- Current report filing (8-K)
February 05 2009 - 8:00AM
Edgar (US Regulatory)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Date
of Report (Date of earliest event reported): February 4, 2009
MEDCATH CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of
incorporation or organization)
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000-33009
(Commission File Number)
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56-2248952
(IRS Employer Identification No.)
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10720 Sikes Place
Charlotte, North Carolina 28277
(Address of principal executive offices, including zip code)
(704) 708-6600
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On
February 4, 2009, MedCath issued a press release announcing the Companys results of operations
for the fiscal quarter ended December 31, 2008. A copy of the press release is furnished as Exhibit
99.1.
MedCath is providing reclassified unaudited consolidated statement of operations to reflect the
reclassification of the results of operations of Cape Cod Cardiology Services, LLC (Cape Cod), as a
discontinued operation for all quarters for the fiscal year ended September 30, 2008. The Company
believes this information will be useful to investors in evaluating the performance of MedCath.
The reclassified unaudited historical financial information is included in Exhibit 99.3.
Included in the press release and the supplemental financial information issued by the Company and
furnished herewith as Exhibits 99.1 and 99.2, are certain non-GAAP financial measures, including
Adjusted EBITDA. Adjusted EBITDA represents MedCaths income from
continuing operations before interest expense; loss on early extinguishment of debt; income tax
expense; depreciation; amortization; impairment of long-lived assets; share-based compensation
expense; loss (gain) on disposal of property, equipment and other assets; interest and other
income, net; equity in net earnings of unconsolidated affiliates; minority interest share of
earnings of consolidated subsidiaries; and pre-opening expenses. MedCaths management uses Adjusted
EBITDA to measure the performance of the companys various operating entities, to compare actual
results to historical and budgeted results, and to make capital allocation decisions. Management
provides Adjusted EBITDA to investors to assist them in performing their analyses of MedCaths
historical operating results. Further, management believes that many investors in MedCath also
invest in, or have knowledge of, other healthcare companies that use Adjusted EBITDA as a financial
performance measure.
Because
Adjusted EBITDA is a non-GAAP measures, Adjusted EBITDA, as defined above, may not be comparable to other similarly titled
measures of other companies. MedCath has included a supplemental schedule with the financial
statements that accompanies this press release that reconciles historical Adjusted EBITDA to
MedCaths income from continuing operations.
Item 9.01. Financial Statements and Exhibits
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Exhibit 99.1
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Press Release dated February 4, 2009
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Exhibit 99.2
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Financial Update dated
February 4, 2009
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Exhibit 99.3
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MedCath Corporation Proforma
Consolidated Statements of Operations
(Presenting Cape Cod as a Discontinued
Operation for Each Period Presented)
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Exhibits 99.1, 99.2 and 99.3 listed in this Item 9.01 are being furnished under Item 2.02 and shall
not be deemed filed for purpose of Section 18 of the Securities Exchange Act of 1934, as amended,
nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MEDCATH CORPORATION
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Date: February 5, 2009
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By:
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/s/ Jeffrey L. Hinton
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Jeffrey L. Hinton
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Executive Vice President and Chief Financial Officer
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INDEX TO EXHIBITS
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Exhibit No.
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Description
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Exhibit 99.1
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Press Release dated February 4, 2009
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Exhibit 99.2
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Financial Update dated
February 4, 2009
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Exhibit 99.3
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MedCath Corporation Proforma Consolidated Statements of
Operations (Presenting Cape Cod as a Discontinued Operation
for Each Period Presented)
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