Exhibit 99.3
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated to present Cape Cod Cardiology Services as a Discontinued Operation
(In thousands, except per share data)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated to present Cape Cod Cardiology Services as a Discontinued Operation
(In thousands, except per share data)
(Unaudited)
Three Months Ended | ||||||||||||||||
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2008 | 2008 | 2008 | 2007 | |||||||||||||
Net revenue | $ | 148,356 | $ | 154,273 | $ | 154,200 | $ | 146,695 | ||||||||
Operating expenses: | ||||||||||||||||
Personnel expense | 49,645 | 50,520 | 49,156 | 50,384 | ||||||||||||
Medical supplies expense | 42,888 | 42,757 | 41,656 | 38,742 | ||||||||||||
Bad debt expense | 11,839 | 10,235 | 10,332 | 11,285 | ||||||||||||
Other operating expenses | 31,792 | 29,555 | 30,425 | 29,016 | ||||||||||||
Pre-opening expenses | 143 | 149 | 245 | 248 | ||||||||||||
Depreciation | 7,658 | 7,505 | 7,689 | 7,341 | ||||||||||||
Amortization | 149 | 149 | 135 | 127 | ||||||||||||
(Gain) loss on disposal of property, equipment and other assets | (143 | ) | 225 | 138 | 28 | |||||||||||
Total operating expenses | 143,971 | 141,095 | 139,776 | 137,171 | ||||||||||||
Income from operations | 4,385 | 13,178 | 14,424 | 9,524 | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest expense | (2,642 | ) | (3,862 | ) | (3,864 | ) | (3,931 | ) | ||||||||
Interest and other income, net | 99 | 284 | 485 | 1,158 | ||||||||||||
Equity in net earnings of unconsolidated affiliates | 1,049 | 2,636 | 2,181 | 2,025 | ||||||||||||
Total other expenses, net | (1,494 | ) | (942 | ) | (1,198 | ) | (748 | ) | ||||||||
Income from continuing operations before minority interest and income taxes | 2,891 | 12,236 | 13,226 | 8,776 | ||||||||||||
Minority interest share of earnings of consolidated subsidiaries | (1,238 | ) | (3,865 | ) | (4,642 | ) | (4,137 | ) | ||||||||
Income from continuing operations before income taxes | 1,653 | 8,371 | 8,584 | 4,639 | ||||||||||||
Income tax expense | 1,670 | 3,469 | 3,099 | 2,348 | ||||||||||||
(Loss)/income from continuing operations | (17 | ) | 4,902 | 5,485 | 2,291 | |||||||||||
Income from discontinued operations, net of taxes | 486 | 6,870 | 200 | 773 | ||||||||||||
Net income | $ | 469 | $ | 11,772 | $ | 5,685 | $ | 3,064 | ||||||||
Earnings (loss) per share, basic | ||||||||||||||||
Continuing operations | $ | (0.00 | ) | $ | 0.25 | $ | 0.28 | $ | 0.11 | |||||||
Discontinued operations | 0.02 | 0.35 | 0.01 | 0.03 | ||||||||||||
Earnings (loss) per share, basic | $ | 0.02 | $ | 0.60 | $ | 0.29 | $ | 0.14 | ||||||||
Earnings (loss) per share, diluted | ||||||||||||||||
Continuing operations | $ | (0.00 | ) | $ | 0.25 | $ | 0.28 | $ | 0.11 | |||||||
Discontinued operations | 0.02 | 0.35 | 0.01 | 0.03 | ||||||||||||
Earnings (loss) per share, diluted | $ | 0.02 | $ | 0.60 | $ | 0.29 | $ | 0.14 | ||||||||
Weighted average number of shares, basic | 19,590 | 19,524 | 19,841 | 21,028 | ||||||||||||
Dilutive effect of stock options and restricted stock | 65 | 107 | 121 | 263 | ||||||||||||
Weighted average number of shares, diluted | 19,655 | 19,631 | 19,962 | 21,291 | ||||||||||||