Thursday, healthcare provider MedCath Corp. (MDTH) reported a decline in its fourth-quarter net income, mainly hurt by higher operating expenses. The company also said it completed the syndication of a new $160 million, three-year senior secured credit facility.
For the fourth quarter, the company's net income decreased to $721 thousand from $908 thousand in the previous year. Meanwhile, earnings per share stood flat at $0.04.
The company's income from continuing operations dipped to $377 thousand or $0.02 per share from $2.45 million or $0.11 per share in the year-ago quarter.
Quarterly revenues rose 4% to $150.92 million from $145.08 million in the prior year. Analysts anticipated revenues of $155.33 million for the quarter.
For the fourth quarter, the company posted operating expenses of $145.76 million, higher than $130.68 million in the comparable period last year.
Further, the company announced the completion of the syndication of a new $160.0 million, three-year senior secured credit facility. The company noted that the credit facility comprises of a $75.0 million term loan and an $85.0 million revolver. The company will use the proceeds of the term loan to repurchase all of its outstanding 9.875% senior notes, while the revolver will replace its existing revolver.
MedCath's net income for 2008 was $21.24 million or $1.06 per share compared to $11.53 million or $0.54 per share in the year-ago period.
Income from continuing operations for the recent year dropped to $14.32 million from $15.25 million a year earlier. Meanwhile, on a per share basis, income from continuing operations stood flat at $0.71 in the latest and prior year.
Full-year revenues declined to $613.96 million from $660.60 million in the prior year. Analysts expected revenues of $622.92 million for the year.
MDTH closed Thursday's session at $14.63, up $0.08 or 0.55%, on a volume of 179K shares.
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