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Medical Facilities Corporation Reports First Quarter 2016 Financial Results and Appoints New Chief Executive Officer
Medical Facilities Corporation Reports First Quarter 2016 Financial Results and Appoints N...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\nMedical Facilities Corporation Reports First Quarter 2016 Financial Results and Appoints New Chief Executive Officer\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbtb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n\n\n\n\n\n\nMedical Facilities Corporation Reports First Quarter 2016 Financial Results and Appoints New Chief Executive Officer\nCanada NewsWire\nTORONTO, May 12, 2016\n\n\n\nTORONTO, May 12, 2016 /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Company\") (TSX: DR), announced today its financial and operating results for the three months ended March 31, 2016.  All amounts are expressed in U.S. dollars unless indicated otherwise.\n\nFirst Quarter 2016 Summary\n\n\nConsolidated facility service revenue from continuing operations of $75.9 million, up 5.1% as compared with $72.2 million in Q1 2015 \nConsolidated income from continuing operations of $14.8 million, down 8.4% as compared with $16.2 million in Q1 2015 \nCash available for distribution1 of Cdn$11.9 million, up 6.5% as compared with Cdn$11.2 million in Q1 2015 \nPayout ratio1 of 73.2% as compared with 78.5% in Q1 2015\n\n\"We experienced continued revenue growth in the quarter, driven primarily by higher case volumes recorded by all our specialty surgical hospitals, as well as higher pain management revenues\", said Seymour Temkin, interim CEO of Medical Facilities during Q1 2016. \"While case and payor mix changes combined with higher general and administrative costs had a negative impact on operating income in the quarter, cash available for distribution and payout ratio were more favourable due to the Company's exposure to the U.S./Canadian dollar exchange rate\".\n\n\"From our strong financial position, we look forward to an e...