EX-99.3 4 g17517exv99w3.htm EX-99.2 EX-99.2
Exhibit 99.3
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated to present Cape Cod Cardiology Services as a Discontinued Operation
(In thousands, except per share data)
(Unaudited)
                                 
    Three Months Ended  
    September 30,     June 30,     March 31,     December 31,  
    2008     2008     2008     2007  
Net revenue
   $ 148,356     $ 154,273     $ 154,200     $ 146,695  
Operating expenses:
                                
Personnel expense
     49,645       50,520       49,156       50,384  
Medical supplies expense
     42,888       42,757       41,656       38,742  
Bad debt expense
     11,839       10,235       10,332       11,285  
Other operating expenses
     31,792       29,555       30,425       29,016  
Pre-opening expenses
     143       149       245       248  
Depreciation
     7,658       7,505       7,689       7,341  
Amortization
     149       149       135       127  
(Gain) loss on disposal of property, equipment and other assets
     (143 )     225       138       28  
 
                        
Total operating expenses
     143,971       141,095       139,776       137,171  
 
                        
Income from operations
     4,385       13,178       14,424       9,524  
Other income (expenses):
                                
Interest expense
     (2,642 )     (3,862 )     (3,864 )     (3,931 )
Interest and other income, net
     99       284       485       1,158  
Equity in net earnings of unconsolidated affiliates
     1,049       2,636       2,181       2,025  
 
                        
Total other expenses, net
     (1,494 )     (942 )     (1,198 )     (748 )
 
                        
Income from continuing operations before minority interest and income taxes
     2,891       12,236       13,226       8,776  
Minority interest share of earnings of consolidated subsidiaries
     (1,238 )     (3,865 )     (4,642 )     (4,137 )
 
                        
Income from continuing operations before income taxes
     1,653       8,371       8,584       4,639  
Income tax expense
     1,670       3,469       3,099       2,348  
 
                        
(Loss)/income from continuing operations
     (17 )     4,902       5,485       2,291  
Income from discontinued operations, net of taxes
     486       6,870       200       773  
 
                        
Net income
   $ 469     $ 11,772     $ 5,685     $ 3,064  
 
                        
 
                                
Earnings (loss) per share, basic
                                
Continuing operations
   $ (0.00 )   $ 0.25     $ 0.28     $ 0.11  
Discontinued operations
     0.02       0.35       0.01       0.03  
 
                        
Earnings (loss) per share, basic
   $ 0.02     $ 0.60     $ 0.29     $ 0.14  
 
                        
 
                                
Earnings (loss) per share, diluted
                                
Continuing operations
   $ (0.00 )   $ 0.25     $ 0.28     $ 0.11  
Discontinued operations
     0.02       0.35       0.01       0.03  
 
                        
Earnings (loss) per share, diluted
   $ 0.02     $ 0.60     $ 0.29     $ 0.14  
 
                        
 
                                
Weighted average number of shares, basic
     19,590       19,524       19,841       21,028  
Dilutive effect of stock options and restricted stock
     65       107       121       263  
 
                        
Weighted average number of shares, diluted
     19,655       19,631       19,962       21,291