Dynacq Healthcare, Inc. (DYII) today reported a loss from continuing operations for the year ended August 31, 2009 of $0.03 per share compared to income from continuing operations of $0.32 per share in the previous year. The share amounts are calculated on a fully diluted basis.
The U.S. Division’s net patient service revenues for the year ended August 31, 2009 decreased by $12.7 million, or 21%, from $60.3 million in 2008 to $47.6 million in 2009, primarily due to lower reimbursements on workers’ compensation cases, and due to a 41% decrease in the number of inpatient cases. Gross billed charges and net patient service revenues were also negatively impacted by Hurricane Ike in the month of September 2008 for our Pasadena facility, which was not in full operation for approximately three weeks.
The China Division contributed to net patient service revenues for the first time in fiscal year 2009, and had nine months of operations with net patient service revenues of $1.8 million from the management of Second People’s Hospital in Rui An, China, and incurred a loss before income taxes of $4.5 million, due in large part to a $2.5 million impairment of management rights.
Net loss for the year ended August 31, 2009 was $484,000, or $0.03 per share, compared to a net income of $8.4 million, or $0.51 per share, for the same period in 2008, in part because the Company sold its Baton Rouge facility, which was reported as discontinued operations, during fiscal year 2008. The gain on sale of this facility was $3.1 million, or $0.19 per share, net of income taxes.
Dynacq Healthcare, Inc. ("www.dynacq.com") is a holding company. Its subsidiaries provide surgical healthcare services and related ancillary services through hospital facilities.