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Medical Facilities Corporation Reports First Quarter 2010 Results

^{Published on 2010-05-13 03:21:29 - Market Wire}
 

 Q1 2010 Summary --------------- - Facility service revenue increased to $51.4 million from $48.2 million in Q1 2009 - Operating income was $16.8 million compared with $18.7 million in Q1 2009 - Payout ratio of 96.2% (84.1% in Q1 2009) after realized gains or losses on foreign currency hedges - Payout ratio of 100.7% (78.1% in Q1 2009) based on cash available for distribution(1) from operations before realized gains or losses on foreign currency hedges - Completed the conversion of existing space at Oklahoma Spine Hospital into five additional overnight stay rooms and three additional pain management bays, and expanded the materials handling area 

 Financial Summary ----------------- 

 (i) higher drugs and supplies expenses, due to higher case volumes, shifts in case mix (with an increase in inpatient cases and cases that consumed more supplies and implants), and a higher proportion of Medicare, Medicaid, and other payors' cases with lower reimbursement rates; (ii) higher staff hours due to the increase in number and type of cases at SFSH, DPSC, and OSH; (iii) annual salary and wage adjustments; and (iv) non-recurring reorganizational costs at Barranca. 

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 Caution concerning forward-looking statements --------------------------------------------- 

 --------------------------------------- (1) Cash available for distribution is a non-GAAP measure and is not intended to be representative of cash flow or results of operations determined in accordance with GAAP. Accordingly, Medical Facilities provides a reconciliation of cash available for distributions to reported cash flow from operations in the Corporation's MD&A. Investors are cautioned that cash available for distribution, as calculated by Medical Facilities, is unlikely to be comparable to similar measures used by other issuers.