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MedCath Corporation Reports First Quarter Earnings
Date:2/3/2010

CHARLOTTE, N.C., Feb 3  /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 unaudited operating results for its first quarter of fiscal 2010, which ended December 31, 2009.

First Quarter 2010 Highlights

  • Same facility hospital admissions and outpatient cases were up 2.0% and 5.8%, respectively, for the first quarter of fiscal 2010 compared to the same period of the prior year.  

  • Same facility hospital non-cardiovascular admissions increased 17% for the first quarter of 2010 compared to the same period of the prior year.  

  • Same facility hospital emergency department visits increased 14.7% in the first quarter of fiscal 2010 compared to the same period of the prior year.

References in this release to same facility results exclude the impact of Hualapai Mountain Medical Center (“HMMC”), our newest hospital located in Kingman, Arizona, for the first quarter of fiscal 2010, its first quarter of operations.  

First Quarter 2010 Results

MedCath’s net revenue for the first quarter of fiscal 2010 decreased 2.0% to $147.3 million from $150.2 million in the first quarter of fiscal 2009.  Contributing to the revenue decline was lower cases and net revenue related to cardiovascular services, primarily heart surgeries, offset by revenue from MedCath’s newest hospital and revenue growth in non-cardiovascular cases at several recently expanded hospitals.   During the quarter, non-cardiovascular inpatient net revenue represented 25% of net inpatient revenue, compared to 17% in the first quarter of 2009.  Loss from continuing operations, net of taxes was $(2.5) million, or $(0.13) per diluted share compared to $(1.9) million, or $(0.10) per diluted share, for the same period of the prior year.  Adjusted EBITDA decreased to $7.8 million for the first quarter of fiscal 2010 from $16.1 million in the same period of the prior year.  

Same Facility First Quarter 2010 Results

Same facility net revenue decreased 5.0% from $150.2 million to $142.7 million for the first quarter of fiscal 2010 compared to the same period of the prior year. Same facility loss from continuing operations, net of taxes was $(0.2) million, or $(0.01) per diluted share, compared to a loss from continuing operations, net of taxes of $(1.9) million in the first quarter of fiscal 2009, or $(0.10) per diluted share.  Same facility Adjusted EBITDA was $10.1 million for the first quarter of fiscal 2010.

“The significant increase we experienced this quarter in our non-cardiovascular related net patient revenue is indicative that expansion at several of our hospitals is providing benefit to the communities we serve as well as to our Company,” said Ed French, MedCath’s President and Chief Executive Officer. “Although we are disappointed with our core cardiovascular net patient revenue this quarter, we are encouraged by our overall increase in admissions and outpatient cases.”

Adjusted EBITDA excludes share-based compensation and pre-opening expenses, but these items are included as a component of loss from continuing operations. Share-based compensation expense totaled $0.6 million in the first quarter of fiscal 2010, or $0.02 per diluted share, compared to $1.0 million, or $0.03 per diluted share, in the first quarter of fiscal 2009. Pre-opening expenses related to the development of HMMC totaled $0.9 million, or $0.02 per diluted share, in the first quarter of fiscal 2010, compared to $0.2 million, or $0.01 per diluted share, in the first quarter of fiscal 2009.

HMMC contributed $4.6 million to net revenue, $(3.2) million to EBITDA, which includes $0.9 million of pre-opening expenses, and $(2.3) million to loss from continuing operations, net of taxes, or $(0.12) per diluted share.  

First Quarter Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital admissions in the first quarter of fiscal 2010 were 6,938, up 2.0% compared to the first quarter of fiscal 2009. Adjusted admissions totaled 10,043, up 1.7% compared with the first quarter of fiscal 2009. Same facility hospital outpatient cases totaled 16,671 in the first quarter of fiscal 2010, up 5.8% compared to the first quarter of fiscal 2009.

