NEW YORK--(BUSINESS WIRE)-- Levi & Korsinsky ("L&K") is investigating the Board of Directors of 3Com Corporation ("3Com" or the "Company") (NasdaqGS: COMS) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Hewlett-Packard Company ("HP") (NYSE: HPQ). Under the terms of the transaction, 3Com shareholders will receive $7.90 per share for each 3Com share they own for a total transaction value of approximately $2.7 billion.
The investigation concerns whether the 3Com Board of Directors have breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether HP is underpaying for 3Com shares, thus unlawfully harming 3Com stockholders.
If you own common stock in 3Com and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/coms1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Source: Levi & Korsinsky
Chairman Julius H. Hollis is Available for Interviews
In anticipation of our nation's first ever National Broadband Plan, the Alliance for Digital Equality (ADE) will convene a mix of policymakers, thought leaders, and media at their 2nd annual Digital Empowerment Summit in Washington, DC to discuss the role of wireline and wireless broadband access and adoption in addressing some of the most critical issues facing underserved communities in our country today, such as access to a quality and affordable education, disparities in healthcare and economic development in low-income communities.
In the American Recovery and Reinvestment Act of 2009 - known as the stimulus package - Congress charged the Federal Communications Commission with creating a national broadband plan that will provide a roadmap toward achieving the goal of ensuring that all Americans reap the benefits of broadband. The Commission has been directed to submit its plan to Congress on February 10, 2010.
Broadband access is no longer a luxury for Americans; rather it is an increasingly necessary tool. ADE plans to call attention to the issues that millions of Americans in our underserved and un-served areas face without broadband Internet throughout the half-day program, which includes three panel discussions moderated by CNN Contributor Roland Martin. ADE recommends that the Commission consider policy guidelines that would ensure the continuation of affordable universal broadband coverage for millions of Americans.
Julius H. Hollis is founder and Chairman of the Alliance for Digital Equality. He is available for interviews.
Date: Wednesday, November 18, 2009
Julius H. Hollis
Julius Hollis is the founder of The Alliance for Digital Equality and currently serves as the Chairman of the Atlanta, Georgia-based 501(c)4 non-profit corporation. A native of Atlanta, Mr. Hollis' background includes an extensive career as a banker, entrepreneur and financial advisor to a diverse array of multinational clients. In addition to his leadership role with The Alliance, he also serves as Chief Executive Officer of Hollis & Company, an Atlanta-based investment-counseling firm with an affiliate office in Johannesburg, South Africa. Mr. Hollis received his B.A. degree from Morehouse College.
Mr. Hollis, as noted, has served in numerous public-sector leadership positions with success, and has dedicated his time developing programs and initiatives that encourage America's underserved population through career advancement and economic opportunity.
About The Alliance for Digital Equality: The Alliance for Digital Equality(TM) is a non-profit 501 (c) 4 consumer advocacy organization that serves to facilitate and ensure equal access to technology in underserved communities. The Alliance also serves as a bridge between policymakers and minority individuals in order to help the public understand how legislative and regulatory policies regarding new technologies can impact and empower their daily lives. For more information on The Alliance for Digital Equality, please visit www.alliancefordigitalequality.org.
/PRNewswire-USNewswire -- Nov. 11/
SOURCE Alliance for Digital Equality
CHARLOTTE, N.C., Nov. 11 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services, today announced it has received licensure by the Arizona Department of Health Services and accreditation by The Joint Commission for its new 70-bed Hualapai Mountain Medical Center in Kingman, Ariz, which opened October 15th. The new hospital, which also has shelled space for another 36 beds, is MedCath's biggest step in a three-year transformation strategy to expand the services offered.
The $70 million project is located in one of Arizona's fastest growing regions and a city whose population has doubled since 1990. Hualapai Mountain Medical Center will focus on providing high acuity services, and includes four operating rooms, one cath lab and a 22-bay emergency department. The hospital's services will include heart services, inpatient and outpatient surgery, medical services, intensive care and emergency services while employing state-of-the-art diagnostic imaging and laboratory services.
