- Current report filing (8-K)
August 06 2009 - 9:11AM
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): August 5, 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) 815-7700
(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))
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Item 2.02. Results of Operations and Financial Condition
On
August 5, 2009, MedCath issued a press release announcing its results of operations
for the fiscal quarter ended June 30, 2009. A copy of the press release is furnished as Exhibit
99.1.
Included
in the press release and the supplemental financial information
issued by MedCath and furnished herewith as Exhibits 99.1 and 99.2,
are certain financial measures that are not generally accepted
accounting principles (non-GAAP), such as adjusted earnings before
interest, taxes, depreciation, and amortization
(Adjusted EBITDA) and adjusted diluted earnings per share from continuing operations
(Adjusted EPS). Adjusted EBITDA represents MedCaths income from
continuing operations before interest expense; loss on early extinguishment of debt; income tax expense; depreciation; amortization;
share-based compensation expense; (gain) loss on disposal of property, equipment and other assets;
interest and other income; equity in net earnings of unconsolidated affiliates; minority interest
share of earnings of consolidated subsidiaries; and pre-opening
expenses. Adjusted EPS represents MedCaths diluted earnings per
share from continuing operations for the three months ended
June 30, 2009 adjusted for Medicare Disproportionate Share Hospital (DSH) adjustments,
reduction in Medicaid reimbursements, professional fees for internal
control assessment, settlement of Medicare claims, severance expense, share-based compensation, and pre-opening expenses. MedCaths management uses
Adjusted EBITDA to measure the performance of MedCaths various operating entities, to compare
actual results to historical and budgeted results, and to make capital allocation decisions.
Management provides Adjusted EBITDA and Adjusted EPS 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 and/or Adjusted EPS as a
financial performance measure.
Because
Adjusted EBITDA and Adjusted EPS are non-GAAP measures, Adjusted
EBITDA and Adjusted EPS, 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 and Adjusted EPS to diluted EPS from continuing
operations.
Item 9.01. Financial Statements and Exhibits
Exhibit 99.1 Press Release dated August 5, 2009
Exhibit 99.2 Financial Update dated August 5, 2009
Exhibits 99.1 and 99.2 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: August 6, 2009
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By:
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/s/ James A. Parker
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James A. Parker
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Interim Chief Financial Officer,
Senior Vice President, Finance and
Development
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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 August 5, 2009
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Exhibit 99.2
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Financial Update dated August 5, 2009
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