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CML HealthCare Income Fund Reports 2010 Second Quarter Financial Results
CML HealthCare Income Fund Reports 2010 Second Quarter Financial Results
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[{"type":"text","content":"\n\n\n\n Aug. 12, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nToronto Stock Exchange Symbol: CLC.UN\n\nMISSISSAUGA, ON, Aug. 12 /CNW/ - CML HealthCare Income Fund (the "Fund" or "CML HealthCare"), (TSX: CLC.UN) today reported its financial results for the three and six-month periods ended June 30, 2010 (all amounts are in Canadian dollars, unless noted otherwise).\n\nFinancial Highlights:\n\n\n >\n\n\n"During the second quarter, our U.S. subsidiary, ARS, entered into a new management services agreement with its radiologists which will better align physician costs with revenues," said Paul Bristow, President and CEO of CML HealthCare Income Fund. "While our Canadian operations demonstrated organic growth in Q2 2010, the U.S. continued to operate under challenging economic and industry conditions. During the quarter, slowdown in physician office visits and radiation exposure concerns from CT scans contributed to volume declines. We believe that our focused marketing strategies supported by involvement from our radiologists will help to increase volumes going forward. This, together with cost containment and efficiency measures such as the implementation of the new RIS/PACS is anticipated to contribute to improve revenue and EBITDA in the coming quarters."\n"In a separate news release issued today, CML announced that with the conversion of the Fund into a corporation effective January 1, 2011, the initial post-conversion dividend is anticipated to be $0.0629 per share payable monthly, or $0.7548 per share annualized," said Mr. Bristow. "CML's strategy is to be a stable dividend-paying corporation post conversion, and to continue to create value for shareholders through organic growth as well as opportunistic, accretive acquisitions."\n\n\n >\n\n\nEffective April 1, 2010, the Fund's U.S. medical imaging subsidiary, ARS, entered into an amended and restated MSA with its radiol...