CHARLOTTE, N.C., Feb. 9, 2011 /PRNewswire/ -- MedCath Corporation
(Nasdaq: MDTH), a healthcare provider focused on high acuity
healthcare services, today announced operating results for
its first fiscal quarter ended December 31,
2010.
First Fiscal Quarter Highlights
- Net revenue of $88.9 million, up
1.2% compared to the first quarter of fiscal 2010.
- Total admissions decrease of 1.0%, and adjusted admissions
increase of 5.5%, compared to first quarter of fiscal 2010.
- Income (loss) from continuing operations of $7.2 million, or $0.36 per share, compared to $(1.9) million, or $(0.09) per share, in the first quarter of fiscal
2010.
- Adjusted EBITDA of $5.8 million,
excluding share based compensation and other items described below.
Adjusted EPS of $(0.02).
MedCath’s consolidated results presented in this release and the
attached financial schedules account for TexSAn Heart Hospital as a
discontinued operation. On November 8,
2010, MedCath announced that it entered into a definitive
agreement to sell substantially all of the assets in TexSAn Heart
Hospital to a third party, which sale closed effective December 31, 2010. This reflects the Company's
most recent activity related to the previously announced strategic
options process. Additional information related to the strategic
options process is available in the Company's Form 10-Q for the
fiscal quarter ended December 31,
2010 that is being filed today with the Securities and
Exchange Commission.
First Quarter of Fiscal 2011 Results Compared to First
Quarter of Fiscal 2010 Results
MedCath’s reported net revenue increased 1.2% to $88.9 million in the first quarter of fiscal 2011
compared to $87.8 million in the
first quarter of fiscal 2010. Net income (loss) was
$37.0 million in the first quarter of
fiscal 2011 compared to $(2.7)
million in the first quarter of fiscal 2010. MedCath’s
income from continuing operations was $7.2
million, or $0.36 per diluted
share, in the first quarter of fiscal 2011 compared to a loss of
$(1.9) million, or $(0.09) per diluted share, in the first quarter
of fiscal 2010.
MedCath’s first quarter of fiscal 2011 financial results include
the following items:
- $2.6 million, or $0.08 per diluted share, of professional fees and
other expenses incurred in connection with MedCath’s strategic
options process announced on March 1,
2010;
- $1.9 million, or $0.06 per diluted share, in share-based
compensation expense;
- $(2.1) million, or $(0.05) per diluted share, realized in connection
with the refund of sales taxes, net of related consulting fees;
and
- $(15.3) million, or $(0.47) per diluted share, in gains related to
the disposition of two minority owned entities during the
quarter.
MedCath’s first quarter of fiscal 2010 financial results include
the following items:
- $0.9 million, or $0.02 per diluted share, in pre-opening expense;
and
- $0.6 million, or $0.02 per diluted share, in share-based
compensation expense.
Adjusted EBITDA was $5.8 million
in the first quarter of fiscal 2011 compared to $4.8 million in the same period of the prior
year. MedCath’s Adjusted EPS for the first quarter of fiscal
2011 was $(0.02) compared with
$(0.05) in the first quarter of
fiscal 2010.
Commenting on the quarter, O. Edwin
French, MedCath President and Chief Executive Officer,
stated, “In general, we are pleased with this quarter’s adjusted
admission growth and patient activity at our hospitals. We are also
pleased with the continued progress made regarding our strategic
options process as we completed the sale of TexSAn Heart Hospital
during our first fiscal quarter.”
Operating Statistics and Cash Flow
MedCath’s financial results for the first fiscal quarter ended
December 31, 2010, reflect a 1.0%
decrease in total admissions and a 5.5% increase in adjusted
admissions compared to the first quarter of fiscal 2010. Hospital
outpatient cases, including emergency department visits, totaled
14,607 in the first quarter of fiscal 2011, up 31.5% compared to
the first quarter of fiscal 2010.
Total uncompensated care, which includes charity care plus bad
debt expense, equaled 13.4% of hospital division net patient
revenue before the deduction for charity care in the first quarter
of fiscal 2011 compared to 11.1% in the first quarter of fiscal
2010.
Net cash provided by operating activities from continuing
operations for the first quarter of fiscal 2011 was $0.5 million compared to $2.0 million in the first quarter of fiscal 2010.
This decline in net cash provided by operating activities
resulted from the annual payment of certain management and employee
incentives paid in the quarter related to fiscal 2010.
