Dynacq Healthcare, Inc. Announces Financial Results for the Fiscal Quarter Ended February 29, 2008
Tuesday April 8, 1:33 pm ET
HOUSTON--(BUSINESS WIRE)--Dynacq Healthcare, Inc. (DYII) today reported financial results for the second fiscal quarter ended February 29, 2008. For the fiscal quarter ended February 29, 2008, the Company had income from continuing operations of $4.8 million, or $0.29 per share, compared to a loss from continuing operations of $139,000, or $(0.01) per share, in the fiscal quarter ended February 28, 2007. All per share amounts are calculated on a fully diluted basis.
Results of Operations
Net patient service revenues for the quarter increased by $11.8 million, or 127%, from $9.3 million in 2007 to $21.1 million in 2008. The increase in revenues is primarily due to an increase in inpatient cases and due to additional revenues of $3.8 million recognized based on settlements reached with insurance carriers for Medical Dispute Resolution (MDR) accounts receivable with dates of service ranging from 2001 to 2005.
Net income for the quarter ended February 29, 2008 was $7.4 million, or $0.44 per share, versus net loss of $1.1 million, or $(0.07) per share, in the quarter ended February 28, 2007. During the quarter ended February 29, 2008, the Company sold its Baton Rouge facility, which was reported as discontinued operations. The gain on sale of this facility was $2.8 million, or $0.17 per share, net of income taxes.
Net patient service revenues for the six months ended February 29, 2008 increased by $15.7 million, or 81%, from $19.2 million in 2007 to $34.9 million in 2008. The increase in revenues includes additional revenues of $4.5 million on closed MDR accounts receivable. Income from continuing operations for the six months ended February 29, 2008 was $7.0 million, or $0.42 per share, versus loss from continuing operations of $0.8 million, or $(0.05) per share, in the same period in 2007. Net income was $9.8 million, or $0.59 per share, for the six months ended February 29, 2008 versus net loss of $2.0 million, or $(0.13) per share, for the same period in 2007. |
