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

have 825 beds in service, up 22% from a year earlier, allowing us the opportunity to provide meaningful growth in the future."

In addition to the non-cash goodwill impairment expense, MedCath's operating results for the fourth quarter of fiscal 2009 reflect the following items:

  • $1.5 million, or $0.04, net per diluted share of the decrease in net revenue and Adjusted EBITDA related to anticipated settlement of third-party payor cost reports at two hospitals, and
  • $0.9 million, or $0.03 per diluted share, in amortization expense related to the termination of a management contract at MedCath Partners Division.

MedCath's fourth quarter of fiscal 2008 results include the impact of certain items that collectively had a $1.0 million negative impact to net revenue and Adjusted EBITDA and a $0.02 impact to EPS from continuing operations.

Adjusted EBITDA excludes share-based compensation and pre-opening expenses, but these items are included as a component of (loss) income from continuing operations. Share-based compensation expense totaled $0.3 million in the fourth quarter of fiscal 2009, or $0.01 per diluted share, compared to a benefit of $0.5 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2008. Pre-opening expenses, which are related to the development of Hualapai Mountain Medical Center, totaled $2.2 million in the fourth quarter of fiscal 2009, or $0.05 per diluted share, compared to $0.1 million in the fourth quarter of fiscal 2008.

During the quarter, MedCath completed the disposition of Sun City Cardiac Centers Associates ("Sun City") a partnership owned 60% by MedCath Partners, LLC, a wholly owned subsidiary of MedCath, and 40% by certain physician and other investors. As a result of this disposition, the operating results of Sun City are classified as discontinued operations for all reporting periods contained in this press release and accompanying financial
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