Healthcare America reported a net loss of $241,000, or 2 cents per share, for the second quarter ended June 30, compared with a net loss of $1.8 million, or 17 cents per share, in the year-ago period. Revenues increased 130% to $37.2 million.
The 1993 results included only HealthVest, a real estate investment trust that was merged into Healthcare America in 1993. Austin, Texas-based Healthcare America owns and operates 13 hospitals and owns the real estate assets of another two.
For the six-month period, the company reported a net loss of $1.5 million, or 13 cents per share, compared with a net loss of $3.7 million, or 34 cents per share, in the year-ago period. Revenues grew 109% to $67.5 million.
Kevin Sheehan, Healthcare America's chief executive officer, attributed the company's second-quarter loss to higher interest rates and new product development costs. In addition, the company this year has acquired the operations of two hospitals that it previously leased to other operators.