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

Pre-opening expenses totaled $0.4 million in the second quarter of fiscal 2009, compared with $0.2 million in the second quarter of fiscal 2008.

As shown below, EPS for the quarter, adjusted for share-based compensation expense and pre-opening expenses totaled $0.31 for the quarter:

        EPS from continuing operations                   $0.28
        Adjustments (net of tax effect)
          Pre-opening expenses                           $0.01
          Share-based compensation expense               $0.03

        EPS, adjusted for above items(1)                 $0.31

        (1) does not add due to rounding

"We experienced improved operating momentum this quarter in comparison to the first quarter as Adjusted EBITDA and Adjusted EBITDA margin grew meaningfully and cash flow from operations remained strong," said Ed French, MedCath's President and Chief Executive Officer. "In addition to earnings momentum, we're continuing to execute on our growth strategy and anticipate opening the expansion of our Louisiana Medical Center and Heart Hospital next week."

Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital admissions in the second quarter of fiscal 2009 were 7,052, down 10.2% compared with the second quarter of fiscal 2008. Adjusted admissions totaled 10,556, down 2.4% compared with the second quarter of fiscal 2008. Same facility hospital outpatient visits totaled 8,004 in the second quarter of fiscal 2009, up 17.9% in comparison with the second quarter of fiscal 2008.

MedCath's commercial admissions equaled 22.6% of total admissions and were unchanged from the year earlier period. Self-pay admissions equaled 1.9% of total admissions in the second quarter of fiscal 2009, in comparison to 2.4% of total admissions in the second quarter of fiscal 2008. Total uncompensated care, which includes
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SOURCE MedCath Corporation
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