Mental Health Management took a $966,000 restructuring charge in the third quarter ended June 30, which was related to combining its contract management business with Denton, Texas-based Horizon Mental Health Services. The two firms announced their intention to merge their contract services last month (July 25, p. 38). However, the restructuring charge took its toll on McLean, Va.-based Mental Health Management, which also operates six freestanding psychiatric hospitals. The company reported a net loss of $1 million, or 31 cents per share, for the quarter, compared with net income of $295,000, or 10 cents per share, in the year-ago period. Revenues rose 7% to $12.8 million. For the nine-month period, the company reported a net loss of $1.5 million, or 45 cents per share, compared with net income of $104,000, or 3 cents per share, in the year-ago period. Revenues grew 12% to $38.2 million.
National Health Investors said it has provided a $6.2 million mortgage on a medical office building being built on the campus of Bellaire (Texas) Hospital. Louisville, Ky.-based Columbia/HCA Healthcare Corp. will be the primary tenant. Bellstate Corporation of Houston is the building's owner. NHI, a Murfreesboro, Tenn.-based real estate investment trust, has investments in 186 facilities in 23 states.