TORONTO, Ontario, August 9, 2018 – Medical Facilities Corporation (“Medical Facilities,” “MFC,” or the “Company”) (TSX: DR), reported its financial results today for the three-month and six-month periods ended June 30, 2018. All amounts are expressed in U.S. dollars unless indicated otherwise.
Q2 2018 Summary
(Compared to Q2 2017)
“Our second quarter results underline the significance of our acquisition of seven ambulatory surgical centers through MFC Nueterra in the first quarter,” said Robert O. Horrar, President and CEO of Medical Facilities. “The MFC Nueterra ASCs drove higher case volumes and accounted for most of the revenue growth of 10.8% for the second quarter. Expanding our footprint to 11 states from five, MFC Nueterra’s strong contributions to date further validates our strategy to diversify our portfolio.”
During the quarter, the Company paid monthly cash dividends of C$0.09375 per common share (or C$1.125 per share on an annualized basis), which represented an annualized yield of 8.05% on the June 30, 2018 closing price of $13.97 per common share.
As at June 30, 2018, the Company had consolidated net working capital of negative $9.1 million compared to $33.8 million as at December 31, 2017. The change was due mainly to the acquisition of the MFC Nueterra ASCs in the first quarter of 2018. The level of working capital, including financing required to cover any deficiencies, is dependent on operating performance of the Corporation and fluctuates from period to period.
Medical Facilities’ complete second quarter 2018 financial statements and management’s discussion and analysis will be issued and filed on SEDAR at www.sedar.com on Thursday, August 9, 2018 and will be available on the same day on Medical Facilities’ website at www.medicalfacilitiescorp.ca.