Key Developments For MedCath Corporation
MedCath Corporation (MDTH.O) (Nasdaq)
MedCath Corporation Sells Sun City Cardiac Center Associates To Banner Health
MedCath Corporation announced the sale of Sun City Cardiac Center Associates (Sun City), a partnership owned 60% by MedCath Partners, LLC and 40% by certain physician and other investors, to Banner Health. The transaction, which was structured as an asset sale, valued Sun City at $16.9 million, excluding approximately $0.9 million in working capital retained by the selling partnership. In addition to its portion of the sale proceeds, the Company will lease certain equipment to Banner Health for approximately $0.3 million annually for three years. The sale was effective September 30, 2009.
MedCath Corporation Names Art Parker As CFO
MedCath Corporation announced that Art Parker has been appointed Executive Vice President and Chief Financial Officer (CFO) effectively immediately. Parker has been a part of MedCath's transformation strategy and has served as interim CFO since June, and prior to that, he has served as Senior Vice President, Finance and Development and Senior Vice President and Treasurer.
MedCath Corporation Appoints New CFO
MedCath Corporation announced that Art Parker, Senior Vice President, Finance and Development, has been named Interim Chief Financial Officer. Parker replaces Jeff Hinton, whose employment with MedCath has ended effective immediately. MedCath has engaged an executive search firm to identify a permanent Chief Financial Officer candidate.
MedCath Corporation Announces Delay in 2nd Quarter Earnings Announcement and Filing of Form 10-Q
MedCath Corporation announced that it has delayed the issuance of its operating results for its fiscal quarter ended March 31, 2009 and the filing of its Form 10-Q for the same period. The delay arises as a result of an ongoing internal assessment by the Company, under the supervision of the Audit Committee, of certain aspects of the Company's operations and controls.
MedCath Corporation Announces Completion Of Sale Of Equity Interest In Joint Venture
MedCath Corporation announced the completion of the sale of its ownership in a joint venture in its MedCath Partners division. The sale was completed December 31, 2008. MedCath received $6.9 million in cash for its 51% ownership interest in the joint venture. MedCath intends to use the proceeds from the sale for general corporate purposes.
