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MedCath Corporation Reports Second Quarter Earnings and Provides Update to Internal Assessment
Date:5/21/2009

CHARLOTTE, N.C., May 21 /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 second quarter of fiscal 2009, which ended March 31, 2009.

Highlights

  • Net revenue up 3.0% compared with second quarter of fiscal 2008; same facility hospital net revenue up 4.0%
  • Adjusted EBITDA of $20.8 million
  • Operating cash flow from continuing operations of $17.6 million
  • EPS from continuing operations of $0.28; or $0.31, excluding pre-opening expenses and share-based compensation expense

Second Quarter 2009 Results

MedCath's reported net revenue increased 3.0% to $158.9 million in the second quarter of fiscal 2009 from $154.2 million in the second quarter of fiscal 2008. Income from operations decreased to $11.7 million from $14.4 million in the second quarter of fiscal 2008 and Adjusted EBITDA decreased 8.9% to $20.8 million from $22.8 million in the same period of the prior year. MedCath's income from continuing operations was $5.4 million, or $0.28 per diluted share, in the second quarter of fiscal 2009 compared to $5.5 million, or $0.28 per diluted share, in the second quarter of fiscal 2008.

Adjusted EBITDA in this release does not include share-based compensation or pre-opening expenses, but these items are included as a component of income from continuing operations. Share-based compensation expense totaled $0.8 million in the second quarter of fiscal 2009, or $0.03 per diluted share, compared with a $0.2 million expense, or $.01 per diluted share, in the second quarter of fiscal 2008.
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SOURCE MedCath Corporation
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