MedCath Announces Completion of Sale of Dayton Heart Hospital to Good Samaritan Hospital-Dayton
May 19 2008 - 7:30AM
PR Newswire (US)
CHARLOTTE, N.C., May 19 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH), its physician partners and Good
Samaritan Hospital, Dayton, Ohio, jointly announced today that the
parties have completed the sale of Dayton Heart Hospital to Good
Samaritan Hospital. Under terms of the transaction, Good Samaritan
purchased substantially all of Dayton Heart Hospital's assets for
$55.0 million. Net proceeds to MedCath, after income tax expense
related to the gain on sale and liquidation of net working capital
retained by the hospital partnership, are anticipated to total
approximately $32.0 million. MedCath will use the proceeds for
general corporate purposes, including investment in other hospital
projects. Opened in 1999, Dayton Heart Hospital is a 47-bed
hospital focused on providing cardiovascular care to the Dayton
community. A member of the Premier Health Partners system, Good
Samaritan Hospital (Dayton, Ohio) is a 577-bed, full-service
teaching facility with a 75-year history that delivers best-in-care
cardiovascular, cancer and orthopedics services. Recently, the
Joint Commission awarded gold seal certifications to the Good
Samaritan's outstanding heart failure, heart attack, breast cancer
and artery bypass graft surgery programs. Additionally,
HealthGrades, the leading independent quality monitoring
organization in the country, named Good Samaritan as a recipient of
its 2008 Distinguished Hospital Award for Clinical Excellence,
which places it among the top 5 percent of hospitals nationwide.
"We've enjoyed our longstanding relationship with our physician
partners in working jointly to provide quality cardiovascular care
to the residents in Dayton and nearby communities," said O. Edwin
French, MedCath's President and Chief Executive Officer. "We wish
them and Good Samaritan continued success in servicing the
healthcare needs of the local market." MedCath Corporation,
headquartered in Charlotte, N.C., is a healthcare provider focused
on high acuity services with the diagnosis and treatment of
cardiovascular disease being a primary service offering. MedCath
owns an interest in and operates nine hospitals with a total of 616
licensed beds, located in Arizona, Arkansas, California, Louisiana,
New Mexico, South Dakota, and Texas. MedCath is in the process of
developing its tenth hospital in Kingman, Arizona. In addition,
MedCath and its subsidiary MedCath Partners provide services in
diagnostic and therapeutic facilities in various states. Parts of
this announcement contain forward-looking statements that involve
risks and uncertainties. Although management believes that these
forward- looking statements are based on reasonable assumptions,
these assumptions are inherently subject to significant economic,
regulatory and competitive uncertainties and contingencies that are
difficult or impossible to predict accurately and are beyond our
control. Actual results could differ materially from those
projected in these forward-looking statements. We do not assume any
obligation to update these statements in a news release or
otherwise should material facts or circumstances change in ways
that would affect their accuracy. These various risks and
uncertainties are described in detail in "Risk Factors" in
MedCath's Form 10-K filed with the Securities and Exchange
Commission on December 14, 2007, a copy of which is available on
the internet site of the Securities and Exchange Commission at
http://www.sec.gov/. DATASOURCE: MedCath Corporation CONTACT: O.
Edwin French, President & Chief Executive Officer; Art Parker,
Interim Chief Financial Officer, both of MedCath Corporation,
+1-704-708-6600 Web site: http://www.medcath.com/
Copyright
Medcath (NASDAQ:MDTH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Medcath (NASDAQ:MDTH)
Historical Stock Chart
From Jul 2023 to Jul 2024