CHARLOTTE, N.C, Dec. 14, 2011 /PRNewswire/ -- MedCath Corporation
(Nasdaq: MDTH), a healthcare provider focused on high acuity
healthcare services, today announced operating results for its
fourth fiscal quarter ended September
30, 2011.
Fourth Fiscal Quarter Highlights
- Net revenue of $42.5 million, up
2.6% compared to the fourth quarter of fiscal 2010.
- Total admissions and adjusted admissions of 1,785 and 2,930,
down 10.3% and 10.2%, respectively, compared to the fourth quarter
of fiscal 2010.
- Loss from continuing operations of ($10.1) million and Adjusted EBITDA of
$(6.3) million.
- Diluted loss per share from continuing operations of
($0.57) and Adjusted EPS of
($0.33).
- Total cash of $304.4 million,
which includes cash held at entities previously sold and cash used
to fund a $139.4 million liquidating
dividend on October 13, 2011.
Adoption of Liquidating Accounting
On September 22, 2011, at a
special meeting of stockholders, MedCath's stockholders approved
the following:
- The sale of all or substantially all of MedCath's remaining
assets prior to filing a certificate of dissolution, and
- The complete liquidation of MedCath once the Board of Directors
of MedCath concludes that the implementation of a formal plan of
dissolution was in the best interest of MedCath and its
stockholders.
Accordingly, MedCath adopted the liquidation basis of accounting
as of September 22, 2011 since the
liquidation and dissolution of MedCath was determined to be
imminent. Please refer to MedCath's Annual Report on Form 10-K,
which was filed with the Securities and Exchange Commission
December 14, 2011, for additional
information regarding our adoption of the liquidation basis of
accounting, our estimate of net asset value derived from our
liquidation, risks relating to an investment in MedCath and risks
relating to our liquidation and dissolution.
Financial results provided in this release are on a going
concern basis for MedCath's operating activity through September 30, 2011, and include, among other
items, the consolidated results of three hospitals: Bakersfield
Heart Hospital, Louisiana Medical Center and Heart Hospital and
Hualapai Mountain Medical Center. Louisiana Medical Center and
Heart Hospital and Hualapai Mountain Medical Center were sold
effective September 30, 2011.
MedCath's financial results in this release also include MedCath's
percentage of the net income of Harlingen Medical Center, which is
accounted for pursuant to the equity method of accounting since
MedCath did not own a majority of Harlingen Medical Center.
MedCath sold its interest in Harlingen Medical Center on
November 30, 2011.
Fourth Quarter of Fiscal 2011 Results Compared to Fourth
Quarter of Fiscal 2010 Results
MedCath's reported net revenue increased 2.6% to $42.5 million in the fourth quarter of fiscal
2011 compared to $41.4 million in the
fourth quarter of fiscal 2010. Net income was $30.8 million in the fourth quarter of fiscal
2011 compared to a net loss of $(21.7)
million in the fourth quarter of fiscal 2010. MedCath's loss
from continuing operations was $(10.1)
million, or $(0.57) per
diluted share, in the fourth quarter of fiscal 2011 compared to
$(22.2) million, or $(1.33) per diluted share, in the fourth quarter
of fiscal 2010.
MedCath's fourth quarter of fiscal 2011 financial results
include the following items:
- $7.0 million, or ($0.21) per diluted share, of professional fees
and other expenses incurred in connection with MedCath's strategic
options process announced on March 1,
2010; and
- $1.0 million, or ($0.03) per diluted share, in share-based
compensation expense.
MedCath's fourth quarter of fiscal 2010 financial results
include the following items:
- $28.5 million, or ($0.87) per diluted share, in impairment
expense;
- $0.8 million, or ($0.02) per diluted share, in share-based
compensation expense; and
- $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.
Adjusted EBITDA was $(6.3) million
in the fourth quarter of fiscal 2011 compared to $(0.5) million in the same period of the prior
year. MedCath's Adjusted EPS for the fourth quarter of fiscal 2011
was $(0.33) compared with
$(0.36) in the fourth quarter of
fiscal 2010.
Operating Statistics
MedCath's financial results for the fourth fiscal quarter ended
September 30, 2011, reflect a 10.3%
decrease in total admissions and a 10.2% decrease in adjusted
admissions compared to the fourth quarter of fiscal 2010. Volumes
during the quarter were negatively impacted by the closing of
Hualapai Mountain Medical Center, which began to wind down its
operations on September 1, 2011.
