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MedCath Corporation Reports Third Quarter Earnings
Date:8/5/2009

CHARLOTTE, N.C., Aug. 5 /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 third quarter which ended June 30, 2009.

Highlights

  • A 6.1% increase in patient visits, including inpatient and outpatient cases, and emergency department visits, compared to the third quarter of fiscal 2008.
  • Operating cash flow from continuing operations of $18.7 million.
  • EPS from continuing operations of $0.03 or Adjusted EPS from continuing operations of $0.22, excluding pre-opening expense, stock-based compensation expense and other items.

Third Quarter 2009 Results

MedCath's reported net revenue decreased 2.2% to $150.9 million in the third quarter of fiscal 2009 from $154.3 million in the third quarter of fiscal 2008. Income from operations decreased to $2.2 million from $13.2 million in the third quarter of fiscal 2008 and Adjusted EBITDA decreased to $11.3 million from $22.7 million in the same period of the prior year. MedCath's income from continuing operations was $0.6 million, or $0.03 per diluted share, in the third quarter of fiscal 2009 compared to $4.9 million, or $0.25 per diluted share, in the third quarter of fiscal 2008.

"We continue to move forward on our transformation strategy by increasing capacity to diversify our Company's service offering," said Ed French, MedCath's President and Chief Executive Officer. "During the quarter, we completed expansion of our Louisiana Medical Center and Heart Hospital, adding 79 beds to the hospital's infrastructure, and we are on pace to op
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SOURCE MedCath Corporation
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