MEDCATH CORP - FORM 8-K - EX-99.2 - February 17, 2010

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Exhibit 99.2
MEDCATH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Presenting Heart Hospital of Austin as a Discontinued Operation for Each Period Presented)
(In thousands, except per share data)
(Unaudited)
                                                         
    Fiscal Year                             Fiscal Year        
    Ended     Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended     Ended     Quarter Ended  
    September 30,     December 31,     March 31,     June 30,     September 30,     September 30,     December 31,  
    2008     2008     2009     2009     2009     2009     2009  
Net revenue
   $ 500,982     $ 126,055     $ 130,767     $ 124,588     $ 122,365     $ 503,775     $ 124,058  
Operating expenses:
                                                        
Personnel expense
     169,981       43,367       44,662       43,854       41,654       173,537       45,064  
Medical supplies expense
     135,157       34,237       35,120       36,472       35,161       140,990       34,898  
Bad debt expense
     37,855       9,595       8,798       10,406       12,788       41,587       10,682  
Other operating expenses
     100,633       27,160       27,342       26,537       27,377       108,416       29,610  
Pre-opening expenses
     786       207       380       754       2,222       3,563       866  
Depreciation
     25,259       6,496       6,217       6,466       7,232       26,411       7,650  
Amortization
     32       8       8       8       867       891       8  
Impairment of goodwill
     —       —       —       —       60,174       60,174       —  
Loss on disposal of property, equipment and other assets
     217       73       108       (54 )     137       264       96  
 
                                          
Total operating expenses
     469,920       121,143       122,635       124,443       187,612       555,833       128,874  
 
                                          
Income (loss) from operations
     31,062       4,912       8,132       145       (65,247 )     (52,058 )     (4,816 )
Other (income) expenses:
                                                        
Interest expense
     11,261       2,097       581       396       697       3,771       1,058  
Loss on early extinguishment of debt
     —       6,961       (259 )     —       —       6,702       —  
Interest and other income
     (2,011 )     (101 )     (73 )     (47 )     (9 )     (230 )     (71 )
Equity in net earnings of unconsolidated affiliates
     (7,891 )     (2,065 )     (2,714 )     (2,265 )     (2,013 )     (9,057 )     (1,516 )
 
                                          
Total other (income) expenses, net
     1,359       6,892       (2,465 )     (1,916 )     (1,325 )     1,186       (529 )
 
                                          
Income (loss) from continuing operations before income taxes
     29,703       (1,980 )     10,597       2,061       (63,922 )     (53,244 )     (4,287 )
Income tax expense (benefit)
     8,365       (1,402 )     2,701       258       (1,611 )     (54 )     (1,834 )
 
                                          
Income (loss) from continuing operations
     21,338       (578 )     7,896       1,803       (62,311 )     (53,190 )     (2,453 )
Income from discontinued operations, net of taxes
     21,510       5,947       2,151       965       11,350       20,413       638  
 
                                          
Net Income (loss)
     42,848       5,369       10,047       2,768       (50,961 )     (32,777 )     (1,815 )
Less: Net income attributable to noncontrolling interests
     21,858       3,123       4,465       2,272       7,645       17,505       841  
 
                                          
Net income (loss) attributable to MedCath Corporation
   $ 20,990     $ 2,246     $ 5,582     $ 496     $ (58,606 )   $ (50,282 )   $ (2,656 )
 
                                          
 
                                                        
Amounts attributable to MedCath Corporation common stockholders:
                                                        
Income (loss) from continuing operations, net of taxes
   $ 9,727     $ (2,627 )   $ 4,129     $ (65 )   $ (62,769 )   $ (61,331 )   $ (3,159 )
Income from discontinued operations, net of taxes
     11,263       4,873       1,453       561       4,163       11,049       503  
 
                                          
Net Income (loss)
   $ 20,990     $ 2,246     $ 5,582     $ 496     $ (58,606 )   $ (50,282 )   $ (2,656 )
 
                                          
 