Use of Non-GAAP Financial Measures
Included in this press release and the supplemental financial
information furnished herewith are certain financial measures that
are not calculated and presented in conformity with generally
accepted accounting principles (“non-GAAP measures”), such as
adjusted earnings before interest, taxes, depreciation, and
amortization (“Adjusted EBITDA”) and adjusted diluted earnings per
share from continuing operations (“Adjusted EPS”). The supplemental
financial information furnished herewith provides a quantitative
reconciliation of Adjusted EBITDA and Adjusted EPS based on the
following calculations as and for the periods identified below.
Adjusted EBITDA for the first fiscal quarter of 2011 represents
MedCath’s income (loss) from continuing operations, net of taxes
attributable to MedCath’s common stockholders; income tax expense,
net income attributable to noncontrolling interests; equity in net
earnings of unconsolidated affiliates; interest and other income,
net; gain on sale of unconsolidated entities, interest expense;
loss on disposal of property, equipment and other assets;
depreciation; share-based compensation expense; professional fees
associated with MedCath’s exploration of strategic options, and
sales tax refunds, net. Adjusted EPS for the first fiscal quarter
of fiscal 2011 represents MedCath’s diluted loss per share from
continuing operations adjusted for gain on sale of unconsolidated
investees, professional fees associated with MedCath’s
consideration of strategic options, sales tax refunds, net, and
share-based compensation expense.
Adjusted EBITDA for the first fiscal quarter of 2010 represents
MedCath’s income (loss) from continuing operations, net of taxes
attributable to MedCath’s common stockholders, income tax benefit;
net income attributable to noncontrolling interest; equity in
earnings of unconsolidated affiliates; interest and other income,
net; interest expense; loss on disposal of property, equipment and
other assets; depreciation; pre-opening expenses, and share-based
compensation expense. Adjusted EPS for the first fiscal quarter of
fiscal 2010 represents MedCath’s diluted loss per share from
continuing operations adjusted for share-based compensation expense
and pre-opening expenses.
MedCath’s management uses Adjusted EBITDA to measure the
performance of MedCath’s 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 MedCath’s 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 MedCath’s income from
continuing operations attributable to MedCath’s common stockholders
and Adjusted EPS to diluted EPS from continuing operations.
This press release and the financial information included
therewith will be accessible on the web, by going to
www.medcath.com, “Investor Relations,” then clicking on “News.”
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 six hospitals with a
total of 533 licensed beds, located in Arizona, Arkansas, California, Louisiana, New
Mexico, and Texas. In
addition, MedCath and its subsidiary MedCath Partners provide
services in diagnostic and therapeutic facilities.
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 including, but not limited
to, the implementation of healthcare reform legislation
and future enactment of changes in federal
law that would further limit physician hospital
ownership. 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. The preparation of MedCath’s
first quarter of fiscal 2011 operating results required management
to make estimates and assumptions that affect reported amounts of
revenues and expenses. There is a reasonable possibility that
actual results may vary significantly from those estimates.
These various risks and uncertainties are described in detail in
“Risk Factors” in MedCath’s Annual Report or Form 10-K for the year
ended September 30, 2010 filed with
the Securities and Exchange Commission on December 14, 2010. Copies of our filings
with the Securities and Exchange Commission, including exhibits,
are available at http://www.sec.gov.
|
MEDCATH
CORPORATION
