The Company recorded a $1.0 million provision for taxes, an effective tax rate of 36%, in the quarter ended December 31, 2010 as compared to a provision for taxes of $2.7 million, or an effective tax rate of 41%, in the prior year period. The effective tax rate in the prior period reflected losses in entities for which the Company could not recognize a tax benefit.
Net income for the quarter ended December 31, 2010 was $1.7 million, or $0.10 per diluted share. This compares to net income of $3.9 million or $0.24 per diluted share, in the prior year period.
Healthcare Services division business results:
In the quarter ended December 31, 2010, revenue increased 21% to $26.1 million from $21.6 million in the prior year period. The increase reflects continued growth of inpatient and outpatient volume across the Company's United Family Healthcare network.
In the quarter ended December 31, 2010, operating costs increased to $20.3 million from $14.7 million in the prior year period. In the prior year period, the Company recorded a benefit of $1.0 million to healthcare services costs to reflect the effect of business tax refunds, and had no similar benefit in the current period. Income from operations before foreign exchange was $3.8 million compared to $5.6 million in the prior year period.
Medical Products division business results:
During the three month period ended December 31, 2010, revenue decreased 4% year over year to $23.9 million, compared to $24.9 million in the prior year. The division recorded a loss on operations of $538,000 during the period compared to income from operations of $1.3 million the prior year period. Gross margin percent
|SOURCE Chindex International, Inc.|
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