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

fiscal year ended September 30, 2008. Adjusted EBITDA was $55.6 million, and loss from continuing operations was ($58.4) million for fiscal 2009 compared to $74.8 million and $12.4 million, respectively for fiscal 2008. EPS was ($2.98) per diluted share for fiscal 2009 compared to $0.61 per diluted share for fiscal 2008.

MedCath's fiscal year 2009 results include the impact of certain items that collectively had a $4.5 million negative impact to net revenue, a $12.8 million negative impact to Adjusted EBITDA and a $(3.65) impact to EPS from continuing operations.

MedCath's fiscal year 2008 actual results include the impact of certain items that collectively had a $1.4 million negative impact to net revenue, a $7.6 million negative impact to Adjusted EBITDA and a $(0.21) impact to EPS from continuing operations.

Share-based compensation expense totaled $2.4 million in fiscal 2009, compared to $5.0 million in fiscal 2008. Adjusted EBITDA disclosed above does not include this expense but the expense is included as a component of (loss) income from continuing operations.

Fiscal Year Operating Statistics, Cash Flow and Capital Expenditures

Same facility hospital admissions for fiscal 2009 were 26,856, down 8.3% compared with fiscal 2008. Adjusted admissions totaled 40,964, up 0.2% compared with fiscal 2008. Same facility hospital outpatient cases totaled 61,383 in fiscal 2009, up 11.5% in comparison with fiscal 2008.

Total uncompensated care, which includes charity care plus bad debt expense, equaled 9.6% of hospital division net patient revenue before the deduction for charity care for fiscal 2009 versus 10.1% for fiscal 2008.

Net cash provided by operating activities of continuing operations for fiscal 2009 increased 48.8% to $64.3 million from $43.2 million in the fourth quarter of fiscal 2008. Cash paid for capital expenditures during fiscal 2009 totaled $93.9 million, whic
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