Business
Medical Facilities Corporation Reports 2015 Second Quarter Financial Results
TORONTO , Aug. 13, 2015 /CNW/ - Medical Facilities Corporation ("Medical Facilities"...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\nTORONTO, Aug. 13, 2015 /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Company\") (TSX: DR), today reported its financial results for the three-month and six-month periods ended June 30, 2015.  All amounts are expressed in U.S. dollars unless indicated otherwise.\n\nSecond Quarter 2015 Summary\n\n\nRevenue from continuing operations of $73.6 million, up 3.4% as compared with $71.2 million in Q2 2014 \nIncome from operations from continuing operations of $16.0 million, up 5.1% as compared with $15.2 million in Q2 2014 \nCash available for distribution1 of Cdn$12.1 million, up 25.8% as compared with Cdn$9.6 million in Q2 2014 \nPayout ratio1 of 72.8% as compared with 91.5% in Q2 2014 \nOn June 30, 2015, Dakota Plains Surgical Center, LLP sold its operating assets for net proceeds of $33.8 million\n\n\"The second quarter of 2015 saw our consolidated revenues (on a continuing operations basis) increase 3.4% over a year earlier reflecting higher case volumes, favourable shifts in payor mix and increased ancillary revenues from our urgent and primary care initiatives which were moderated by the unfavourable shifts in case mix. Our South Dakota Centers also showed favorable impacts from Initiated Measure 17 (Patient Choice legislation) which was passed by South Dakota voters in November 2014,\" said Dr. Donald Schellpfeffer, CEO of Medical Facilities. \n\nFinancial ResultsThree months ended June 30, 2015The Company generated cash available for distribution (\"CAFD\") of Cdn$12.1 million, or Cdn$0.386 per common share, and declared dividends of Cdn$8.8 million, or Cdn$0.281 per common share, representing a payout ratio of 72.8% for the quarter compared to 91.5% for the same quarter last year. In U.S.-dollar terms, CAFD increased by US$1.0 million compared to the same quarter in 2014 primarily due to higher recovery of current income taxes which was partially offset by higher foreign currency losses on matured foreign exchange forward contracts.\n\nConsolidated facility service revenue (\"revenue\") from continuing operations of $73.6 million increased by $2.4 million or 3.4% over the same period in 2014, reflecting positive contribution from higher case volumes, favourable shifts in payor mix, as well as increased ancillary (primary, urgent, imaging, etc.) revenues...