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
(In
thousands, except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
Net revenue
|
$
88,900
|
|
$
87,830
|
|
|
Operating expenses:
|
|
|
|
|
|
Personnel expense
|
32,454
|
|
31,636
|
|
|
Medical supplies
expense
|
19,222
|
|
22,107
|
|
|
Bad debt expense
|
9,709
|
|
7,506
|
|
|
Other operating
expenses
|
24,116
|
|
22,344
|
|
|
Pre-opening expenses
|
-
|
|
866
|
|
|
Depreciation
|
4,887
|
|
5,938
|
|
|
Loss on disposal of property,
equipment and other assets
|
93
|
|
96
|
|
|
|
Total operating
expenses
|
90,481
|
|
90,493
|
|
|
Loss from operations
|
(1,581)
|
|
(2,663)
|
|
|
Other income
(expenses):
|
|
|
|
|
|
Interest expense
|
(1,082)
|
|
(945)
|
|
|
Interest and other income,
net
|
489
|
|
70
|
|
|
Gain on sale of unconsolidated
investees
|
15,391
|
|
-
|
|
|
Equity in net earnings of
unconsolidated affiliates
|
602
|
|
1,516
|
|
|
|
Total other income (expense),
net
|
15,400
|
|
641
|
|
|
Income (loss) from continuing
operations before income taxes
|
13,819
|
|
(2,022)
|
|
|
Income tax expense
(benefit)
|
4,482
|
|
(1,337)
|
|
|
Income (loss) from continuing
operations
|
9,337
|
|
(685)
|
|
|
Income (loss) from discontinued
operations, net of taxes
|
39,128
|
|
(1,130)
|
|
|
Net income (loss) attributable
to MedCath Corporation
|
48,465
|
|
(1,815)
|
|
|
Less: Net income attributable to
noncontrolling interest
|
(11,426)
|
|
(841)
|
|
|
Net income (loss) attributable
to MedCath Corporation
|
$
37,039
|
|
$
(2,656)
|
|
|
|
|
|
|
|
|
|
Amounts attributable to MedCath
Corporation common stockholders:
|
|
|
|
|
|
Income (loss) from continuing
operations, net of taxes
|
$
7,162
|
|
(1,902)
|
|
|
Income (loss) from discontinued
operations, net of taxes
|
29,877
|
|
(754)
|
|
|
Net income (loss)
|
$
37,039
|
|
$
(2,656)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share,
basic
|
|
|
|
|
|
Income (loss) from continuing
operations attributable to MedCath Corporation common
stockholders
|
$
0.36
|
|
$
(0.09)
|
|
|
Income (loss) from discontinued
operations attributable to MedCath Corporation common
stockholders
|
1.50
|
|
(0.04)
|
|
|
Income (loss) per share,
basic
|
$
1.86
|
|
$
(0.13)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share,
diluted
|
|
|
|
|
|
Income (loss) from continuing
operations attributable to MedCath Corporation common
stockholders
|
$
0.36
|
|
$
(0.09)
|
|
|
Income (loss) from discontinued
operations attributable to MedCath Corporation common
stockholders
|
1.50
|
|
(0.04)
|
|
|
Income (loss) per share,
diluted
|
$
1.86
|
|
$
(0.13)
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares, basic
|
19,943
|
|
19,743
|
|
|
Dilutive effect of stock options
and restricted stock
|
4
|
|
-
|
|
|
Weighted average number of
shares, diluted
|
19,947
|
|
19,743
|
|
|
|
|
|
|
|
|
MEDCATH
CORPORATION
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(In
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
2010
|
|
2010
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
158,475
|
|
$
33,141
|
|
|
Accounts receivable,
net
|
44,795
|
|
43,811
|
|
|
Income tax receivable
|
-
|
|
6,188
|
|
|
Medical supplies
|
10,644
|
|
10,550
|
|
|
Deferred income tax
assets
|
7,815
|
|
13,247
|
|
|
Prepaid expenses and other
current assets
|
12,902
|
|
13,453
|
|
|
Current assets of discontinued
operations
|
57,345
|
|
47,920
|
|
|
Total current assets
|
291,976
|
|
168,310
|
|
|
Property and equipment,
net
|
176,885
|
|
182,222
|
|
|
Other assets
|
11,652
|
|
24,716
|
|
|
Non-current assets of
discontinued operations
|
1,232
|
|
119,290
|
|
|
|
Total assets
|
$
481,745
|
|
$
494,538
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
$
19,957
|
|
$
15,716
|
|
|
Income tax payable
|
14,316
|
|
-
|
|
|
Accrued compensation and
benefits
|
11,705
|
|
16,418
|
|
|
Other accrued
liabilities
|
21,073
|
|
16,663
|
|
|
Current portion of long-term
debt and obligations
|
|
|
|
|
|
under capital
leases
|
61,573
|
|
16,672
|
|
|
Current liabilities of
discontinued operations
|
17,014
|
|
35,044
|
|
|
|
Total current