"We are looking forward to delivering our differentiated and leading healthcare to Kingman and the surrounding area, and becoming a longstanding member of the region's healthcare community," says O. Edwin French, MedCath's president and CEO. "We're excited about opening Hualapai, because this continues our drive to transform our Company by diversifying beyond cardiovascular care."
The opening of the 189,000-square-foot facility marks the completion of MedCath's second significant construction project in 2009, following the 79-bed expansion of Louisiana Medical Center and Heart Hospital in May. MedCath has now added more than 235 beds since January 2008, an increase in capacity of more than 40 percent. MedCath's hospital average bed size has increased by approximately 36 percent over the past three years, with average license capacity now at 82 beds, up from 60 in 2006.
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 10 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.
SOURCE MedCath Corporation
CHARLOTTE, N.C., Nov. 11 /PRNewswire-FirstCall/ --MedCath Corporation (Nasdaq: MDTH), a healthcare provider focused on high acuity healthcare services, predominately the diagnosis and treatment of cardiovascular disease, today announced its unaudited operating results for its fourth quarter and fiscal year which ended September 30, 2009.
Fourth Quarter 2009 Summary
-- Net revenue of $148.0 million, or $149.4 million after excluding the
impact of third-party payor cost report settlements that reduced fourth
quarter net revenue by $1.4 million, an increase of 2.0% over the fourth
quarter of fiscal 2008.
-- Adjusted EBITDA of $11.0 million for the fourth quarter, excluding the
impact of the $1.4 million third-party payor cost report settlements.
-- Operating cash flows from continuing operations of $10.7 million and
Free Cash Flows of $3.7 million.
-- 4.6% increase in patient visits, including inpatient and outpatient
cases, and emergency department visits, compared to the fourth quarter
of fiscal 2008.
-- EPS from continuing operations of $(3.14) or Adjusted EPS from
continuing operations of $0.04, excluding pre-opening expense,
stock-based compensation expense and non-cash goodwill impairment
expense and other items.
Fourth Quarter 2009 Results
Due to an increase in patient volumes and higher revenue per adjusted admission, MedCath's net revenue for the fourth quarter of fiscal 2009 increased 1.7% to $148.0 million from $145.5 million in the fourth quarter of fiscal 2008. Loss from operations, which includes a $60.2 million non-cash goodwill impairment expense, was $(62.8) million as compared to income from operations of $4.4 million in the fourth quarter of fiscal 2008. MedCath's loss from continuing operations was $(61.9) million, or $(3.14) per diluted share, in the fourth quarter of fiscal 2009 compared to income from continuing operations of $0.2 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2008. Adjusted EBITDA decreased to $9.5 million from $11.5 million in the same period of the prior year.
MedCath's fourth quarter of fiscal 2009 results include a $60.2 million non-cash impairment charge related to MedCath's goodwill, which was primarily recognized as a result of MedCath's going-private transaction in 1998. As required by generally accepted accounting principles, MedCath tested goodwill for impairment by comparing the fair value of the hospital division to its carrying value including goodwill. As a result of MedCath's sustained decline in market capitalization, MedCath determined that goodwill was impaired as of September 30, 2009. The non-cash impairment expense did not affect MedCath's operations, cash flow, cash position or access to its bank facility. However, this impairment expense reduced income from continuing operations by $60.2 million and earnings per share by $(3.05) for the fourth quarter of fiscal 2009.
"Despite the net loss incurred this quarter, we have continued to move forward with our transformation strategy by increasing the number of acute care beds in our asset base," said Ed French, MedCath's President and Chief Executive Officer. "We most recently opened and received the necessary license for our 70-bed Hualapai Mountain Medical Center, located in Kingman, Arizona, and we look forward to servicing the needs of the Kingman and northern Arizona community. This follows the opening of our new patient tower at Louisiana Medical Center and Heart Hospital in June 2009, increasing that hospital by 79 beds and diversifying the hospital's service line. With the opening of Hualapai Mountain Medical Center and the expansion of Louisiana Medical Center and Heart Hospital, we now have 825 beds in service, up 22% from a year earlier, allowing us the opportunity to provide meaningful growth in the future."