Total same facility uncompensated care, which includes charity care plus bad debt expense, equaled 9.6% of same facility hospital division net patient revenue before the deduction for charity care in the first quarter of fiscal 2010 versus 8.5% for the first quarter of fiscal 2009.

Net cash provided by operating activities of continuing operations for the first quarter of fiscal 2010 was $3.9 million, down from $18.9 million in the first quarter of fiscal 2009. Cash provided by operating activities for the first quarter of fiscal 2010 includes $7.3 million cash used by HMMC, MedCath’s newest hospital.  Cash paid for capital expenditures during the first quarter of fiscal 2010 totaled $9.3 million, which included $4.5 million related to maintenance expenditures and $4.8 million related to MedCath’s construction projects.  As of the first quarter of fiscal 2010, MedCath’s balance sheet included cash and cash equivalents of $22.8 million, total debt and capitalized leases of $122.2 million and total assets of $558.1 million.

Use of Non-GAAP Financial Measures

Included in the press release are certain financial measures that are not generally accepted accounting principles (“non-GAAP”), such as adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”); and adjusted diluted (loss) earnings per share from continuing operations (“Adjusted EPS”). Adjusted EBITDA represents MedCath’s loss from continuing operations, net of taxes before interest expense; loss on early extinguishment of debt; income tax benefit; depreciation; amortization; share-based compensation expense; loss on disposal of property, equipment and other assets; interest and other income; equity in net earnings of unconsolidated affiliates; net income attributable to noncontrolling interest; and pre-opening expense. Adjusted EPS represents MedCath’s diluted loss per share from continuing operations for the three months ended December 31, 2009 adjusted for share-based compensation expense and pre-opening expense. MedCath’s management uses Adjusted EBITDA to measure the performance of MedCath’s various operating entities, to compare actual results to historical and budgeted results, and to make capital allocation decisions. Further, management believes that many investors in MedCath also invest in, or have knowledge of, other healthcare companies that use Adjusted EBITDA and Adjusted EPS as a financial performance measure.

Because Adjusted EBITDA and Adjusted EPS are non-GAAP measures, Adjusted EBITDA and Adjusted EPS, as defined above, may not be comparable to other similarly titled measures of other companies. MedCath has included a supplemental schedule with the financial statements that accompanies this press release that reconciles historical Adjusted EBITDA to MedCath’s income from continuing operations and Adjusted EPS to diluted EPS from continuing operations.

Same facility non-GAAP measures are also computed as defined above with the exception that they exclude the impact of Hualapai Mountain Medical Center.

Management will discuss and answer questions regarding MedCath’s quarterly results on Thursday, February 4, 2010, during a 10 a.m. EST conference call.  In the United States, you may participate by dialing (877) 697-5351.  International callers should dial (706) 634-0602.  The conference ID for both domestic and international callers is 52092862.  A live web cast will also be available on MedCath’s web site, www.medcath.com.  This information will be available on the web site on or immediately following the conference call for 30 days.  A recorded replay of the call will be available until 11:59 p.m. EST, February 18, 2010. To access the replay, domestic callers should dial (800) 642-1687 and international callers should dial (706) 645-9291.  The archived conference ID is 52092862.  This press release and the financial information included therewith will be accessible on the web, by going to www.medcath.com, “Investor Relations,” then clicking on “News.”

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 ten hospitals with a total of 825 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota, and Texas. In addition, MedCath and its subsidiary MedCath Partners provide services in diagnostic and therapeutic facilities in various states.

Parts of this announcement contain forward-looking statements that involve risks and uncertainties. Although management believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic, regulatory and competitive uncertainties and contingencies that are difficult or impossible to predict accurately and are beyond our control including, but not limited to, enactment of changes in federal law that would limit physician hospital ownership. Actual results could differ materially from those projected in these forward-looking statements. We do not assume any obligation to update these statements in a news release or otherwise should material facts or circumstances change in ways that would affect their accuracy. The preparation of MedCath’s first quarter operating results required management to make estimates and assumptions that affect reported amounts of revenues and expenses. There is a reasonable possibility that actual results may vary significantly from those estimates.  