Hospital outpatient cases, including emergency department visits,
totaled 9,995 in the fourth quarter of fiscal 2011, up 2.0%
compared to the fourth quarter of fiscal 2010.
Total uncompensated care, which includes charity care plus bad
debt expense, equaled 21.8% of hospital division net patient
revenue before the deduction for charity care in the fourth quarter
of fiscal 2011 compared to 16.2% in the fourth quarter of fiscal
2010.
Update on Strategic Options Process
On December 1, 2011, MedCath
announced the completion of a transaction related to the sale of
its equity interest in Harlingen Medical Center and HMC Realty,
LLC, representing the twelfth transaction since MedCath announced
its strategic options process in March
2010. MedCath anticipates that final net proceeds from this
transaction, after payment of income tax due on the gain on sale,
to be approximately $0.3 million. As
a result, MedCath currently owns an interest in and operates only
one hospital, located in Bakersfield,
California.
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 fourth fiscal quarter of 2011 represents
MedCath's loss from continuing operations, net of taxes
attributable to MedCath's common stockholders; income tax benefit,
net income attributable to noncontrolling interests; equity in net
earnings (losses) of unconsolidated affiliates; interest and other
income; interest expense; (gain) loss on disposal of property,
equipment and other assets; depreciation; share-based compensation
expense, and professional fees associated with MedCath's
exploration of strategic options. Adjusted EPS for the fourth
fiscal quarter of fiscal 2011 represents MedCath's diluted loss per
share from continuing operations adjusted for professional fees
associated with MedCath's consideration of strategic options and
share-based compensation expense.
Adjusted EBITDA for the fourth fiscal quarter of 2010 represents
MedCath's loss from continuing operations, net of taxes, income tax
benefit; net income attributable to noncontrolling interests;
equity in earnings (losses) of unconsolidated affiliates; interest
and other income; interest expense; (gain) loss on disposal of
property, equipment and other assets; impairment of long-lived
assets; depreciation; share-based compensation expense, and
professional fees associated with MedCath's exploration of
strategic options. Adjusted EPS for the fourth fiscal quarter of
fiscal 2010 represents MedCath's diluted loss per share from
continuing operations adjusted for share-based compensation
expense; impairment of long-lived assets, and professional fees
associated with MedCath's exploration of strategic options.
Adjusted EBITDA for the 2011 fiscal period represents MedCath's
loss from continuing operations, net of taxes, income tax benefit;
net income attributable to noncontrolling interests; equity in
earnings (losses) of unconsolidated affiliates; interest and other
income, net; gain on sale of unconsolidated affiliates; interest
expense; (gain) loss on disposal of property, equipment and other
assets; impairment of long-lived assets; depreciation; share-based
compensation expense, and professional fees associated with
MedCath's exploration of strategic options. Adjusted EPS for the
2011 fiscal period represents MedCath's diluted loss per share from
continuing operations adjusted for gain on sale of unconsolidated
affiliates; professional fees for strategic options process;
impairment of long-lived assets, and share based compensation
expense.
Adjusted EBITDA for the year ended September 30, 2010 represents MedCath's loss from
continuing operations, net of taxes, income tax benefit; net income
attributable to noncontrolling interests; equity in earnings
(losses) of unconsolidated affiliates; interest and other income,
net; loss on note receivable; interest expense; (gain) loss on
disposal of property, equipment and other assets; impairment on
long-lived assets; depreciation; pre-opening expenses; share-based
compensation expense, and professional fees associated with
MedCath's exploration of strategic options. Adjusted EPS for the
year ended September 30, 2010
represents MedCath's diluted loss per share from continuing
operations adjusted for professional fees associated with MedCath's
exploration of strategic options; impairment on long-lived assets;
loss on note receivable; share-based compensation expense, and
pre-opening expense.
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 one hospital with a total of 47
licensed beds located in California.
Parts of this announcement contain forward-looking statements
that involve risks and uncertainties, including statements
regarding the amount of net proceeds to be received from the sale
of our interests in Harlingen Medical Center and HMC Realty, LLC.
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. The preparation of MedCath's fourth 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, 2011 that was
filed with the Securities and Exchange Commission on December 14, 2011. Copies of our filings with the
Securities and Exchange Commission, including exhibits, are
available at www.sec.gov to review.
