Monday, MedCath Corp. (MDTH), a high acuity healthcare services provider, said that it has completed the sale of its 51% ownership interest in a joint venture in its MedCath Partners division for $6.9 million in cash. The company said it plans to use the proceeds from the sale, which was completed on December 31, 2008, for general corporate purposes.
The company had previously indicated that its partner had provided notification of the intent to acquire MedCath's interest in the joint venture.
For the 12-month period ended September 30, 2008, the joint venture has contributed $11.2 million in net revenue, $3.3 million in adjusted earnings before interst, taxes, depreciation, and amortization, or EBITDA, and $1.6 million in minority interest expense to its consolidated earnings.
MedCath also noted that it will continue to provide certain medical equipment to its former partner through a long-term lease agreement, which is expected to contribute $0.7 million in net revenue and adjusted EBITDA annually.
MDTH closed at $10.01 on Nasdaq last Friday.
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