These various risks and uncertainties are described in detail in “Risk Factors” in MedCath’s Annual Report or Form 10-K for the year ended September 30, 2009 filed with the Securities and Exchange Commission on December 15, 2009. Copies of our filings with the Securities and Exchange Commission, including exhibits, are available at http://www.sec.gov.

    
    
                                 MEDCATH CORPORATION                    
                        CONSOLIDATED STATEMENTS OF OPERATIONS           
                        (In thousands, except per share data)           
                                     (Unaudited)                        
                                                                  
                                           Three Months Ended December 31,
                                           ------------------------------- 
                                                   2009      2008 
                                                   ----      ---- 
                                                                  
      Net revenue                              $147,260  $150,245 
      Operating expenses:                                         
        Personnel expense                        51,821    50,169 
        Medical supplies expense                 41,859    41,642 
        Bad debt expense                         11,925    11,429 
        Other operating expenses                 34,452    31,902 
        Pre-opening expenses                        866       207 
        Depreciation                              9,035     7,801 
        Amortization                                  8        30 
        Loss on disposal of property,                             
         equipment and other assets                 137        73 
                                                    ---        -- 
          Total operating expenses              150,103   143,253 
                                                -------   ------- 
      (Loss) income from operations              (2,843)    6,992 
      Other income (expenses):                                    
        Interest expense                         (1,813)   (2,857)
        Loss on early extinguishment of debt          -    (6,961)
        Interest and other income                    74       101 
        Equity in net earnings of                                 
         unconsolidated affiliates                1,516     2,065 
                                                  -----     ----- 
          Total other income (expense), net        (223)   (7,652)
                                                   ----    ------ 
      Loss from continuing operations before                      
       income taxes                              (3,066)     (660)
      Income tax benefit                         (1,539)   (1,108)
                                                 ------    ------ 
      (Loss) income from continuing operations   (1,527)      448 
      (Loss) income from discontinued                             
       operations, net of taxes                    (288)    4,921 
                                                   ----     ----- 
      Net (loss) income                          (1,815)    5,369 
      Less: Net income attributable to                            
       noncontrolling interest                     (841)   (3,123)
                                                   ----    ------ 
      Net (loss) income attributable to                           
       MedCath Corporation                      $(2,656)   $2,246 
                                                =======    ====== 
                                                                  
      Amounts attributable to MedCath 
       Corporation common stockholders:                            
        Loss from continuing operations, net                      
         of taxes                               $(2,511)  $(1,915)
        (Loss) income from discontinued                           
         operations, net of taxes                  (145)    4,161 
                                                   ----     ----- 
        Net (loss) income                       $(2,656)   $2,246 
                                                =======    ====== 
                                                                  
      (Loss) earnings per share, basic                            
        Income from continuing operations                         
         attributable to MedCath Corporation                      
         common stockholders                     $(0.13)   $(0.10)
        Income (loss) from discontinued                           
         operations attributable to MedCath                       
         Corporation common stockholders              -      0.21 
                                                    ---      ---- 
        (Loss) earnings per share, basic         $(0.13)    $0.11 
                                                 ------     ----- 
                                                                  
      (Loss) earnings per share, diluted                          
        Income from continuing operations                         
         attributable to MedCath Corporation                      
         common stockholders                     $(0.13)   $(0.10)
        Income (loss) from discontinued                           
         operations attributable to MedCath                       
         Corporation common stockholders              -      0.21 
                                                    ---      ---- 
        (Loss) earnings per share, diluted       $(0.13)    $0.11 
                                                 ------     ----- 
                                                                  
