Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - SYMBION INC/TN | a10-18663_18ka.htm |
EXHIBIT 99.3
Mountain View Hospital, LLC and Subsidiary
Consolidated Balance Sheet
As of March 31, 2010
(Unaudited, in thousands)
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March 31, 2010 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
6,132 |
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Accounts receivable, net |
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9,321 |
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Inventories |
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1,139 |
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Prepaid expenses and other current assets |
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482 |
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Total current assets |
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17,074 |
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Land |
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23 |
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Furniture and equipment |
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10,043 |
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Computers and software |
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187 |
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10,253 |
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Less accumulated depreciation |
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— |
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Property and equipment, net |
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10,253 |
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Total assets |
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$ |
27,327 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,588 |
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Accrued payroll and benefits |
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2,266 |
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Other accrued expenses |
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320 |
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Current maturities of long-term debt |
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1,075 |
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Total current liabilities |
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6,249 |
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Long-term debt, less current maturities |
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6,478 |
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Other liabilities |
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13,076 |
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Total equity |
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1,524 |
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Total liabilities and stockholders’ equity |
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$ |
27,327 |
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Mountain View Hospital, LLC and Subsidiary
Consolidated Statements of Operations
For the Three Months Ended March 31, 2010 and 2009
(Unaudited, in thousands)
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Three Months Ended |
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2010 |
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2009 |
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Revenues |
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$ |
14,866 |
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$ |
13,596 |
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Operating expenses: |
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Salaries and benefits |
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4,770 |
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3,562 |
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Supplies |
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4,125 |
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2,929 |
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Professional and medical fees |
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2,696 |
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1,467 |
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Rent and lease expense, net |
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1,073 |
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975 |
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Other operating expenses |
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793 |
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1,211 |
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Cost of revenues |
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13,457 |
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10,144 |
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Depreciation and amortization |
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373 |
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428 |
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Provision for doubtful accounts |
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368 |
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579 |
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Total operating expenses |
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14,198 |
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11,151 |
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Operating income |
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668 |
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2,445 |
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Interest expense, net |
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(90 |
) |
(67 |
) |
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Net Income |
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$ |
578 |
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$ |
2,378 |
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Mountain View Hospital, LLC and Subsidiary
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2010 and 2009
(Unaudited, in thousands)
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Three Months Ended |
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2010 |
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2009 |
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OPERATING ACTIVITIES: |
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Net income |
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$ |
578 |
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$ |
2,378 |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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368 |
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579 |
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Increase in estimated third party payor settlements |
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1,782 |
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742 |
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Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
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Accounts receivable |
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2,251 |
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32 |
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Inventory |
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(464 |
) |
— |
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Prepaid expenses |
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324 |
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179 |
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Deposits |
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28 |
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(50 |
) |
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Increase (decrease) in operating liabilities: |
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Accounts payable |
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(2,990 |
) |
(299 |
) |
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Accrued liabilities |
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1,803 |
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(72 |
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Net cash provided by operating activities |
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3,680 |
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3,489 |
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INVESTING ACTIVITIES: |
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Purchases of property and equipment |
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(1,119 |
) |
(1,130 |
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Net cash used in investing activities |
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(1,119 |
) |
(1,130 |
) |
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FINANCING ACTIVITIES: |
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Net payments on operating line of credit |
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(96 |
) |
— |
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Proceeds from long-term debt |
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1,762 |
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13 |
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Payments on long-term debt |
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(1,017 |
) |
(999 |
) |
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Member distributions |
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(150 |
) |
(1,064 |
) |
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Net cash provided by (used in) financing activities |
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499 |
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(2,050 |
) |
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Net increase in cash and cash equivalents |
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3,060 |
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309 |
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Cash and cash equivalents at beginning of period |
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3,072 |
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6,413 |
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Cash and cash equivalents at end of period |
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$ |
6,132 |
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$ |
6,722 |
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Mountain View Hospital, LLC and Subsidiary
Notes to Consolidated Financial Statements
As of March 31, 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Nature of Business
Mountain View Hospital, LLC (“Mountain View Hospital”) owns and operates a 43-bed general acute care hospital located in Idaho Falls, Idaho. Mountain View Hospital is engaged in the business of providing a comprehensive array of quality health care services in the most cost-effective manner consistent with Mountain View Hospital’s ethics and compliance program, governmental regulations and guidelines, and industry standards.
During 2009, Mountain View Hospital formed MVH SNF Holding, LLC which will begin to operate as a wholly-owned subsidiary of Mountain View Hospital in 2010. The subsidiary is invested in a project which will be a licensed skilled nursing facility and operate as a transitional care unit. The transitional care unit will serve individuals who have been discharged from the hospital but still require short-term rehabilitation and medical care.
Basis of Consolidation
The consolidated financial statements for the three month period ended March 31, 2010, include the accounts of Mountain View Hospital and its wholly-owned subsidiary, MVH SNF Holding, LLC. If applicable, inter-company balances and transactions have been eliminated in the consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and accompanying footnotes. Examples include, but are not limited to, estimates of accounts receivable allowances, professional and general liabilities and the estimate of deferred tax assets or liabilities. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of the interim periods presented have been included. All adjustments are of a normal, recurring nature. Actual results could differ from those estimates.
Estimates
The presentation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
2. LONG - TERM DEBT
During the three-months ended March 31, 2010, Mountain View Hospital obtained additional long-term debt financing of $1.9 million from Key Bank to fund the acquisition of certain medical equipment. The note is payable in sixty monthly installments of $35,957, including interest at 5.5%. The equipment is pledged as collateral for the note.