Exhibit 99.3
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Presenting Sun City Cardiac Center Associates as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
(Presenting Sun City Cardiac Center Associates as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
| Fiscal Year | Fiscal Year | |||||||
| Ended | Ended | |||||||
| September 30, | September 30, | |||||||
| 2008 | 2007 | |||||||
| | ||||||||
| Net revenue | $ | 591,335 | $ | 636,526 | ||||
| Operating expenses: | ||||||||
| Personnel expense | 197,850 | 205,567 | ||||||
| Medical supplies expense | 161,880 | 166,641 | ||||||
| Bad debt expense | 43,671 | 51,318 | ||||||
| Other operating expenses | 118,102 | 127,915 | ||||||
| Pre-opening expenses | 786 | 555 | ||||||
| Depreciation | 30,041 | 30,950 | ||||||
| Amortization | 84 | 154 | ||||||
| Loss on disposal of property, equipment and other assets | 248 | 1,447 | ||||||
| Total operating expenses | 552,662 | 584,547 | ||||||
| Income from operations | 38,673 | 51,979 | ||||||
| Other (income) expenses: | ||||||||
| Interest expense | 14,300 | 22,055 | ||||||
| Loss on early extinguishment of debt | — | 9,931 | ||||||
| Interest and other income | (2,029 | ) | (7,792 | ) | ||||
| Equity in net earnings of unconsolidated affiliates | (7,891 | ) | (5,739 | ) | ||||
| Total other expenses, net | 4,380 | 18,455 | ||||||
| Income from continuing operations before minority interest, income taxes and discontinued operations | 34,293 | 33,524 | ||||||
| Minority interest share of earnings of consolidated subsidiaries | 12,546 | 10,462 | ||||||
| Income from continuing operations before income taxes and discontinued operations | 21,747 | 23,062 | ||||||
| Income tax expense | 9,374 | 10,331 | ||||||
| Income from continuing operations | 12,373 | 12,731 | ||||||
| Income (loss) from discontinued operations | 8,617 | (1,204 | ) | |||||
| Net income | $ | 20,990 | $ | 11,527 | ||||
| Earnings per share, basic | ||||||||
| Continuing operations | $ | 0.62 | $ | 0.61 | ||||
| Discontinued operations | 0.43 | (0.05 | ) | |||||
| Earnings per share, basic | $ | 1.05 | $ | 0.56 | ||||
| Earnings per share, diluted | ||||||||
| Continuing operations | $ | 0.61 | $ | 0.59 | ||||
| Discontinued operations | 0.43 | (0.05 | ) | |||||
| Earnings per share, diluted | $ | 1.04 | $ | 0.54 | ||||
| Weighted average number of shares, basic | 19,996 | 20,872 | ||||||
| Dilutive effect of stock options and restricted stock | 73 | 639 | ||||||
| Weighted average number of shares, diluted | 20,069 | 21,511 | ||||||
Exhibit 99.3
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Presenting Sun City Cardiac Center Associates as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
(Presenting Sun City Cardiac Center Associates as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
| Fiscal Year | ||||||||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
| December 31, | March 31, | June 30, | September 30, | September 30, | December 31, | March 31, | June 30, | |||||||||||||||||||||||||
| 2007 | 2008 | 2008 | 2008 | 2008 | 2008 | 2009 | 2009 | |||||||||||||||||||||||||
| | ||||||||||||||||||||||||||||||||
| Net revenue | $ | 143,659 | $ | 150,953 | $ | 151,281 | $ | 145,442 | $ | 591,335 | $ | 150,176 | $ | 155,613 | $ | 148,080 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||||||||
| Personnel expense | 49,912 | 48,681 | 50,061 | 49,196 | 197,850 | 50,169 | 51,653 | 50,424 | ||||||||||||||||||||||||
| Medical supplies expense | 37,738 | 40,646 | 41,661 | 41,835 | 161,880 | 41,642 | 42,588 | 43,885 | ||||||||||||||||||||||||
| Bad debt expense | 11,284 | 10,331 | 10,228 | 11,828 | 43,671 | 11,429 | 10,578 | 12,538 | ||||||||||||||||||||||||
