Exhibit 99.2
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Presenting Heart Hospital of Austin as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Presenting Heart Hospital of Austin as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
| Fiscal Year | Fiscal Year | |||||||||||||||||||||||||||
| Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Ended | Quarter Ended | ||||||||||||||||||||||
| September 30, | December 31, | March 31, | June 30, | September 30, | September 30, | December 31, | ||||||||||||||||||||||
| 2008 | 2008 | 2009 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||||||||
| Net revenue | $ | 500,982 | $ | 126,055 | $ | 130,767 | $ | 124,588 | $ | 122,365 | $ | 503,775 | $ | 124,058 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||||
| Personnel expense | 169,981 | 43,367 | 44,662 | 43,854 | 41,654 | 173,537 | 45,064 | |||||||||||||||||||||
| Medical supplies expense | 135,157 | 34,237 | 35,120 | 36,472 | 35,161 | 140,990 | 34,898 | |||||||||||||||||||||
| Bad debt expense | 37,855 | 9,595 | 8,798 | 10,406 | 12,788 | 41,587 | 10,682 | |||||||||||||||||||||
| Other operating expenses | 100,633 | 27,160 | 27,342 | 26,537 | 27,377 | 108,416 | 29,610 | |||||||||||||||||||||
| Pre-opening expenses | 786 | 207 | 380 | 754 | 2,222 | 3,563 | 866 | |||||||||||||||||||||
| Depreciation | 25,259 | 6,496 | 6,217 | 6,466 | 7,232 | 26,411 | 7,650 | |||||||||||||||||||||
| Amortization | 32 | 8 | 8 | 8 | 867 | 891 | 8 | |||||||||||||||||||||
| Impairment of goodwill | — | — | — | — | 60,174 | 60,174 | — | |||||||||||||||||||||
| Loss on disposal of property, equipment and other assets | 217 | 73 | 108 | (54 | ) | 137 | 264 | 96 | ||||||||||||||||||||
| Total operating expenses | 469,920 | 121,143 | 122,635 | 124,443 | 187,612 | 555,833 | 128,874 | |||||||||||||||||||||
| Income (loss) from operations | 31,062 | 4,912 | 8,132 | 145 | (65,247 | ) | (52,058 | ) | (4,816 | ) | ||||||||||||||||||
| Other (income) expenses: | ||||||||||||||||||||||||||||
| Interest expense | 11,261 | 2,097 | 581 | 396 | 697 | 3,771 | 1,058 | |||||||||||||||||||||
| Loss on early extinguishment of debt | — | 6,961 | (259 | ) | — | — | 6,702 | — | ||||||||||||||||||||
| Interest and other income | (2,011 | ) | (101 | ) | (73 | ) | (47 | ) | (9 | ) | (230 | ) | (71 | ) | ||||||||||||||
| Equity in net earnings of unconsolidated affiliates | (7,891 | ) | (2,065 | ) | (2,714 | ) | (2,265 | ) | (2,013 | ) | (9,057 | ) | (1,516 | ) | ||||||||||||||
| Total other (income) expenses, net | 1,359 | 6,892 | (2,465 | ) | (1,916 | ) | (1,325 | ) | 1,186 | (529 | ) | |||||||||||||||||
| Income (loss) from continuing operations before income taxes | 29,703 | (1,980 | ) | 10,597 | 2,061 | (63,922 | ) | (53,244 | ) | (4,287 | ) | |||||||||||||||||
| Income tax expense (benefit) | 8,365 | (1,402 | ) | 2,701 | 258 | (1,611 | ) | (54 | ) | (1,834 | ) | |||||||||||||||||
| Income (loss) from continuing operations | 21,338 | (578 | ) | 7,896 | 1,803 | (62,311 | ) | (53,190 | ) | (2,453 | ) | |||||||||||||||||
| Income from discontinued operations, net of taxes | 21,510 | 5,947 | 2,151 | 965 | 11,350 | 20,413 | 638 | |||||||||||||||||||||
| Net Income (loss) | 42,848 | 5,369 | 10,047 | 2,768 | (50,961 | ) | (32,777 | ) | (1,815 | ) | ||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 21,858 | 3,123 | 4,465 | 2,272 | 7,645 | 17,505 | 841 | |||||||||||||||||||||
| Net income (loss) attributable to MedCath Corporation | $ | 20,990 | $ | 2,246 | $ | 5,582 | $ | 496 | $ | (58,606 | ) | $ | (50,282 | ) | $ | (2,656 | ) | |||||||||||
| Amounts attributable to MedCath Corporation common stockholders: | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations, net of taxes | $ | 9,727 | $ | (2,627 | ) | $ | 4,129 | $ | (65 | ) | $ | (62,769 | ) | $ | (61,331 | ) | $ | (3,159 | ) | |||||||||
| Income from discontinued operations, net of taxes | 11,263 | 4,873 | 1,453 | 561 | 4,163 | 11,049 | 503 | |||||||||||||||||||||
| Net Income (loss) | $ | 20,990 | $ | 2,246 | $ | 5,582 | $ | 496 | $ | (58,606 | ) | $ | (50,282 | ) | $ | (2,656 | ) | |||||||||||
| Earnings (loss) per share, basic | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to MedCath Corporation common stockholders | $ | 0.49 | $ | (0.14 | ) | $ | 0.21 | $ | (0.00 | ) | $ | (3.18 | ) | $ | (3.11 | ) | $ | (0.16 | ) | |||||||||
