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MedCath 2Q earnings fall on revenue decline, lower volumes

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May 7, 2008

CHARLOTTE, N.C.—Hospital operator MedCath Corp. late Tuesday said its fiscal second-quarter profit slipped as revenue declined due to the recapitalization of one hospital and the sale of another.

In the quarter ended March 31, MedCath earned $5.7 million, or 29 cents per share, compared with $6.3 million, or 29 cents per share, in the prior-year period.

Revenue fell 11.1 percent to $157.1 million from $176.6 million in the year-ago period.

Analysts polled by Thomson Financial expected a profit of 28 cents per share on revenue of $163.7 million.

MedCath noted that during the quarter, it sold its Dayton Heart Hospital in Dayton, Ohio.

Additionally, during the fiscal 2007 fourth quarter, MedCath finished the recapitalization of Harlingen Medical Center, reducing its stake to a minority ownership.

In April, MedCath predicted that its second-quarter results would likely miss Wall Street estimates as a result of lower inpatient volumes and revenue per adjusted admission. At that time, the company projected earnings between 25 cents to 28 cents per share on revenue between $156.7 million to $157.3 million.

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