| Other operating expenses | 28,646 | 29,999 | 28,889 | 30,568 | 118,102 | 31,833 | 31,965 | 31,182 | ||||||||||||||||||||||||
| Pre-opening expenses | 248 | 245 | 150 | 143 | 786 | 207 | 380 | 754 | ||||||||||||||||||||||||
| Depreciation | 7,300 | 7,649 | 7,469 | 7,623 | 30,041 | 7,801 | 7,535 | 7,828 | ||||||||||||||||||||||||
| Amortization | 8 | 16 | 30 | 30 | 84 | 30 | 91 | 111 | ||||||||||||||||||||||||
| Loss (gain) on disposal of property, equipment and other assets | 28 | 138 | 225 | (143 | ) | 248 | 73 | 91 | (26 | ) | ||||||||||||||||||||||
| Total operating expenses | 135,164 | 137,705 | 138,713 | 141,080 | 552,662 | 143,184 | 144,881 | 146,696 | ||||||||||||||||||||||||
| Income from operations | 8,495 | 13,248 | 12,568 | 4,362 | 38,673 | 6,992 | 10,732 | 1,384 | ||||||||||||||||||||||||
| Other (income) expenses: | ||||||||||||||||||||||||||||||||
| Interest expense | 3,932 | 3,864 | 3,862 | 2,642 | 14,300 | 2,857 | 1,338 | 1,151 | ||||||||||||||||||||||||
| Loss (gain) on early extinguishment of debt | — | — | — | — | — | 6,961 | (259 | ) | — | |||||||||||||||||||||||
| Interest and other income | (1,159 | ) | (486 | ) | (284 | ) | (100 | ) | (2,029 | ) | (101 | ) | (73 | ) | (53 | ) | ||||||||||||||||
| Equity in net earnings of unconsolidated affiliates | (2,025 | ) | (2,181 | ) | (2,636 | ) | (1,049 | ) | (7,891 | ) | (2,065 | ) | (2,714 | ) | (2,265 | ) | ||||||||||||||||
| Total other (income) expenses, net | 748 | 1,197 | 942 | 1,493 | 4,380 | 7,652 | (1,708 | ) | (1,167 | ) | ||||||||||||||||||||||
| Income (loss) from continuing operations before minority interest, income taxes and discontinued operations | 7,747 | 12,051 | 11,626 | 2,869 | 34,293 | (660 | ) | 12,440 | 2,551 | |||||||||||||||||||||||
| Minority interest share of earnings of consolidated subsidiaries | 3,670 | 4,122 | 3,573 | 1,181 | 12,546 | 2,363 | 4,197 | 1,896 | ||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes and discontinued operations | 4,077 | 7,929 | 8,053 | 1,688 | 21,747 | (3,023 | ) | 8,243 | 655 | |||||||||||||||||||||||
| Income tax expense (benefit) | 2,006 | 2,659 | 3,176 | 1,533 | 9,374 | (1,108 | ) | 3,153 | 349 | |||||||||||||||||||||||
| Income (loss) from continuing operations | 2,071 | 5,270 | 4,877 | 155 | 12,373 | (1,915 | ) | 5,090 | 306 | |||||||||||||||||||||||
| Income from discontinued operations | 993 | 415 | 6,895 | 314 | 8,617 | 4,161 | 492 | 190 | ||||||||||||||||||||||||
| Net income | $ | 3,064 | �� | $ | 5,685 | $ | 11,772 | $ | 469 | $ | 20,990 | $ | 2,246 | $ | 5,582 | $ | 496 | |||||||||||||||
| Earnings (loss) per share, basic Continuing operations | $ | 0.09 | $ | 0.27 | $ | 0.25 | $ | 0.01 | $ | 0.62 | $ | (0.10 | ) | $ | 0.26 | $ | 0.02 | |||||||||||||||
| Discontinued operations | 0.05 | 0.02 | 0.35 | 0.01 | 0.43 | 0.21 | 0.02 | 0.01 | ||||||||||||||||||||||||
| Earnings (loss) per share, basic | $ | 0.14 | $ | 0.29 | $ | 0.60 | $ | 0.02 | $ | 1.05 | $ | 0.11 | $ | 0.28 | $ | 0.03 | ||||||||||||||||
| Earnings (loss) per share, diluted Continuing operations | $ | 0.09 | $ | 0.26 | $ | 0.25 | $ | 0.01 | $ | 0.61 | $ | (0.10 | ) | $ | 0.26 | $ | 0.02 | |||||||||||||||
| Discontinued operations | 0.04 | 0.03 | 0.35 | 0.01 | 0.43 | 0.21 | 0.02 | 0.01 | ||||||||||||||||||||||||
| Earnings (loss) per share, diluted | $ | 0.13 | $ | 0.29 | $ | 0.60 | $ | 0.02 | $ | 1.04 | $ | 0.11 | $ | 0.28 | $ | 0.03 | ||||||||||||||||
| Weighted average number of shares, basic | 21,028 | 19,841 | 19,524 | 19,590 | 19,996 | 19,733 | 19,664 | 19,599 | ||||||||||||||||||||||||
| Dilutive effect of stock options and restricted stock | 263 | 121 | 107 | 65 | 73 | — | 26 | — | ||||||||||||||||||||||||
| Weighted average number of shares, diluted | 21,291 | 19,962 | 19,631 | 19,655 | 20,069 | 19,733 | 19,690 | 19,599 | ||||||||||||||||||||||||