CML HealthCare Income Fund (CLC-U.TO), Wednesday said its fourth-quarter profit improved from the year ago quarter, helped by a 62.1% increase in revenues as well as a decline in interest expenses.
CML HealthCare Income Fund's net earnings for the fourth quarter increased 10% to C$26.9 million or C$0.30 per unit from C$24.3 million or C$0.28 per unit in the corresponding quarter a year ago.
Revenues for the fourth quarter increased to C$133.4 million from C$82.3 million in the fourth quarter of last year.
The company attributed the increase in fourth quarter revenues to new revenue achieved from the inclusion of American Radiology Services, Inc., which was acquired in February, new revenues achieved from the acquisitions of imaging clinics in Ontario, Alberta and British Columbia, an increase in lab services funding as per the MOH agreement, additional funding received as per the MOH agreement and organic growth in non-cap revenues.
The increase in fourth-quarter revenues was also positively impacted by a $4.3 million increase in retroactive fee by the MOH for the period April 1, 2008 to December 31, 2008 out of which $2.8 million relates to second and third quarters of 2008.
Operating, general and administrative expenses for the fourth quarter increased to C$95.6 million from C$52.1 million in the corresponding quarter last year, primarily due to an increase in salaries, rent and professional fees that resulted from acquisitions and growth in tests and procedures performed. Amortization expenses for the fourth quarter also increased to C$8.7 million from C$1.3 million in the comparable quarter last year.
EBITDA for the fourth quarter came in at C$37.8 million, up from C$30.2 million in the year-ago quarter.
For the full year 2008, net earnings increased to C$101.5 million from C$100.2 million last year. Earnings per unit decreased to C$1.14 from C$1.16 last year.
Net revenues for the full year 2008 increased 1.3% to C$462.5 million from C$312.8 million a year ago.
CLC-U.TO closed Tuesday's trading session at $13.40 on a volume of 401k shares on the Toronto Stock exchange.
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