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MEDCATH
CORPORATION
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CONSOLIDATED STATEMENTS OF
OPERATIONS
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(In
thousands, except per share data)
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(Going
Concern Basis)
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(unaudited)
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Period
July 1, 2011 to September 22, 2011
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Three
Months Ended September 30, 2010
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2011
Fiscal Period
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Year
Ended September 30, 2010
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Net
revenue
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$
42,482
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$
41,414
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$
167,301
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$
166,411
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Operating
expenses:
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Personnel
expense
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19,231
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16,727
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72,477
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66,734
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Medical
supplies expense
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7,468
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8,201
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32,342
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33,410
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Bad debt
expense
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8,252
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5,761
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25,908
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23,805
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Other
operating expenses
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21,175
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14,518
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65,254
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53,459
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Pre-opening expenses
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-
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-
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-
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866
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Depreciation
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1,798
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2,586
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8,014
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12,221
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Impairment
of long-lived assets
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-
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28,509
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20,358
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66,022
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Loss
(gain) on disposal of property, equipment and other
assets
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79
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(33)
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(226)
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(54)
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Total
operating expenses
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58,003
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76,269
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224,127
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256,463
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Loss from
operations
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(15,521)
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(34,855)
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(56,826)
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(90,052)
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Other
income (expenses):
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Interest
expense
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(13)
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(1,103)
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(2,320)
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(3,935)
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Interest
and other income
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44
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10
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179
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86
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Gain on
sale of unconsolidated affiliates
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-
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-
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15,391
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-
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Loss on
note receivable
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-
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-
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-
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(1,507)
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Equity in
net (losses) earnings of unconsolidated affiliates
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(462)
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1,375
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1,216
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5,359
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Total
other (expense) income, net
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(431)
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282
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14,466
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3
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Loss from
continuing operations before income taxes
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(15,952)
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(34,573)
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(42,360)
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(90,049)
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Income tax
benefit
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(5,833)
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(12,387)
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(16,963)
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(33,377)
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Loss from
continuing operations
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(10,119)
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(22,186)
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(25,397)
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(56,672)
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Income
from discontinued operations, net of taxes
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87,283
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7,167
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154,742
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20,690
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Net income
(loss)
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77,164
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(15,019)
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129,345
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(35,982)
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Less: Net
income attributable to noncontrolling interests
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(46,403)
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(6,671)
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(62,709)
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(12,389)
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Net income
(loss) attributable to MedCath Corporation
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$
30,761
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$
(21,690)
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$
66,636
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$
(48,371)
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Amounts
attributable to MedCath Corporation common stockholders:
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Loss from
continuing operations, net of taxes
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$
(11,518)
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$
(26,417)
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$
(29,177)
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$
(61,843)
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Income
from discontinued operations, net of taxes
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42,279
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4,727
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95,813
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13,472
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Net income
(loss)
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$
30,761
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$
(21,690)
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$
66,636
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$
(48,371)
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Earnings
(loss) per share, basic
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Loss from
continuing operations attributable to MedCath Corporation common
stockholders
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$
(0.57)
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$
(1.33)
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$
(1.45)
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$
(3.12)
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Income
from discontinued operations attributable to MedCath Corporation
common stockholders
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2.09
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0.24
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4.75
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0.68
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Earnings
(loss) per share, basic
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$
1.52
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$
(1.09)
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$
3.30
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$
(2.44)
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Earnings
(loss) per share, diluted
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Loss from
continuing operations attributable to MedCath Corporation common
stockholders
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$
(0.57)
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$
(1.33)
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$
(1.45)
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$
(3.12)
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Income
from discontinued operations attributable to MedCath Corporation
common stockholders
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2.09
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0.24
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4.75
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0.68
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Earnings
(loss) per share, diluted
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$
1.52
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$
(1.09)
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$
3.30
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$
(2.44)
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Weighted
average number of shares, basic
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20,216
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19,898
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20,153
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19,842
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Dilutive
effect of stock options and restricted stock
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6
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-
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6
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-
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Weighted
average number of shares, diluted
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20,222
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19,898
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20,159
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19,842
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MEDCATH
CORPORATION
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SELECTED OPERATING DATA
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(In
thousands, except per share data and selected operating
data)
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(Unaudited)
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Period
July 1, 2011 to
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Three
Months Ended
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Year
Ended
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September 22, 2011
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September 30, 2010
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%
Change
|
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2011
Fiscal Period
|
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September 30, 2010
|
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%
Change
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Statement of Operations Data:
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Net
revenue
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$
42,482
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$
41,414
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2.6%
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$
167,301
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$
166,411
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0.5%
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Adjusted
EBITDA (1)
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$
(6,263)
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$
(457)
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(1270.5)%
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$
(13,156)
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$
(9,813)
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(34.1)%
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Loss from
operations
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$
(15,521)
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$
(34,855)
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55.5%
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|
$
(56,826)
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$
(90,052)
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36.9%
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|
Loss from
continuing operations, net of taxes
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$
(11,518)
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$
(26,417)
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56.4%
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|
$
(29,177)
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$
(61,843)
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|
52.8%
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|
Loss per
share from continuing operations, basic
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$
(0.57)
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$
(1.33)
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|
57.1%
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|
$
(1.45)
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$
(3.12)
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|
53.5%
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|
Loss per
share from continuing operations, diluted
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|
$
(0.57)
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|
$
(1.33)
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|
57.1%
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|
$
(1.45)
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|
$
(3.12)
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53.6%
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|
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(1)
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See
Supplemental Financial Disclosure-Reconciliation of GAAP Financial
Measures to Non-GAAP Financial Measures.
