Medical Facilities Corp. reported this year's second quarter financial results, ending June 30, 2016.
Here are six key notes:
1. The company's revenue from continuing operations increased 4.2 percent, hitting $76.7 million.
2. MFC's income from continuing operations reached $13.8 million, a 13.9 percent deceased from $16 million during the second quarter last year. The loss was due to a change in payer mix and higher expenses from case type's lower income and margins.
3. During the second quarter, cash available for distribution was $10.5 million, down 12.9 percent from the same period last year.
4. MFC paid monthly dividends of Cdn$0.28 per share, which represented a Cdn$1.13 annualized dividend per share.
5. The company has a payout ratio of 82.8 percent.
6. In July, MFC reported it signed a letter of intent to acquire an 83 percent indirect interest in Mishawaka, Ind.-based Unity Medical and Surgical Hospital.
"In the second quarter of 2016 we continued to see solid growth in revenue as a result of higher case volume at our facilities," said Britt T. Reynolds, CEO, MFC. "This continued volume and revenue growth, especially when compared to that of other healthcare providers in the quarter, reinforces our positive feeling on the quality of our facilities and service offering. Our income however was impacted by a significant increase in Medicare cases, which contribute substantially less than private payers. We are gaining traction on controlling operating costs through initiatives such as improving supply chain efficiencies, flexing labor costs and revenue collection that will enable us to grow our margins."
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