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

li>$0.8 million, or net impact of $0.03, net per diluted share of the decrease in Adjusted EBITDA reflects the anticipated settlement of Medicare claims at two of our hospitals related to the identification, return and self-reporting of $0.7 million in reimbursement for certain procedures performed at the two hospitals in prior fiscal years.
  • $0.4 million, or $0.01 net per diluted share, of the decrease in Adjusted EBITDA related to severance expense.
  • Adjusted EBITDA excludes share-based compensation and pre-opening expenses, but these items are included as a component of income from continuing operations. Share-based compensation expense totaled $0.2 million in the third quarter of fiscal 2009, or $0.01 per diluted share, compared to a $1.5 million expense, or $0.05 per diluted share, in the third quarter of fiscal 2008. Pre-opening expenses totaled $0.8 million in the third quarter of fiscal 2009, or $0.02 per diluted share, compared to $0.1 million in the third quarter of fiscal 2008.

    Operating Statistics, Cash Flow and Capital Expenditures

    Same facility hospital admissions in the third quarter of fiscal 2009 were 6,352, down 14.0% compared with the third quarter of fiscal 2008. Adjusted admissions totaled 10,284, in line with the third quarter of fiscal 2008. Same facility hospital outpatient cases totaled 8,866 in the third quarter of fiscal 2009, up 15.7% in comparison with the third quarter of fiscal 2008.

    Total uncompensated care, which includes charity care plus bad debt expense, equaled 9.3% of hospital division net patient revenue before the deduction for charity care in the third quarter of fiscal 2009 and the third quarter of fiscal 2008.

    Net cash provided by operating activities of continuing operations for the third quarter of fiscal 2009 was $18.7 million compared to $18.9 million in the third qu
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    SOURCE MedCath Corporation
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