| Income from discontinued operations attributable to MedCath Corporation common stockholders | 0.56 | 0.25 | 0.07 | 0.03 | 0.21 | 0.56 | 0.03 | |||||||||||||||||||||
| Earnings (loss) per share, basic | $ | 1.05 | $ | 0.11 | $ | 0.28 | $ | 0.03 | $ | (2.97 | ) | $ | (2.55 | ) | $ | (0.13 | ) | |||||||||||
| Earnings (loss) per share, diluted | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to MedCath Corporation common stockholders | $ | 0.48 | $ | (0.14 | ) | $ | 0.21 | $ | (0.00 | ) | $ | (3.18 | ) | $ | (3.11 | ) | $ | (0.16 | ) | |||||||||
| Income from discontinued operations attributable to MedCath Corporation common stockholders | 0.56 | 0.25 | 0.07 | 0.03 | 0.21 | 0.56 | 0.03 | |||||||||||||||||||||
| Earnings (loss) per share, diluted | $ | 1.04 | $ | 0.11 | $ | 0.28 | $ | 0.03 | $ | (2.97 | ) | $ | (2.55 | ) | $ | (0.13 | ) | |||||||||||
| Weighted average number of shares, basic | 19,996 | 19,599 | 19,664 | 19,733 | 19,740 | 19,684 | 19,743 | |||||||||||||||||||||
| Dilutive effect of stock options and restricted stock | 73 | — | 26 | — | — | — | — | |||||||||||||||||||||
| Weighted average number of shares, diluted | 20,069 | 19,599 | 19,690 | 19,733 | 19,740 | 19,684 | 19,743 | |||||||||||||||||||||
Selected Operating Data (consolidated) (a): | ||||||||||||||||||||||||||||
| Number of hospitals | 6 | 6 | 6 | 6 | 6 | 6 | 7 | |||||||||||||||||||||
| Licensed beds (b) | 451 | 451 | 451 | 530 | 530 | 530 | 600 | |||||||||||||||||||||
| Staffed and available beds (c) | 406 | 405 | 404 | 484 | 444 | 444 | 514 | |||||||||||||||||||||
| Admissions (d) | 26,047 | 6,033 | 6,275 | 5,639 | 5,744 | 23,592 | 6,165 | |||||||||||||||||||||
| Adjusted admissions (e) | 34,540 | 8,189 | 8,839 | 8,594 | 8,482 | 34,097 | 8,793 | |||||||||||||||||||||
| Patient days (f) | 94,821 | 22,243 | 24,860 | 22,795 | 21,355 | 91,168 | 22,892 | |||||||||||||||||||||
| Adjusted patient days (g) | 125,343 | 30,599 | 35,012 | 34,803 | 31,561 | 131,675 | 33,429 | |||||||||||||||||||||
| Average length of stay (h) | 3.64 | 3.69 | 3.96 | 4.04 | 3.72 | 3.86 | 3.71 | |||||||||||||||||||||
| Occupancy (i) | 64.0 | % | 59.7 | % | 68.4 | % | 51.8 | % | 52.3 | % | 56.3 | % | 48.4 | % | ||||||||||||||
| Inpatient catheterization procedures (j) | 14,239 | 3,169 | 3,095 | 2,735 | 2,694 | 11,688 | 2,811 | |||||||||||||||||||||
| Inpatient surgical procedures (k) | 7,415 | 1,740 | 1,846 | 1,809 | 1,770 | 7,162 | 1,721 | |||||||||||||||||||||
| (a) | Selected operating data includes consolidated hospitals in operation as of the end of the period reported in continuing operations but does not include hospitals which are accounted for using the equity method or as discontinued operations in our consolidated financial statements. | |
| (b) | Licensed beds represent the number of beds for which the appropriate state agency licenses a facility regardless of whether the beds are actually available for patient use. | |
| (c) | Staffed and available beds represent the number of beds that are readily available for patient use at the end of the period. | |
| (d) | Admissions represent the number of patients admitted for inpatient treatment. | |
| (e) | Adjusted admissions is a general measure of combined inpatient and outpatient volume. We computed adjusted admissions by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by admissions. | |
| (f) | Patient days represent the total number of days of care provided to inpatients. | |
| (g) | Adjusted patient days is a general measure of combined inpatient and outpatient volume. We computed adjusted patient days by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by patient days. | |
| (h) | Average length of stay (days) represents the average number of days inpatients stay in our hospitals. | |
| (i) | We computed occupancy by dividing patient days by the number of days in the period and then dividing the quotient by the number of staffed and available beds. | |
| (j) | Inpatients with a catheterization procedure represent the number of inpatients with a procedure performed in one of the hospitals’ catheterization labs during the period. | |
| (k) | Inpatient surgical procedures represent the number of surgical procedures performed on inpatients during the period. |