      Weighted average number of shares,                          
       basic                                     19,743    19,599 
      Dilutive effect of stock options and                        
       restricted stock                               -         - 
                                                    ---       --- 
      Weighted average number of shares,                          
       diluted                                   19,743    19,599 
                                                 ======    ====== 
    
    
    
                                 MEDCATH CORPORATION    
                            CONSOLIDATED BALANCE SHEETS 
                         (In thousands, except share data) 
                                                           
                                                           
                                                 December 31,  September 30, 
                                                     2009           2009 
                                                     ----           ---- 
                                               (Unaudited)                
      Current assets:                         
        Cash and cash equivalents                  $22,760        $32,014 
        Accounts receivable, net                    72,596         70,410 
        Income tax receivable                        1,037              - 
        Medical supplies                            18,929         18,261 
        Deferred income tax assets                  12,069         12,201 
        Prepaid expenses and other current assets   15,313         13,969 
        Current assets of discontinued operations   11,942         30,011 
                                                    ------         ------
          Total current assets                     154,646        176,866 
      Property and equipment, net                  383,850        385,926 
      Investments in affiliates                      7,931         14,055 
      Other intangible assets, net                     327            378 
      Other assets                                  11,331         13,223 
                                                    ------         ------ 
          Total assets                            $558,085       $590,448 
                                                  ========       ======== 
                                                                       
      Current liabilities:                                             
        Accounts payable                           $39,562        $40,979 
        Income tax payable                               -            642 
        Accrued compensation and benefits           16,136         18,744 
        Other accrued liabilities                   20,975         24,860 
        Current portion of long-term debt and 
         obligations under capital leases           18,279         21,243 
        Current liabilities of discontinued 
         operations                                  9,907         10,165 
                                                     -----         ------ 
          Total current liabilities                104,859        116,633 
      Long-term debt                                99,058        101,871 
      Obligations under capital leases               4,861          4,647 
      Deferred income tax liabilities               14,069         13,874 
      Other long-term obligations                    7,436          8,893 
                                                     -----          ----- 
          Total liabilities                        230,283        245,918 
                                                                         
      Noncontrolling interests - redeemable          4,297          7,448 
                                                                         
      Stockholders' equity:                                              
        Preferred stock, $0.01 par value, 
         10,000,000 shares authorized; none 
         issued                                          -              - 
        Common stock, $0.01 par value, 
         50,000,000 shares authorized;                                   
         21,654,768 issued and 20,511,874 
         outstanding at December 31, 2009;                           
         21,595,880 issued and 20,150,556 
         outstanding at September 30, 2009             216            216 
        Paid-in capital                            455,273        455,259 
        Accumulated deficit                        (94,076)       (91,420)
        Accumulated other comprehensive loss          (304)          (360)
        Treasury stock, at cost;                                        
         1,084,006 shares at December 31, 2009                           
         1,445,324 shares at September 30, 2009    (44,797)       (44,797)
                                                   -------        ------- 
          Total MedCath Corporation stockholders'
           equity                                  316,312        318,898 
      Noncontrolling interest                        7,193         18,184 
                                                     -----         ------ 
        Total equity                               323,505        337,082 
                                                   -------        ------- 
          Total liabilities and equity            $558,085       $590,448 
                                                  ========       ======== 
    
    
    
                                 MEDCATH CORPORATION    
                                SELECTED OPERATING DATA 
           (In thousands, except per share data and selected operating data) 
                                      (Unaudited)              
                                                                    
                                         Three Months Ended December 31, 
                                         ------------------------------ 
                                             2009      2008  % Change  
                                             ----      ----  --------  
                                                                       
    Statement of Operations Data:                                      
    Net revenue                          $147,260  $150,245      (2.0)% 
    Adjusted EBITDA (1)                    $7,811   $16,101     (51.5)% 
    (Loss) income from operations         $(2,843)   $6,992    (140.7)% 
    Loss from continuing operations,                                    
     net of taxes                         $(2,511)  $(1,915)    (31.1)% 
    Loss per share from continuing                                      
     operations, basic                     $(0.13)   $(0.10)    (30.0)% 
    Loss per share from continuing                                      
     operations, diluted                   $(0.13)   $(0.10)    (30.0)% 
                                                                        
    
    (1) See Supplemental Financial Disclosure--Reconciliation of GAAP 
        Financial Measures to Non-GAAP Financial Measures. 
    
