Net patient service revenues for the quarter decreased by $1.2 million, or 8%, from $14.2 million for the same quarter in 2008 to $13.0 million in 2009. The overall number of cases decreased in the current period. Additionally, in the prior period, revenues of $1.3 million were recognized based on settlements reached with insurance carriers for Medical Dispute Resolution accounts receivable with dates of service ranging from 2001 to 2005.
Net income for the quarter ended May 31, 2009 was $1,004,000, or $0.06 per share, which was comparable to net income of $1,029,000, or $0.06 per share, in the quarter ended May 31, 2008.
Net patient service revenues for the nine months ended May 31, 2009 decreased by $12.4 million, or 25%, from $49.1 million for the same nine month period in 2008 to $36.7 million in 2009, primarily due to lower reimbursements on workers’ compensation cases. Additionally, in the prior period revenues of $5.8 million were recognized based on settlements reached with insurance carriers for Medical Dispute Resolution accounts receivable with dates of service ranging from 2001 to 2005. Gross billed charges and net patient service revenues were also negatively impacted by Hurricane Ike in the month of September 2008 for our Pasadena facility, which was not in full operations for about three weeks. Income from continuing operations for the nine months ended May 31, 2009 was $652,000, or $0.04 per share, versus income from continuing operations of $8.0 million, or $0.50 per share, in the same period in 2008. Net income was $652,000, or $0.04 per share, for the nine months ended May 31, 2009 versus net income of $10.8 million, or $0.65 per share, for the same period in 2008, in part because the Company sold its Baton Rouge facility, which was reported as discontinued operations, during the quarter ended February 29, 2008. The gain on sale of this facility was $2.8 million, or $0.17 per share, net of income taxes.
Dynacq Healthcare, Inc. ("www.dynacq.com") is a holding company.
Its subsidiaries provide surgical healthcare services and related
ancillary services through hospital facilities.
Dynacq Healthcare, Inc., Houston
Philip S. Chan, 713-378-2000
Dynacq Healthcare, Inc.