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

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Fourth Quarter Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital admissions in the fourth quarter of fiscal 2009 were 6,707, down 3.7% compared with the fourth quarter of fiscal 2008. Adjusted admissions totaled 10,262, up 3.0% compared with the fourth quarter of fiscal 2008. Same facility hospital outpatient cases totaled 16,136 in the fourth quarter of fiscal 2009, up 11.6% in comparison with the fourth quarter of fiscal 2008.

Total uncompensated care, which includes charity care plus bad debt expense, equaled 12.1% of hospital division net patient revenue before the deduction for charity care in the fourth quarter of fiscal 2009 versus 10.5% for the fourth quarter of fiscal 2008. The increase in uncompensated care expense is primarily related to:

  1. An 8.3% increase in self-pay revenue in the quarter, and
  2. Additional reserves of approximately $2.0 million to reflect a reduction in the collection rate and aging of self-pay and the self-pay balance after insurance receivables.

Net cash provided by operating activities of continuing operations for the fourth quarter of fiscal 2009 increased 8.1% to $10.7 million from $9.9 million in the fourth quarter of fiscal 2008. Cash paid for capital expenditures during the fourth quarter of fiscal 2009 totaled $21.7 million, which included $7.0 million related to maintenance expenditures and $14.7 million related to MedCath's construction projects. MedCath's Free Cash Flows totaled $3.7 million for the fourth quarter of fiscal 2009. As of September 30, 2009, MedCath's balance sheet included cash and cash equivalents of $32.0 million, total debt and capitalized leases of $127.8 million and total assets of $590.4 million.

Fiscal 2009 Results

For the fiscal year ended September 30, 2009, MedCath's net revenue was $602.0 million, an increase of 1.8% when compared to the
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SOURCE MedCath Corporation
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