    
    
                                       Three Months Ended December 31, 
                                       -------------------------------  
                                                             2009           
                                                             Same            
                                  2009      2008 % Change  Facility  % Change
                                  ----      ---- --------  --------- --------
                                                                             
    Selected Operating Data (a):                                           
    Number of hospitals              8         7                   7       
    Licensed beds ( c )            658       509                 588       
    Staffed and available 
     beds ( d )                    572       463                 502       
    Admissions ( e )             7,163     6,801    5.3%       6,938    2.0% 
    Adjusted admissions ( f )   10,497     9,874    6.3%      10,043    1.7% 
    Patient days ( g )          26,352    25,181    4.7%      25,423    1.0% 
    Adjusted patient days ( h ) 39,336    37,044    6.2%      37,526    1.3% 
    Average length of stay 
     (days) ( i )                 3.68      3.70   (0.5)%       3.66   (1.1)%
    Occupancy ( j )               50.1%     59.1%               55.0%        
    Inpatient catheterization                                                
     procedures ( k )            3,307     3,552   (6.9)%      3,265   (8.1)%
    Inpatient surgical 
     procedures ( l )            1,949     2,001   (2.6)%      1,909   (4.6)%
    Hospital net revenue      $142,346  $144,225   (1.3)%   $137,753   (4.5)%
                                                                             
    Combined Operating Data (b):                                             
    Number of hospitals             10         9                   9         
    Licensed beds ( c )            825       676                 755         
    Staffed and available 
     beds ( d )                    735       628                 665         
    Admissions ( e )             9,645     9,807   (1.7)%      9,420   (3.9)%
    Adjusted admissions ( f )   14,626    14,622    0.0%      14,172   (3.1)%
    Patient days ( g )          34,167    34,189   (0.1)%     33,238   (2.8)%
    Adjusted patient days ( h ) 52,205    51,162    2.0%      50,395   (1.5)%
    Average length of stay 
     (days) ( i )                 3.54      3.49    1.4%        3.53    1.1% 
    Occupancy ( j )               50.5%     59.2%               54.3%      
    Inpatient catheterization                                              
     procedures ( k )            3,997     4,385   (8.8)%      3,955   (9.8)%
    Inpatient surgical 
     procedures ( l )            2,490     2,622   (5.0)%      2,450   (6.6)%
    Hospital net revenue      $182,340  $185,023   (1.5)%   $177,747   (3.9)%
                                                                           
    (a)  Selected operating data includes consolidated hospitals in operation
         as of the end of the period reported in continuing operations but 
         does not include hospitals which are accounted for using the equity 
         method or as discontinued operations in our consolidated financial 
         statements.  Same facility for the three months ended December 31, 
         2009 exclude the results of Hualapai Mountain Medical Center 
    
    (b)  Combined operating data includes hospitals in operation as of the 
         end of the period reported in continuing operations including 
         hospitals which are accounted for using the equity method in our 
         consolidated financial statements.
    
    (c)  Licensed beds represent the number of beds for which the 
         appropriate state agency licenses a facility regardless of whether 
         the beds are actually available for patient use.
    
    (d)  Staffed and available beds represent the number of beds that are 
         readily available for patient use at the end of the period. 
    
    (e)  Admissions represent the number of patients admitted for inpatient 
         treatment. 
    
    (f)  Adjusted admissions is a general measure of combined inpatient and 
         outpatient volume.  We computed adjusted admissions by dividing 
         gross patient revenue by gross inpatient revenue and then 
         multiplying the quotient by admissions. 
    
