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Heath care services provider MedCath Corporation (MDTH) reported first-quarter fiscal 2011 adjusted (excluding one-time items) loss per share from continued operation of 8 cents, missing the Zacks Consensus Estimate of an earnings of 3 cents per share. However, the company swung to profit (on a reported basis) in the quarter powered by higher sales and a roughly $15.4 million in gains associated with the sale of minority owned entities.
The North Carolina-based company posted a net income of $37 million (or $1.86 a share) in the quarter compared with a loss of $2.7 million (or 13 cents a share) a year ago. Profit from continued operation was $7.2 million (or 36 cents per share) versus a loss of $1.9 million (or 9 cents per share) in the earlier year quarter.
Revenues edged up 1.2% year over year to $88.9 million, but were well below the Zacks Consensus Estimate of $102 million. Total hospital admissions dropped 1% year over year in the quarter to 4,438. Total outpatient cases surged 31.5% year over year to 14,607.
The company exited the quarter with cash and cash equivalents of $158.5 million, a roughly seven-fold year-over-year increase. Operating cash flow from continued operations declined 75% year over year to $0.5 million on account of the annual payment of certain management and employee incentives.
MedCath provides high acuity health care services and operates 6 hospitals with a total of 533 licensed beds. It owns and operates specialty hospitals that provide diagnosis and treatment of cardiovascular diseases.
The company completed the sale (announced in November 2010) of its interests in San Antonio-based TexSan Heart Hospital on December 31, which has been accounted as a discontinued operation in the reported quarter.