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MedCath 4Q loss narrows on revenue, lower costs

Tue, 11/23/2010 - 5:46am
The Associated Press

Hospital operator MedCath Corp. said Tuesday its fiscal fourth-quarter loss narrowed on a mix of higher revenue and lower costs.

The company reported a net loss of $21.1 million, or $1.06 per share, compared with a loss of $58.6 million, or $2.97 per share, during the same period a year prior. Revenue rose 7 percent to $110.5 million from $103.6 million. The quarter ended Sept. 30.

The company reported an adjusted profit of 4 cents per share. Analysts polled by Thomson Reuters expected adjusted earnings of a penny per share on $113.6 million in revenue.

Operating expenses fell 11 percent to $141 million.

During the quarter, overall admissions rose 6.9 percent, though admissions at facilities open at least year fell 2.9 percent.

For the full year, the company lost $47.8 million, or $2.41 per share, compared with a loss of $50.3 million, or $2.55 per share, during the previous fiscal year. Revenue rose to $442.5 million from $419.7 million.

MedCath's hospitals are located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota, and Texas.

MedCath shares fell 5 cents to $12.30 in morning trading.

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