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

d $0.2 million, or $0.01 per diluted share, in the first quarter of fiscal 2008. MedCath did not incur pre-opening expenses in the first quarter of fiscal 2007. Adjusted EBITDA in this release does not include share-based compensation expense or pre-opening expenses, but these expenses are included as a component of income from continuing operations.

"We experienced a strong start to fiscal 2008, driven by strategic and operating initiatives upon which we embarked two years ago and that are the foundation for our successes in this and previous quarters," said O. Edwin French, MedCath's president and chief executive officer. "Our hospitals had strong inpatient and outpatient volumes, and our operating initiatives allowed us to expand our Adjusted EBITDA and increase our EPS during the quarter."

Operating Statistics and Cash Flow

Same facility hospital adjusted admissions for the first quarter of fiscal 2008 increased 6.4% from the first quarter of the previous fiscal year. Same facility hospital net revenue increased 4.6% after adjusting first quarter of 2007's revenue for a reimbursement adjustment that reduced net revenue by $2.7 million. Net cash provided by operating activities of continuing operations for the first quarter of fiscal 2008 was $0.7 million, down from $11.4 million for the first quarter of fiscal 2007. This decrease was due to the payment of a previously announced $5.8 million settlement between one of MedCath's hospitals and the United States Department of Justice and a $9.2 million increase in cash tax payments during the first quarter of fiscal 2008 in comparison to the first quarter of fiscal 2007.

Capital expenditures, including $4.6 million in expenditures related to MedCath's growth initiatives, totaled $14.3 million in the first quarter of fiscal 2008 in comparison to $3.5 million in the first quarter of fiscal 2007.

Use of Non-GAAP Financial Measures

This release contains measures of MedCath's hist
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SOURCE MedCath Corporation
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