In addition to the non-cash goodwill impairment expense, MedCath's operating results for the fourth quarter of fiscal 2009 reflect the following items:
-- $1.5 million, or $0.04, net per diluted share of the decrease in net
revenue and Adjusted EBITDA related to anticipated settlement of
third-party payor cost reports at two hospitals, and
-- $0.9 million, or $0.03 per diluted share, in amortization expense
related to the termination of a management contract at MedCath Partners
Division.
MedCath's fourth quarter of fiscal 2008 results include the impact of certain items that collectively had a $1.0 million negative impact to net revenue and Adjusted EBITDA and a $0.02 impact to EPS from continuing operations.
Adjusted EBITDA excludes share-based compensation and pre-opening expenses, but these items are included as a component of (loss) income from continuing operations. Share-based compensation expense totaled $0.3 million in the fourth quarter of fiscal 2009, or $0.01 per diluted share, compared to a benefit of $0.5 million, or $0.01 per diluted share, in the fourth quarter of fiscal 2008. Pre-opening expenses, which are related to the development of Hualapai Mountain Medical Center, totaled $2.2 million in the fourth quarter of fiscal 2009, or $0.05 per diluted share, compared to $0.1 million in the fourth quarter of fiscal 2008.
During the quarter, MedCath completed the disposition of Sun City Cardiac Centers Associates ("Sun City") a partnership owned 60% by MedCath Partners, LLC, a wholly owned subsidiary of MedCath, and 40% by certain physician and other investors. As a result of this disposition, the operating results of Sun City are classified as discontinued operations for all reporting periods contained in this press release and accompanying financial statements.
Fourth Quarter Operating Statistics, Cash Flow and Capital Expenditures
Same facility hospital admissions in the fourth quarter of fiscal 2009 were 6,707, down 3.7% compared with the fourth quarter of fiscal 2008. Adjusted admissions totaled 10,262, up 3.0% compared with the fourth quarter of fiscal 2008. Same facility hospital outpatient cases totaled 16,136 in the fourth quarter of fiscal 2009, up 11.6% in comparison with the fourth quarter of fiscal 2008.
Total uncompensated care, which includes charity care plus bad debt expense, equaled 12.1% of hospital division net patient revenue before the deduction for charity care in the fourth quarter of fiscal 2009 versus 10.5% for the fourth quarter of fiscal 2008. The increase in uncompensated care expense is primarily related to:
1. An 8.3% increase in self-pay revenue in the quarter, and
2. Additional reserves of approximately $2.0 million to reflect a reduction
in the collection rate and aging of self-pay and the self-pay balance
after insurance receivables.
Net cash provided by operating activities of continuing operations for the fourth quarter of fiscal 2009 increased 8.1% to $10.7 million from $9.9 million in the fourth quarter of fiscal 2008. Cash paid for capital expenditures during the fourth quarter of fiscal 2009 totaled $21.7 million, which included $7.0 million related to maintenance expenditures and $14.7 million related to MedCath's construction projects. MedCath's Free Cash Flows totaled $3.7 million for the fourth quarter of fiscal 2009. As of September 30, 2009, MedCath's balance sheet included cash and cash equivalents of $32.0 million, total debt and capitalized leases of $127.8 million and total assets of $590.4 million.
Fiscal 2009 Results
For the fiscal year ended September 30, 2009, MedCath's net revenue was $602.0 million, an increase of 1.8% when compared to the fiscal year ended September 30, 2008. Adjusted EBITDA was $55.6 million, and loss from continuing operations was ($58.4) million for fiscal 2009 compared to $74.8 million and $12.4 million, respectively for fiscal 2008. EPS was ($2.98) per diluted share for fiscal 2009 compared to $0.61 per diluted share for fiscal 2008.
MedCath's fiscal year 2009 results include the impact of certain items that collectively had a $4.5 million negative impact to net revenue, a $12.8 million negative impact to Adjusted EBITDA and a $(3.65) impact to EPS from continuing operations.
MedCath's fiscal year 2008 actual results include the impact of certain items that collectively had a $1.4 million negative impact to net revenue, a $7.6 million negative impact to Adjusted EBITDA and a $(0.21) impact to EPS from continuing operations.
