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MedCath Corporation Reports Fourth Quarter Earnings
Date:11/11/2009

om continuing operations was $(61.9) million, or $(3.14) per diluted share, in the fourth quarter of fiscal 2009 compared to income from continuing operations of $0.2 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2008. Adjusted EBITDA decreased to $9.5 million from $11.5 million in the same period of the prior year.

MedCath's fourth quarter of fiscal 2009 results include a $60.2 million non-cash impairment charge related to MedCath's goodwill, which was primarily recognized as a result of MedCath's going-private transaction in 1998. As required by generally accepted accounting principles, MedCath tested goodwill for impairment by comparing the fair value of the hospital division to its carrying value including goodwill. As a result of MedCath's sustained decline in market capitalization, MedCath determined that goodwill was impaired as of September 30, 2009. The non-cash impairment expense did not affect MedCath's operations, cash flow, cash position or access to its bank facility. However, this impairment expense reduced income from continuing operations by $60.2 million and earnings per share by $(3.05) for the fourth quarter of fiscal 2009.

"Despite the net loss incurred this quarter, we have continued to move forward with our transformation strategy by increasing the number of acute care beds in our asset base," said Ed French, MedCath's President and Chief Executive Officer. "We most recently opened and received the necessary license for our 70-bed Hualapai Mountain Medical Center, located in Kingman, Arizona, and we look forward to servicing the needs of the Kingman and northern Arizona community. This follows the opening of our new patient tower at Louisiana Medical Center and Heart Hospital in June 2009, increasing that hospital by 79 beds and diversifying the hospital's service line. With the opening of Hualapai Mountain Medical Center and the expansion of Louisiana Medical Center and Heart Hospital, we now
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