Medcath (MDTH) 8-K Medcath Corporation Reports First Quarter Earnings

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)

	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