Share-based compensation expense totaled $2.4 million in fiscal 2009, compared to $5.0 million in fiscal 2008. Adjusted EBITDA disclosed above does not include this expense but the expense is included as a component of (loss) income from continuing operations.
Fiscal Year Operating Statistics, Cash Flow and Capital Expenditures
Same facility hospital admissions for fiscal 2009 were 26,856, down 8.3% compared with fiscal 2008. Adjusted admissions totaled 40,964, up 0.2% compared with fiscal 2008. Same facility hospital outpatient cases totaled 61,383 in fiscal 2009, up 11.5% in comparison with fiscal 2008.
Total uncompensated care, which includes charity care plus bad debt expense, equaled 9.6% of hospital division net patient revenue before the deduction for charity care for fiscal 2009 versus 10.1% for fiscal 2008.
Net cash provided by operating activities of continuing operations for fiscal 2009 increased 48.8% to $64.3 million from $43.2 million in the fourth quarter of fiscal 2008. Cash paid for capital expenditures during fiscal 2009 totaled $93.9 million, which included $24.3 million related to maintenance expenditures and $69.6 million related to MedCath's construction projects. Free Cash Flows totaled $40.0 million for 2009 fiscal year and $19.0 million for the 2008 fiscal year.
Use of Non-GAAP Financial Measures
Included in the press release 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"); adjusted diluted earnings per share from continuing operations ("Adjusted EPS"); and Free Cash Flows. Adjusted EBITDA represents MedCath's (loss) income from continuing operations before interest expense; loss on early extinguishment of debt; income tax (benefit) expense; depreciation; amortization; share-based compensation expense; loss (gain) 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; impairment of goodwill; and pre-opening expense. Adjusted EPS represents MedCath's diluted earnings per share from continuing operations for the three months ended September 30, 2009 adjusted for third party payor adjustments, impairment of intangible asset, impairment of goodwill, share-based compensation expense, and pre-opening expense. Free Cash Flows are defined as cash flows from continuing operations less non-expansion capital expenditures. 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. Free Cash Flows are utilized by management to measure the quality of MedCath's earnings. Management provides Adjusted EBITDA, Adjusted EPS, and Free Cash Flows 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, Adjusted EPS, and/or Free Cash Flows as a financial performance measure.
Because Adjusted EBITDA, Adjusted EPS, and Free Cash Flows are non-GAAP measures, Adjusted EBITDA, Adjusted EPS, and Free Cash Flows, 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, Adjusted EPS to diluted EPS from continuing operations, and the computation of Free Cash Flows.
Management will discuss and answer questions regarding MedCath's quarterly results on Thursday, November 12, 2009, during a 10 a.m. ET conference call. In the United States, you may participate by dialing (877) 697-5351. International callers should dial (706) 634-0602. The conference ID for both domestic and international callers is 38797546. A live web cast will also be available on MedCath's web site, www.medcath.com. This information will be available on the web site on or immediately following the conference call for 30 days. A recorded replay of the call will be available until 11:59 p.m. ET, November 26, 2009. To access the replay, domestic callers should dial (800) 642-1687 and international callers should dial (706) 645-9291. The archived conference ID is 38797546. 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 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.