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|
|
|
|
|
|
|
Period
July 1, 2011 to
|
|
Three
Months Ended
|
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|
|
|
|
Year
Ended
|
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|
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September 22, 2011
|
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September 30, 2010
|
|
%
Change
|
|
2011
Fiscal Period
|
|
September 30, 2010
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
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|
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Selected Operating Data (a):
|
|
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|
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Number of
hospitals
|
|
3
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|
3
|
|
|
|
3
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3
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|
|
Licensed
beds ( c )
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|
254
|
|
254
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|
|
|
254
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|
254
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|
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|
Staffed
and available beds ( d )
|
|
214
|
|
214
|
|
|
|
214
|
|
214
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Admissions
( e )
|
|
1,785
|
|
1,989
|
|
(10.3)%
|
|
7,907
|
|
8,380
|
|
(5.6)%
|
|
Adjusted
admissions ( f )
|
|
2,930
|
|
3,263
|
|
(10.2)%
|
|
12,675
|
|
13,036
|
|
(2.8)%
|
|
Patient
days ( g )
|
|
7,191
|
|
7,755
|
|
(7.3)%
|
|
31,713
|
|
33,041
|
|
(4.0)%
|
|
Adjusted
patient days ( h )
|
|
11,843
|
|
12,698
|
|
(6.7)%
|
|
50,803
|
|
51,341
|
|
(1.0)%
|
|
Average
length of stay (days) ( i )
|
|
4.03
|
|
3.90
|
|
3.3%
|
|
4.01
|
|
3.94
|
|
1.8%
|
|
Occupancy
( j )
|
|
36.5%
|
|
39.4%
|
|
|
|
40.6%
|
|
42.3%
|
|
|
|
Inpatient
catheterization procedures ( k )
|
|
448
|
|
544
|
|
(17.6)%
|
|
1,778
|
|
2,304
|
|
(22.8)%
|
|
Inpatient
surgical procedures ( l )
|
|
399
|
|
470
|
|
(15.1)%
|
|
1,832
|
|
2,023
|
|
(9.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Operating Data (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
hospitals
|
|
4
|
|
4
|
|
|
|
4
|
|
4
|
|
|
|
Licensed
beds ( c )
|
|
366
|
|
366
|
|
|
|
366
|
|
366
|
|
|
|
Staffed
and available beds ( d )
|
|
323
|
|
323
|
|
|
|
323
|
|
323
|
|
|
|
Admissions
( e )
|
|
3,396
|
|
3,812
|
|
(10.9)%
|
|
14,662
|
|
15,642
|
|
(6.3)%
|
|
Adjusted
admissions ( f )
|
|
6,113
|
|
6,529
|
|
(6.4)%
|
|
25,491
|
|
26,398
|
|
(3.4)%
|
|
Patient
days ( g )
|
|
11,908
|
|
13,303
|
|
(10.5)%
|
|
52,450
|
|
55,115
|
|
(4.8)%
|
|
Adjusted
patient days ( h )
|
|
21,162
|
|
22,638
|
|
(6.5)%
|
|
90,145
|
|
91,957
|
|
(2.0)%
|
|
Average
length of stay (days) ( i )
|
|
3.51
|
|
3.49
|
|
0.6%
|
|
3.58
|
|
3.52
|
|
1.7%
|
|
Occupancy
( j )
|
|
40.1%
|
|
44.8%
|
|
|
|
44.5%
|
|
46.7%
|
|
|
|
Inpatient
catheterization procedures ( k )
|
|
690
|
|
687
|
|
0.4%
|
|
2,855
|
|
3,048
|
|
(6.3)%
|
|
Inpatient
surgical procedures ( l )
|
|
799
|
|
920
|
|
(13.2)%
|
|
3,469
|
|
3,638
|
|
(4.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. The 2011 Fiscal Period is as of September 22,
2011. Subsequent to that date, the Company disposed of its
interest in two of the consolidated hospitals.
