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MedCath Corporation Reports Fourth Quarter Earnings and Outlook for Fiscal 2008
Date:11/13/2007

CHARLOTTE, N.C., Nov. 13 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services including the diagnosis and treatment of cardiovascular disease, today announced its operating results for its fourth fiscal quarter, which ended September 30, 2007.

Fourth Quarter 2007 Results

During its fourth quarter of fiscal 2007, MedCath completed the recapitalization of Harlingen Medical Center ("HMC"). As part of the recapitalization, MedCath's ownership in HMC was reduced from a majority ownership of 51.0% to a minority ownership of 36.0%. Due to this change in ownership, MedCath began accounting for HMC as an equity investment in the fiscal quarter ended September 30, 2007. As such, MedCath's fourth quarter of fiscal 2007 consolidated results exclude the net revenue, income from operations and Adjusted EBITDA of HMC. In comparison, MedCath's fourth quarter of fiscal 2006 consolidated results include the consolidated financial results of HMC. As detailed below, all or a significant portion of the reduction in MedCath's primary consolidated financial measures is due to the reclassification of HMC from a consolidated subsidiary to an equity investment.

MedCath's reported net revenue decreased 10.6% to $158.6 million in the fourth quarter of fiscal 2007 from $177.4 million in the fourth quarter of fiscal 2006, which included $16.2 million attributable to HMC. Excluding this amount from prior year's results, net revenue declined 1.6%. Income from operations decreased 9.5% to $14.2 million in the fourth quarter of fiscal 2007 from $15.7 million in the fourth quarter of fiscal 2006, which included $1.9 million attributable to HMC. Excluding this am
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SOURCE MedCath Corporation
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