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, enactment of changes in federal law that would 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 fourth quarter 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, 2008 filed with the Securities and Exchange Commission on December 15, 2008, as updated in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009. 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 Twelve Months
Ended Ended
September 30, September 30,
-------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Net revenue $147,966 $145,511 $602,042 $591,611
Operating expenses:
Personnel expense 48,681 49,196 200,927 197,850
Medical supplies expense 43,336 41,835 171,451 161,880
Bad debt expense 14,876 11,828 49,421 43,671
Other operating expenses 31,857 30,637 127,043 118,378
Pre-opening expenses 2,223 143 3,563 786
Depreciation 8,591 7,623 31,755 30,041
Amortization 889 30 1,121 84
Loss (gain) on disposal of
property, equipment and
other assets 133 (143) 271 248
Impairment of goodwill 60,174 - 60,174 -
------ ---- ------ ----
Total operating expenses 210,760 141,149 645,726 552,938
------- ------- ------- -------
(Loss) income from operations (62,794) 4,362 (43,684) 38,673
Other income (expenses):
Interest expense (1,452) (2,642) (6,798) (14,300)
Loss on early extinguishment
of debt - - (6,702) -
Interest and other income 12 100 237 2,029
Equity in net earnings of
unconsolidated affiliates 2,013 1,049 9,057 7,891
----- ----- ----- -----
Total other income
(expense), net 573 (1,493) (4,206) (4,380)
--- ------ ------ ------
(Loss) income from continuing
operations before
minority interest
and income taxes (62,221) 2,869 (47,890) 34,293
Minority interest share of
earnings of consolidated
subsidiaries (872) (1,181) (9,328) (12,546)
---- ------ ------ -------
(Loss) income from continuing
operations before
income taxes (63,093) 1,688 (57,218) 21,747
Income tax (benefit) expense (1,193) 1,533 1,200 9,374
------ ----- ----- -----
(Loss) income from continuing
operations (61,900) 155 (58,418) 12,373
Income from discontinued
operations, net of taxes 3,294 314 8,136 8,617
----- --- ----- -----
Net (loss) income $(58,606) $469 $(50,282) $20,990
======== ==== ======== =======
Earnings (loss) per share, basic
Continuing operations $(3.14) $0.01 $(2.96) $0.62
Discontinued operations 0.17 0.01 0.41 0.43
---- ---- ---- ----
Earnings (loss) per share,
basic $(2.97) $0.02 $(2.55) $1.05
------ ----- ------ -----
Earnings (loss) per share, diluted
Continuing operations $(3.14) $0.01 $(2.96) $0.61
Discontinued operations 0.17 0.01 0.41 0.43
---- ---- ---- ----
Earnings (loss) per share,
diluted $(2.97) $0.02 $(2.55) $1.04
------ ----- ------ -----
Weighted average number of
shares, basic 19,740 19,590 19,684 19,996
Dilutive effect of stock
options and restricted stock - 65 - 73
--- -- --- --
Weighted average number of
shares, diluted 19,740 19,655 19,684 20,069
====== ====== ====== ======
MEDCATH CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30, September 30,
2009 2008
------------- -------------
(Unaudited)
Current assets:
Cash and cash equivalents $32,014 $93,836
Restricted cash - 3,154
Accounts receivable, net 70,410 82,324
Income tax receivable, net - 3,091
Medical supplies 18,261 15,340
Deferred income tax assets 12,201 9,769
Prepaid expenses and other
current assets 13,969 9,756
Current assets of
discontinued operations 30,011 22,506
------ ------
Total current assets 176,866 239,776
Property and equipment, net 382,684 323,094
Investments in affiliates 14,055 15,285
Goodwill - 60,174
Other intangible assets, net 378 1,133
Other assets 16,465 8,378
Long-term assets of
discontinued operations - 5,616
---- -----
Total assets $590,448 $653,456
======== ========
Current liabilities:
Accounts payable $40,979 $41,404
Income tax payable 642 -
Accrued compensation and benefits 18,744 16,744
Other accrued liabilities 24,860 23,322
Current portion of long-term debt and
