.0 million, or $0.03 per diluted share, in the first quarter of fiscal 2007. Pre-opening expenses totale
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SOURCE MedCath Corporation
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