liabilities
|
145,638
|
|
100,513
|
|
|
Long-term debt
|
-
|
|
52,500
|
|
|
Obligations under capital
leases
|
5,822
|
|
6,500
|
|
|
Other long-term
obligations
|
3,883
|
|
5,053
|
|
|
Long-term liabilities of
discontinued operations
|
-
|
|
35,968
|
|
|
|
Total liabilities
|
155,343
|
|
200,534
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling
interest
|
5,812
|
|
11,534
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Preferred stock, $0.01 par
value, 10,000,000 shares authorized;
|
|
|
|
|
|
none issued
|
-
|
|
-
|
|
|
Common stock, $0.01 par value,
50,000,000 shares authorized;
|
|
|
|
|
|
22,262,431 issued and
20,308,070 outstanding at December 31, 2010;
|
|
|
|
|
|
22,423,666 issued and
20,469,305 outstanding at September 30, 2010;
|
216
|
|
216
|
|
|
Paid-in capital
|
457,952
|
|
457,725
|
|
|
Accumulated deficit
|
(102,752)
|
|
(139,791)
|
|
|
Accumulated other comprehensive
loss
|
-
|
|
(444)
|
|
|
Treasury stock, at
cost;
|
|
|
|
|
|
1,954,361 shares at December 31
2010 and September 30, 2010
|
(44,797)
|
|
(44,797)
|
|
|
|
Total MedCath Corporation
stockholders' equity
|
310,619
|
|
272,909
|
|
|
Noncontrolling
interest
|
9,971
|
|
9,561
|
|
|
Total equity
|
320,590
|
|
282,470
|
|
|
|
Total liabilities and
equity
|
$
481,745
|
|
$
494,538
|
|
|
|
|
|
|
|
|
MEDCATH
CORPORATION
|
|
|
SELECTED
OPERATING DATA
|
|
|
(In
thousands, except per share data and selected operating
data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations
Data:
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
88,900
|
|
$
87,830
|
|
1.2%
|
|
|
Adjusted EBITDA (1)
|
|
$
5,805
|
|
$
4,846
|
|
19.8%
|
|
|
Loss from operations
|
|
$
(1,581)
|
|
$
(2,663)
|
|
40.6%
|
|
|
Income (loss) from continuing
operations, net of taxes
|
|
$
7,162
|
|
$
(1,902)
|
|
476.6%
|
|
|
Income (loss) per share from
continuing operations, basic
|
|
$
0.36
|
|
$
(0.09)
|
|
516.0%
|
|
|
Income (loss) per share from
continuing operations, diluted
|
|
$
0.36
|
|
$
(0.09)
|
|
516.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
Supplemental Financial Disclosure-Reconciliation of GAAP Financial
Measures to Non-GAAP Financial Measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Data
(a):
|
|
|
|
|
|
|
|
|
Number of hospitals
|
|
5
|
|
5
|
|
|
|
|
Licensed beds ( c )
|
|
421
|
|
421
|
|
|
|
|
Staffed and available beds ( d
)
|
|
380
|
|
380
|
|
|
|
|
Admissions ( e )
|
|
4,438
|
|
4,482
|
|
(1.0)%
|
|
|
Adjusted admissions ( f
)
|
|
6,841
|
|
6,485
|
|
5.5%
|
|
|
Patient days ( g )
|
|
16,254
|
|
16,672
|
|
(2.5)%
|
|
|
Adjusted patient days ( h
)
|
|
25,143
|
|
24,324
|
|
3.4%
|
|
|
Average length of stay (days) (
i )
|
|
3.66
|
|
3.72
|
|
(1.6)%
|
|
|
Occupancy ( j )
|
|
46.5%
|
|
47.7%
|
|
|
|
|
Inpatient catheterization
procedures ( k )
|
|
1,792
|
|
1,964
|
|
(8.8)%
|
|
|
Inpatient surgical procedures (
l )
|
|
1,032
|
|
1,085
|
|
(4.9)%
|
|
|
Hospital net revenue
|
|
$
86,618
|
|
$
84,382
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Operating Data
(b):
|
|
|
|
|
|
|
|
|
Number of hospitals
|
|
6
|
|
6
|
|
|
|
|
Licensed beds ( c )
|
|
533
|
|
533
|
|
|
|
|
Staffed and available beds ( d
)
|
|
489
|
|
488
|
|
|
|
|
Admissions ( e )
|
|
6,256
|
|
6,199
|
|
0.9%
|
|
|
Adjusted admissions ( f
)
|
|
10,165
|
|
9,667
|
|
5.2%
|
|
|
Patient days ( g )
|
|
21,729
|
|
21,827
|
|
(0.4)%
|
|
|
Adjusted patient days ( h
)
|
|
35,152
|
|
33,877
|
|
3.8%
|
|
|
Average length of stay (days) (
i )
|
|
3.47
|
|
3.52
|
|
(1.4)%
|
|
|
Occupancy ( j )
|
|
48.3%
|
|
48.6%
|
|
|
|
|
Inpatient catheterization
procedures ( k )
|
|
1,972
|
|
2,162
|
|
(8.8)%
|
|
|
Inpatient surgical procedures (
l )
|
|
1,451
|
|
1,445
|
|
0.4%
|
|
|
Hospital net revenue
|
|
$
112,719
|
|
$
108,647
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Selected
operating data includes consolidated hospitals in operation as of
the end of the period reported in continuing operations but does
not include hospitals which are accounted for using the equity
method or as discontinued operations in our consolidated financial
statements.