obligations under capital leases 21,243 31,920
Current liabilities of
discontinued operations 10,165 11,282
------ ------
Total current liabilities 116,633 124,672
Long-term debt 102,727 115,628
Obligations under capital leases 3,791 2,087
Deferred income tax liabilities 13,874 12,352
Other long-term obligations 8,893 4,454
----- -----
Total liabilities 245,918 259,193
Minority interest in equity of
consolidated subsidiaries 25,632 24,667
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;
21,697,380 issued and 19,743,019
outstanding at September 30, 2009;
21,553,054 issued and 19,598,693
outstanding at September 30, 2008 216 216
Paid-in capital 455,259 455,494
Accumulated deficit (91,420) (41,138)
Accumulated other comprehensive loss (360) (179)
Treasury stock, at cost;
1,954,361 shares at September 30, 2009
1,954,361 shares at September 30, 2008 (44,797) (44,797)
------- -------
Total stockholders' equity 318,898 369,596
------- -------
Total liabilities and stockholders'
equity $590,448 $653,456
======== ========
MEDCATH CORPORATION
SELECTED OPERATING DATA
(In thousands, except per share data and selected operating data)
(Unaudited)
Three Months Ended Twelve Months Ended
September 30, September 30,
----------------------- -----------------------
2009 2008 % Change 2009 2008 % Change
----------------------- -----------------------
Statement of
Operations Data:
Net revenue $147,966 $145,511 1.7% $602,042 $591,611 1.8%
Adjusted
EBITDA (1) $9,538 $11,530 (17.3)% $55,590 $74,810 (25.7)%
(Loss) income from
operations $(62,794) $4,362 N/M $(43,684) $38,673 N/M
(Loss) income from
continuing
operations $(61,900) $155 N/M $(58,418) $12,373 N/M
(Loss) earnings
per share from
continuing operations,
basic $(3.14) $0.01 N/M $(2.96) $0.62 N/M
(Loss) earnings
per share from
continuing operations,
diluted $(3.14) $0.01 N/M $(2.96) $0.61 N/M
(1) See Supplemental Financial Disclosure--Reconciliation of GAAP
Financial Measures to Non-GAAP Financial Measures.
N/M - Not meaningful
Three Months Ended Twelve Months Ended
September 30, September 30,
----------------------- -----------------------
% %
2009 2008 Change 2009 2008 Change
----------------------- -----------------------
Selected Operating
Data (a):
Number of hospitals 7 7 7 7
Licensed beds (c) 588 509 588 509
Staffed and available
beds (d) 502 464 502 464
Admissions (e) 6,707 6,980 (3.9)% 26,856 29,360 (8.5)%
Adjusted
admissions (f) 10,262 9,976 2.9% 40,964 40,971 (0.0)%
Patient days (g) 24,688 25,500 (3.2)% 103,342 107,353 (3.7)%
Adjusted patient
days (h) 37,720 36,776 2.6% 157,638 150,559 4.7%
Average length of
stay (days) (i) 3.68 3.65 0.8% 3.85 3.66 5.2%
Occupancy (j) 53.5% 59.7% 56.4% 63.4%
Inpatient
catheterization
procedures (k) 3,187 3,735 (14.7)% 13,257 15,979 (17.0)%
Inpatient surgical
procedures (l) 2,050 2,050 0.0% 8,181 8,383 (2.4)%
Hospital net
revenue $141,976 $139,487 1.8% $578,432 $565,787 2.2%
Combined Operating Data (b):
Number of hospitals 9 9 9 9
Licensed beds (c) 755 676 755 676
Staffed and available
beds (d) 665 629 665 629
Admissions (e) 9,143 9,997 (8.5)% 38,055 40,176 (5.3)%
Adjusted
admissions (f) 14,323 14,791 (3.2)% 59,168 58,669 0.9%
Patient days (g) 32,572 34,732 (6.2)% 137,889 141,346 (2.4)%
Adjusted patient
days (h) 50,630 51,281 (1.3)% 212,826 205,032 3.8%
Average length of
stay (days) (i) 3.56 3.47 2.6% 3.62 3.52 2.8%
Occupancy (j) 53.2% 60.0% 56.8% 61.6%
Inpatient catheterization
procedures (k) 3,801 4,524 (16.0)% 16,230 19,148 (15.2)%
Inpatient surgical
procedures (l) 2,625 2,666 (1.5)% 10,573 10,954 (3.5)%
Hospital net
revenue $180,562 $179,296 0.7% $739,111 $725,188 1.9%
(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.
(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 MedCath's income from continuing operations
as derived directly from MedCath's consolidated financial statements to
Adjusted EBITDA for the three and twelve months ended September 30, 2009
and 2008.
