Operating expenses in the second quarter of fiscal 2011 include the benefit of a $1.1 million unrealized foreign exchange gain compared to a $613,000 unrealized foreign exchange gain in the same quarter of the prior year. The unrealized exchange gain was recognized as a result of the strength of the Euro against the U.S. Dollar during the period, which impacted the translated value of intercompany debt owed from the Company's German subsidiary to the U.S parent company.
Operating expenses also included $375,000 of non-cash stock compensation expense compared to $852,000 in the prior year. Development, startup, and post-opening expenses in the Healthcare Services division were $653,000 in the period compared to $313,000 in the prior year.
Income from operations before foreign exchange in the second quarter of fiscal 2011 was $3.7 million, compared to $800,000 in the prior year period.
The Company recorded a $1.5 million provision for taxes, an effective tax rate of 31.6%, in the second quarter of fiscal 2011 as compared to a provision for taxes of $1.0 million, or an effective tax rate of 65.2%, 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 September 30, 2011 was $3.2 million, or $0.20 per diluted share. This compares to net income of $538,000, or $0.03 per diluted share, in the prior year period.
Healthcare Services division business results:
In the second quarter of
|SOURCE Chindex International, Inc.|
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