    (g)  Patient days represent the total number of days of care provided to 
         inpatients. 
    
    (h)  Adjusted patient days is a general measure of combined inpatient 
         and outpatient volume.  We computed adjusted patient days by 
         dividing gross patient revenue by gross inpatient revenue and then 
         multiplying the quotient by patient days. 
    
    (i)  Average length of stay (days) represents the average number of days 
    
    (j)  We computed occupancy by dividing patient days by the number of 
         days in the period and then dividing the quotient by the number of 
         staffed and available beds.
    
    (k)  Inpatients with a catheterization procedure represent the number of 
         inpatients with a procedure performed in one of the hospitals' 
         catheterization labs during the period.        
    
    (l)  Inpatient surgical procedures represent the number of surgical 
         procedures performed on inpatients during the period.
    
    
                                 MEDCATH CORPORATION 
             SUPPLEMENTAL FINANCIAL DISCLOSURE - RECONCILIATION OF GAAP 
                   FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES    
                                      (Unaudited)  
                                           
    The following table reconciles the loss from continuing operations, net 
    of taxes attributable to MedCath Corporation's common stockholders as  
    derived directly from MedCath Corporation's consolidated financial  
    statements to Adjusted EBITDA for the three months ended December 31, 
    2009 and 2008.  
                                           
                                              Three Months Ended December 31, 
                                              ------------------------------ 
                                                         2009     2008 
                                                         ----     ---- 
                                                        (in thousands)  
                                           
    Loss from continuing operations, net of taxes     $(2,511) $(1,915)
    Add:                                   
      Income tax benefit                               (1,539)  (1,108)
      Net income attributable to noncontrolling                      
       interest                                           984    2,363 
      Equity in net earnings of unconsolidated                      
       affiliates                                      (1,516)  (2,065)
      Interest and other income                           (74)    (101)
      Loss on early extinguishment of debt                  -    6,961 
      Interest expense                                  1,813    2,857 
      Loss on disposal of property,  equipment and                       
       other assets                                       137       73 
      Amortization                                          8       30 
      Depreciation                                      9,035    7,801 
      Pre-opening expenses                                866      207 
      Share-based compensation expense                    608      998 
                                                          ---      --- 
    Adjusted EBITDA                                    $7,811  $16,101 
                                                       ======  ======= 
                                           
                                           
    The following table reconciles MedCath Corporation's diluted loss per 
    share from continuing operations, net of taxes attributable to MedCath 
    Corporations common stockholders as derived directly from MedCath's 
    consolidated financial statements to Adjusted diluted (loss) earnings 
    per share from continuing operations for the three months ended 
    December 31, 2009 and 2008. 
                                           
                                              Three Months Ended December 31, 
                                              ------------------------------- 
                                                         2009     2008 
                                                         ----     ---- 
                                           
    Diluted loss per share                             $(0.13)  $(0.10)
    Add:                                   
      Loss on debt refinancing                              -     0.22 
      Share-based compensation expense                   0.02     0.03 
      Pre-opening expense                                0.02     0.01 
                                                         ----     ---- 
    Adjusted diluted (loss) earnings per share         ($0.09)   $0.16 
                                                       ======    ===== 
                                           
                                           
    The following table reflects the calculation of adjusted free cash flow
    and adjusted free cash flow per diluted share. Free Cash Flows is 
    commonly defined as cash flows from continuing operations less capital 
    expenditures.                         
                                           
                                              Three Months Ended December 31, 
                                              ------------------------------ 
                                                         2009     2008 
                                                         ----     ---- 
                                                        (in thousands)  
                                           
     Cash flow from continuing operations              $3,878  $18,854 
       Less: Non-expansion capital expenditures         4,530    6,320 
                                                        -----    ----- 
     Free cash flow                                     $(652) $12,534 
                                                        =====  ======= 
    
    
    

SOURCE MedCath Corporation

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