Twelve Months
Three Months Ended Ended September
September 30, 30,
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
(in thousands) (in thousands)
(Loss) income from continuing
operations $(61,900) $155 $(58,418) $12,373
Add:
Income tax (benefit) expense (1,193) 1,533 1,200 9,374
Minority interest share of
earnings of consolidated
subsidiaries 872 1,181 9,328 12,546
Equity in net earnings of
unconsolidated affiliates (2,013) (1,049) (9,057) (7,891)
Interest and other income (12) (100) (237) (2,029)
Loss on early extinguishment
of debt - - 6,702 -
Interest expense 1,452 2,642 6,798 14,300
Impairment of goodwill 60,174 - 60,174 -
Loss (gain) on disposal of
property, equipment and
other assets 133 (143) 271 248
Amortization 889 30 1,121 84
Depreciation 8,591 7,623 31,755 30,041
Pre-opening expenses 2,223 143 3,563 786
Share-based compensation expense 322 (485) 2,390 4,978
--- ---- ----- -----
Adjusted EBITDA $9,538 $11,530 $55,590 $74,810
====== ======= ======= =======
The following table reconciles MedCath's diluted earnings per share from
continuing operations as derived directly from MedCath's consolidated
financial statements to Adjusted EPS from continuing operations for the
three months ended September 30, 2009 and 2008.
Twelve Months
Three Months Ended Ended September
September 30, 30,
------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
Diluted earnings per
share ($3.14) $0.01 ($2.96) $0.61
Add:
Third party payor
adjustments 0.04 0.02 0.12 0.03
Termination of management
contract 0.03 - 0.03 -
Impairment of goodwill 3.05 - 3.05 -
Operating expense
as previously disclosed - - 0.28 0.02
Share-based compensation
expense 0.01 (0.01) 0.08 0.14
Pre-opening expense 0.05 - 0.09 0.02
---- --- ---- ----
Adjusted diluted
earnings per share $0.04 $0.02 $0.69 $0.82
===== ===== ===== =====
The following table reflects the calculation of adjusted free cash
flow and adjusted free cash flow per diluted share. Free Cash
Flows is commonly defined as cash flows from continuing operations
less capital expenditures.
Twelve Months
Three Months Ended Ended September
September 30, 30,
------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
(in thousands)
Cash flow from continuing
operations $10,722 $9,894 $64,333 $43,190
Less: Non-expansion
capital expenditures 6,984 8,022 24,332 24,175
----- ----- ------ ------
Free cash flow $3,738 $1,872 $40,001 $19,015
====== ====== ======= =======
SOURCE MedCath Corporation
JACKSONVILLE, Fla., Nov. 11 /PRNewswire/ -- CSX Corporation has been named #2 in the G.I. Jobs 2010 Top 100 Military Friendly Employers rankings. The seventh-annual list recognizes employers that have shown a dedicated track record of hiring military personnel, as well as supportive corporate policies toward National Guard and reserve service members.
"CSX is proud to be an employer of choice for military personnel," said CSX Chairman, President and CEO Michael Ward. "Veterans have a foundation of discipline and a focus on safety that serves them well in demanding occupations like railroading."
G.I. Jobs has included CSX on its annual list of the nation's top military friendly employers since 2006. This is the company's highest ranking to date.
CSX actively recruits military personnel for jobs in all departments. Currently more than 6,700 CSX employees have prior military service, including nearly 30% of all newly hired personnel in 2009. CSX has a multi-faceted approach to military recruiting with a focus on building relationships. The company works with transition offices and veterans' representatives from every branch of the armed forces. CSX also supports the Jacksonville-based Wounded Warrior Program, which provides programs and services to injured service members during the transition from active duty to civilian life. For its 145 employees currently serving on active duty, CSX provides a continuation of benefits and differential pay to close gaps between their military and CSX pay.
The military is also among CSX's most important and valued customers. Over the last four years, the company has moved approximately 30,000 carloads of equipment and munitions to support training and deployments overseas.
The seventh annual list from G.I. Jobs of the nation's Top 100 Military Friendly Employers was drawn from a sample of approximately 5,000 companies. Criteria included the strength of corporate military recruiting efforts, percentage of new hires with prior military service, and company policies on National Guard and reserve service.
CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at the company's web site, www.csx.com.
SOURCE CSX Corporation
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