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MedCath loses $21.1M in 4Q

Charlotte-based MedCath Corp. said Tuesday it had a $21.1 million net loss, or $1.06 per basic share, in the fourth-quarter, compared with a loss of $58.6 million, or $2.97 per basic share, in the same quarter last year.

The health care provider also provided results for the fiscal year that ended Sept. 30, reporting a net loss of $47.8 million, or $2.41 per basic share, compared with $50.2 million last year, or $2.55 per basic share.

This year, the company began selling some of its hospitals and other assets, including Arizona Heart Hospital; a subsidiary that held 33.3 percent ownership in Avera Heart Hospital of South Dakota; Heart Hospital of Austin and the company’s 27 percent ownership of Southwest Arizona Heart and Vascular.

On Nov. 8, MedCath said it had entered into an agreement to sell substantially all the assets of San Antonio-based Texsan Heart Hospital to Methodist Healthcare System of San Antonio for $76.25 million plus retained working capital.

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