MedCath, Charlotte, N.C., said net income increased 44% in its fiscal 2005 second quarter and more than quadrupled in the first half of the year, boosted by growth in admissions and surgeries and still benefiting from the late 2004 sale of the struggling Heart Hospital of Milwaukee. MedCath, which operates 11 heart hospitals, also said it expected to announce several strategic partnerships in the near future. The company earned $3.8 million, or 20 cents per share, in its fiscal second quarter ended March 31, up from $2.6 million, or 14 cents per share, in the year-ago quarter. Revenue rose 13.8% to $192 million. MedCath's inpatient admissions increased 10.3% overall in the second quarter, and adjusted admissions were up 16.7% over the year-ago quarter. Inpatient surgical procedures increased 17.2%. For the first half of fiscal 2005, MedCath reported net income of $8.3 million, or 43 cents per share, up from $1.7 million, or 9 cents per share, in the year-ago period. Revenue rose 16.4% to $376.8 million. -- by Joseph Conn
Income climbing, MedCath says more growth ahead
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