MedCath Enters Definitive Agreement To Sell Heart Hospital of Austin
February 17 2010 - 7:30AM
PR Newswire (US)
CHARLOTTE, N.C., Feb. 17 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH) and its physician partners announced
today that they have entered into a definitive agreement to sell
substantially all the assets of Heart Hospital of Austin to St.
David's Healthcare Partnership, L.P. ("St. David's"). The
transaction is expected to close during MedCath's third fiscal
quarter of 2010, subject to customary closing conditions and
regulatory requirements. The sale comes after Austin Heart, a
leading cardiology practice and co-founder of Heart Hospital of
Austin (along with MedCath and other physicians) integrated with
St. David's. Beginning with its second quarter of fiscal 2010,
which ends March 31, MedCath will account for Heart Hospital of
Austin as an asset-held-for-sale for current and prior reporting
periods. Opened in 1998, Heart Hospital of Austin is a 58-bed
hospital focused on providing cardiovascular care to the Austin
community. The hospital has a longstanding reputation for excellent
clinical quality and in November, it was one of four MedCath
hospitals ranked among the nation's 100 Top Hospitals® for
cardiovascular care -- the fifth time it earned that honor in the
11 years the study has been performed. In addition, Heart Hospital
of Austin was one of three MedCath hospitals that received
Excellence Awards from HealthGrades, the leading independent health
care ratings organization. It was one of three MedCath hospitals
cited among the leading hospitals in America by Consumers'
Checkbook survey, according to the May/June 2009 issue of AARP The
Magazine. And a USA Today analysis in July found that Heart
Hospital of Austin had the nation's lowest death rate from heart
attacks. "Heart Hospital of Austin has helped distinguish MedCath,
epitomizing our model of providing high quality care in an
efficient manner," said O. Edwin French, MedCath's president and
CEO. "We're proud of our legacy there, and we wish the new owners
much success." MedCath Corporation, headquartered in Charlotte,
N.C., is a health care 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
ten hospitals with a total of 825 licensed beds, located in
Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota,
and Texas. In addition, MedCath and its subsidiary MedCath Partners
provide services in diagnostic and therapeutic facilities in
various states. DATASOURCE: MedCath Corporation CONTACT: O. Edwin
French, President & Chief Executive Officer, +1-704-815-7700;
or Art Parker, Chief Financial Officer, +1-704-815-7700 Web Site:
http://www.medcath.com/
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