MedCath reports $13.5M 2Q loss
Published: May 9, 2011
Time posted: 8:12 am
Tags: MedCath Corp.
MedCath Corp. this morning said it had a second-quarter net loss of $13.5 million, or 67 cents per share, up from a net loss of $11.2 million, or 57 cents per share, in the same quarter a year ago.
The Charlotte-based company said results were affected by a $19.5 million impairment charge related to a reduction in the carrying value of assets associated with its Hualapai Mountain Medical Center and Louisiana Medical Center and Heart Hospital.
Also today the company said it has entered into an agreement to sell its 70.3 percent ownership interest and management rights in Arkansas Heart Hospital to AR-MED. MedCath expects to net about $60 million from the sale.
The company also announced that its Heart Hospital of New Mexico has entered into an agreement to sell substantially all of its assets to Lovelace Health System. MedCath expects to net about $62 million from the sale.