|
|
|
(b) Combined
operating data includes hospitals in operation as of the end of the
period reported in continuing operations including hospitals which
are accounted for using the equity method in our consolidated
financial statements. However, Heart Hospital of South Dakota is
excluded from prior year information since the Company disposed of
its interest on October 1, 2010.
|
|
|
(c) Licensed beds
represent the number of beds for which the appropriate state agency
licenses a facility regardless of whether the beds are actually
available for patient use.
|
|
|
(d) Staffed and available
beds represent the number of beds that are readily available for
patient use at the end of the period.
|
|
|
(e) Admissions represent
the number of patients admitted for inpatient treatment.
|
|
|
(f) Adjusted admissions
is a general measure of combined inpatient and outpatient volume.
We computed adjusted admissions by dividing gross patient
revenue by gross inpatient revenue and then multiplying the
quotient by admissions.
|
|
|
(g) Patient days
represent the total number of days of care provided to inpatients.
|
|
|
(h) Adjusted patient days
is a general measure of combined inpatient and outpatient volume.
We computed adjusted patient days by dividing gross patient
revenue by gross inpatient revenue and then multiplying the
quotient by patient days.
|
|
|
(i) Average length of stay
(days) represents the average number of days inpatients stay in our
hospitals.
|
|
|
(j) We computed occupancy
by dividing patient days by the number of days in the period and
then dividing the quotient by the number of staffed and available
beds.
|
|
|
(k) Inpatients with
a catheterization procedure represent the number of inpatients with
a procedure performed in one of the hospitals' catheterization labs
during the period.
|
|
|
(l) Inpatient
surgical procedures represent the number of surgical procedures
performed on inpatients during the period.
|
|
|
|
|
|
|
|
|
|
|
|
MEDCATH
CORPORATION
|
|
|
SUPPLEMENTAL
FINANCIAL DISCLOSURE - RECONCILIATION OF GAAP FINANCIAL
MEASURES
|
|
|
TO NON-GAAP
FINANCIAL MEASURES
|
|
|
(Unaudited)
|
|
|
|
|
The following table reconciles
the income (loss) from continuing operations, net of taxes
attributable to MedCath Corporation's common stockholders as
derived directly from MedCath Corporation's consolidated financial
statements to Adjusted EBITDA for the three months ended December
31, 2010 and 2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations, net of taxes attributable to
|
|
|
|
|
|
|
|
MedCath Corporation
common stockholders
|
|
|
$
7,162
|
|
$
(1,902)
|
|
|
Add:
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
4,482
|
|
(1,337)
|
|
|
Net income attributable to
noncontrolling interest
|
|
|
2,174
|
|
1,218
|
|
|
Equity in net earnings of
unconsolidated affiliates
|
|
|
(602)
|
|
(1,516)
|
|
|
Interest and other income,
net
|
|
|
(489)
|
|
(70)
|
|
|
Gain on sale of unconsolidated
investees
|
|
|
(15,391)
|
|
-
|
|
|
Interest expense
|
|
|
1,082
|
|
945
|
|
|
Loss on disposal of property,
equipment and other assets
|
|
|
93
|
|
96
|
|
|
Depreciation
|
|
|
4,887
|
|
5,938
|
|
|
Pre-opening expenses
|
|
|
-
|
|
866
|
|
|
Share-based compensation
expense
|
|
|
1,932
|
|
608
|
|
|
Professional fees for strategic
options process
|
|
|
2,562
|
|
-
|
|
|
Sales tax refunds,
net
|
|
|
(2,087)
|
|
-
|
|
|
Adjusted EBITDA
|
|
|
$
5,805
|
|
$
4,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles
MedCath Corporation's diluted income (loss) per share from
continuing operations, net of taxes attributable to MedCath
Corporation's common stockholders as derived directly from
MedCath's consolidated financial statements to Adjusted diluted
earnings per share from continuing operations for the three months
ended December 31, 2010 and 2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per
share
|
|
|
$
0.36
|
|
$
(0.09)
|
|
|
Add:
|
|
|
|
|
|
|
|
Gain on sale of unconsolidated
investees
|
|
|
(0.47)
|
|
-
|
|
|
Professional fees for strategic
plans
|
|
|
0.08
|
|
-
|
|
|
Sales tax refunds
|
|
|
(0.05)
|
|
-
|
|
|
Share-based compensation
expense
|
|
|
0.06
|
|
0.02
|
|
|
Pre-opening expense
|
|
|
-
|
|
0.02
|
|
|
Adjusted diluted earnings per
share
|
|
|
$
(0.02)
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
SOURCE MedCath Corporation