MedCath Corporation Reports Fourth Quarter Earnings and Outlook for F...(sed compensation expense totaled $0.5 mi...),Health

Date:11/13/2007

sed compensation expense totaled $0.5 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2007, compared to $0.8 million, or $0.02 per diluted share, in the fourth quarter of fiscal 2006. Pre-opening expenses totaled $0.6 million, or $0.02 per diluted share, in the fourth quarter of fiscal 2007. MedCath did not incur pre-opening expenses in the fourth quarter of fiscal 2006. 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.

"Our fourth quarter brings to close a very successful fiscal 2007," said O. Edwin French, MedCath's president and chief executive officer. "We were able to accomplish many of our strategic and financial objectives during the year, delivering overall solid revenue and EBITDA growth. We believe we have put in place the foundation for a successful fiscal 2008."

Operating Statistics and Cash Flow

Same facility hospital adjusted admissions, which excludes the results of Harlingen Medical Center, for the fourth quarter of fiscal 2007 increased 1.9% from the fourth quarter of the previous fiscal year. Same facility hospital net revenue decreased 0.5%. Net cash provided by operating activities of continuing operations for the fourth quarter of fiscal 2007 was $27.6 million, up from $15.6 million for the fourth quarter of fiscal 2006. Capital expenditures totaled $18.0 million in the fourth quarter of fiscal 2007 in comparison to $7.5 million in the fourth quarter of fiscal 2006.

2008 Outlook

For its fiscal year 2008, which ends September 30, 2008, MedCath estimates its primary financial measures to be in the following range:

Net revenue $685.0 million to $700.0 million

Adjusted EBITDA $110.0 million to $114.0 million

Income from continuing

operations $32.8 million to
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SOURCE MedCath Corporation Copyright©2007 PR Newswire. All rights reserved

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