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MedCath Corporation Reports First Quarter Earnings
Date:2/4/2009

CHARLOTTE, N.C., Feb. 4 /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 its operating results for its first quarter of fiscal 2009, which ended December 31, 2008.

    Highlights

    -- Net revenue up 4.4% compared with first quarter of fiscal 2008

    -- Adjusted EBITDA of $17.2 million

    -- Operating cash flow from continuing operations of $18.2 million

    -- EPS from continuing operations of ($0.08); or $0.18, excluding loss on
       debt refinancing, pre-opening expenses and share-based compensation
       expense

First Quarter 2009 Results

MedCath's reported net revenue increased 4.4% to $153.1 million in the first quarter of fiscal 2009 from $146.7 million in the first quarter of fiscal 2008. Income from operations decreased to $7.9 million from $9.5 million in the first quarter of fiscal 2008 and Adjusted EBITDA decreased to $17.2 million from $21.0 million in the same period of the prior year. MedCath's income (loss) from continuing operations was ($1.6) million, or ($0.08) per diluted share, in the first quarter of fiscal 2009 compared to $2.3 million, or $0.11 per diluted share, in the first quarter of fiscal 2008.

MedCath's operating results for the first quarter of fiscal 2009 include a $7.0 million, or $0.23 per diluted share, decrease in income from continuing operations related to loss on early extinguishment of debt incurred from the company's entering into a new credit facility in November 2008 and the repurchase of all of the company's outstanding 9-7/8% Senior Notes in December 2008. MedCath anticipates that the repurchase of the Senior Notes will be $0.19 accretive to its annual earnin
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SOURCE MedCath Corporation
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