Exhibit 99.1
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated for Discontinued Operations
(In thousands, except per share data)
(Unaudited)
FY2003 | FY2004 | |||||||||||||||||||||||
YR | Q1 | Q2 | Q3 | Q4 | YR | |||||||||||||||||||
Net revenue | $ | 542,986 | $ | 155,123 | $ | 168,680 | $ | 176,165 | $ | 178,637 | $ | 678,605 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Personnel expense | 172,318 | 47,012 | 52,415 | 54,818 | 55,437 | 209,682 | ||||||||||||||||||
Medical supplies expense | 136,681 | 41,977 | 45,980 | 50,983 | 50,715 | 189,655 | ||||||||||||||||||
Bad debt expense | 26,791 | 13,788 | 9,475 | 9,556 | 13,218 | 46,037 | ||||||||||||||||||
Other operating expenses | 130,174 | 31,520 | 36,595 | 37,353 | 35,955 | 141,423 | ||||||||||||||||||
Pre-opening expenses | 7,381 | 3,016 | 2,087 | — | — | 5,103 | ||||||||||||||||||
Depreciation | 40,104 | 9,723 | 10,430 | 10,921 | 10,033 | 41,107 | ||||||||||||||||||
Amortization | 1,441 | 290 | 290 | 290 | 290 | 1,160 | ||||||||||||||||||
(Gain)/loss on disposal of property, equipment and other assets | 258 | (84 | ) | 33 | 24 | 114 | 87 | |||||||||||||||||
Impairments of goodwill and long-lived assets | 58,865 | — | — | — | 7,227 | 7,227 | ||||||||||||||||||
574,013 | 147,242 | 157,305 | 163,945 | 172,989 | 641,481 | |||||||||||||||||||
Income (loss) from operations | (31,027 | ) | 7,881 | 11,375 | 12,220 | 5,648 | 37,124 | |||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||
Interest expense | (25,857 | ) | (6,320 | ) | (6,742 | ) | (6,863 | ) | (7,839 | ) | (27,764 | ) | ||||||||||||
Interest income | 1,358 | 231 | 159 | 211 | 227 | 828 | ||||||||||||||||||
Loss on debt refinancing | — | — | — | — | (5,090 | ) | (5,090 | ) | ||||||||||||||||
Other income, net | 206 | 4 | 2 | 7 | 22 | 35 | ||||||||||||||||||
Equity in net earnings of unconsolidated affiliates | 3,541 | 577 | 1,147 | 900 | 916 | 3,540 | ||||||||||||||||||
(20,752 | ) | (5,508 | ) | (5,434 | ) | (5,745 | ) | (11,764 | ) | (28,451 | ) | |||||||||||||
Income (loss) from continuing operations before minority interest, income taxes and discontinued operations | (51,779 | ) | 2,373 | 5,941 | 6,475 | (6,116 | ) | 8,673 | ||||||||||||||||
Minority interest share of (earnings) losses of consolidated subsidiaries | (6,613 | ) | (1,091 | ) | 65 | (2,852 | ) | (3,381 | ) | (7,259 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and discontinued operations | (58,392 | ) | 1,282 | 6,006 | 3,623 | (9,497 | ) | 1,414 | ||||||||||||||||
Income tax (benefit) expense | 297 | 517 | 2,292 | 1,169 | (3,312 | ) | 666 | |||||||||||||||||
Income (loss) from continuing operations | (58,689 | ) | 765 | 3,714 | 2,454 | (6,185 | ) | 748 | ||||||||||||||||
Loss from discontinued operations, net of taxes | (1,617 | ) | (1,698 | ) | (1,073 | ) | (1,074 | ) | (526 | ) | (4,371 | ) | ||||||||||||
Net income (loss) | $ | (60,306 | ) | $ | (933 | ) | $ | 2,641 | $ | 1,380 | $ | (6,711 | ) | $ | (3,623 | ) | ||||||||
Earnings (loss) per share, basic | ||||||||||||||||||||||||
Continuing operations | $ | (3.26 | ) | $ | 0.04 | $ | 0.21 | $ | 0.14 | $ | (0.34 | ) | $ | 0.04 | ||||||||||
Discontinued operations | (0.09 | ) | (0.09 | ) | (0.06 | ) | (0.06 | ) | (0.03 | ) | (0.24 | ) | ||||||||||||
Earnings (loss) per share, basic | $ | (3.35 | ) | $ | (0.05 | ) | $ | 0.15 | $ | 0.08 | $ | (0.37 | ) | $ | (0.20 | ) | ||||||||
Earnings (loss) per share, diluted | ||||||||||||||||||||||||
Continuing operations | $ | (3.26 | ) | $ | 0.04 | $ | 0.20 | $ | 0.13 | $ | (0.34 | ) | $ | 0.04 | ||||||||||
Discontinued operations | (0.09 | ) | (0.09 | ) | (0.06 | ) | (0.06 | ) | (0.03 | ) | (0.24 | ) | ||||||||||||
Earnings (loss) per share, diluted | $ | (3.35 | ) | $ | (0.05 | ) | $ | 0.14 | $ | 0.07 | $ | (0.37 | ) | $ | (0.20 | ) | ||||||||
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Weighted average number of shares, basic | 17,989 | 17,949 | 17,985 | 17,990 | 18,014 | 17,984 | ||||||||||||||||||
Dilutive effect of stock options | — | — | 514 | 826 | — | — | ||||||||||||||||||
Weighted average number of shares, diluted | 17,989 | 17,949 | 18,499 | 18,816 | 18,014 | 17,984 | ||||||||||||||||||