|
|
(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. The 2011 Fiscal Period is as of
September 22, 2011. Subsequent to that date, the Company
disposed of its interest in two of the consolidated hospitals and
its interest in an equity accounted for hospital.
|
|
(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 were 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 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 periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
July 1, 2011 to
|
|
Three
Months Ended
|
|
2011
|
|
Year
Ended
|
|
|
|
|
|
|
|
September 22, 2011
|
|
September 30, 2010
|
|
Fiscal
Period
|
|
September 30, 2010
|
|
|
|
|
|
|
|
(in
thousands)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations, net of taxes
|
$
(11,518)
|
|
$
(26,417)
|
|
$
(29,177)
|
|
$
(61,843)
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
(5,833)
|
|
(12,387)
|
|
(16,963)
|
|
(33,377)
|
|
|
|
Net income
attributable to noncontrolling interests
|
|
|
749
|
|
4,231
|
|
1,399
|
|
(734)
|
|
|
|
Equity in
net earnings (losses) of unconsolidated affiliates
|
|
|
462
|
|
(1,375)
|
|
(1,216)
|
|
(5,359)
|
|
|
|
Interest
and other income
|
|
|
(44)
|
|
(10)
|
|
(179)
|
|
(86)
|
|
|
|
Loss on
note receivable
|
|
|
-
|
|
-
|
|
-
|
|
1,507
|
|
|
|
Gain on
sale of unconsolidated affiliates
|
|
|
-
|
|
-
|
|
(15,391)
|
|
-
|
|
|
|
Interest
expense
|
|
|
13
|
|
1,103
|
|
2,320
|
|
3,935
|
|
|
|
(Gain) loss on disposal of property, equipment
and other assets
|
|
|
79
|
|
(33)
|
|
(226)
|
|
(54)
|
|
|
|
Impairment
of long-lived assets
|
|
|
-
|
|
28,509
|
|
20,358
|
|
66,022
|
|
|
|
Depreciation
|
|
|
1,798
|
|
2,586
|
|
8,014
|
|
12,221
|
|
|
|
Pre-opening expenses
|
|
|
-
|
|
-
|
|
-
|
|
866
|
|
|
|
Share-based compensation expense
|
|
|
1,035
|
|
772
|
|
4,311
|
|
3,148
|
|
|
|
Professional fees for strategic options
process
|
|
|
6,996
|
|
2,564
|
|
13,594
|
|
3,941
|
|
|
Adjusted
EBITDA
|
|
|
$
(6,263)
|
|
$
(457)
|
|
$
(13,156)
|
|
$
(9,813)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table reconciles MedCath Corporation's diluted (loss)
earnings 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
(inclusive of the effect of dilutive shares) for the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
July 1, 2011 to
|
|
Three
Months Ended
|
|
2011
|
|
Year
Ended
|
|
|
|
|
|
|
|
September 22, 2011
|
|
September 30, 2010
|
|
Fiscal
Period
|
|
September 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
(loss) earnings per share
|
|
|
$
(0.57)
|
|
$
(1.33)
|
|
$
(1.45)
|
|
$
(3.12)
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of unconsolidated affiliates
|
-
|
|
-
|
|
(0.47)
|
|
-
|
|
|
|
Professional fees for strategic options
process
|
|
|
0.21
|
|
0.08
|
|
0.41
|
|
0.12
|
|
|
|
Impairment
of long-lived assets
|
|
|
-
|
|
0.87
|
|
0.62
|
|
2.02
|
|
|
|
Loss on
note receivable
|
|
|
-
|
|
-
|
|
-
|
|
0.05
|
|
|
|
Share-based compensation expense
|
|
|
0.03
|
|
0.02
|
|
0.13
|
|
0.10
|
|
|
|
Pre-opening expense
|
|
|
-
|
|
-
|
|
-
|
|
0.03
|
|
|
Adjusted
diluted loss per share
|
|
|
$
(0.33)
|
|
$
(0.36)
|
|
$
(0.76)
|
|
$
(0.80)
|
|
SOURCE MedCath Corporation