                                                        
Earnings (loss) per share, basic
                                                        
Income (loss) from continuing operations attributable to MedCath Corporation common stockholders
   $ 0.49     $ (0.14 )   $ 0.21     $ (0.00 )   $ (3.18 )   $ (3.11 )   $ (0.16 )
Income from discontinued operations attributable to MedCath Corporation common stockholders
     0.56       0.25       0.07       0.03       0.21       0.56       0.03  
 
                                          
Earnings (loss) per share, basic
   $ 1.05     $ 0.11     $ 0.28     $ 0.03     $ (2.97 )   $ (2.55 )   $ (0.13 )
 
                                          
 
                                                        
Earnings (loss) per share, diluted
                                                        
Income (loss) from continuing operations attributable to MedCath Corporation common stockholders
   $ 0.48     $ (0.14 )   $ 0.21     $ (0.00 )   $ (3.18 )   $ (3.11 )   $ (0.16 )
Income from discontinued operations attributable to MedCath Corporation common stockholders
     0.56       0.25       0.07       0.03       0.21       0.56       0.03  
 
                                          
Earnings (loss) per share, diluted
   $ 1.04     $ 0.11     $ 0.28     $ 0.03     $ (2.97 )   $ (2.55 )   $ (0.13 )
 
                                          
 
                                                        
Weighted average number of shares, basic
     19,996       19,599       19,664       19,733       19,740       19,684       19,743  
Dilutive effect of stock options and restricted stock
     73       —       26       —       —       —       —  
 
                                          
Weighted average number of shares, diluted
     20,069       19,599       19,690       19,733       19,740       19,684       19,743  
 
                                          
 
                                                        
Selected Operating Data (consolidated) (a):
                                                        
Number of hospitals
     6       6       6       6       6       6       7  
Licensed beds (b)
     451       451       451       530       530       530       600  
Staffed and available beds (c)
     406       405       404       484       444       444       514  
Admissions (d)
     26,047       6,033       6,275       5,639       5,744       23,592       6,165  
Adjusted admissions (e)
     34,540       8,189       8,839       8,594       8,482       34,097       8,793  
Patient days (f)
     94,821       22,243       24,860       22,795       21,355       91,168       22,892  
Adjusted patient days (g)
     125,343       30,599       35,012       34,803       31,561       131,675       33,429  
Average length of stay (h)
     3.64       3.69       3.96       4.04       3.72       3.86       3.71  
Occupancy (i)
     64.0 %     59.7 %     68.4 %     51.8 %     52.3 %     56.3 %     48.4 %
Inpatient catheterization procedures (j)
     14,239       3,169       3,095       2,735       2,694       11,688       2,811  
Inpatient surgical procedures (k)
     7,415       1,740       1,846       1,809       1,770       7,162       1,721  
 
(a)   Selected operating data includes consolidated hospitals in operation as of the end of the period reported in continuing operations but does not include hospitals which are accounted for using the equity method or as discontinued operations in our consolidated financial statements.
 
(b)   Licensed beds represent the number of beds for which the appropriate state agency licenses a facility regardless of whether the beds are actually available for patient use.
 
(c)   Staffed and available beds represent the number of beds that are readily available for patient use at the end of the period.
 
(d)   Admissions represent the number of patients admitted for inpatient treatment.
 
(e)   Adjusted admissions is a general measure of combined inpatient and outpatient volume. We computed adjusted admissions by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by admissions.
 
(f)   Patient days represent the total number of days of care provided to inpatients.
 
(g)   Adjusted patient days is a general measure of combined inpatient and outpatient volume. We computed adjusted patient days by dividing gross patient revenue by gross inpatient revenue and then multiplying the quotient by patient days.
 
(h)   Average length of stay (days) represents the average number of days inpatients stay in our hospitals.
 
(i)   We computed occupancy by dividing patient days by the number of days in the period and then dividing the quotient by the number of staffed and available beds.
 
(j)   Inpatients with a catheterization procedure represent the number of inpatients with a procedure performed in one of the hospitals’ catheterization labs during the period.
 
(k)   Inpatient surgical procedures represent the number of surgical procedures performed on inpatients during the period.

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