Best news that one can hope for... Results are out ! Basically, everything is up except for the Payout Ratio - and this is the best news that one can hope for....
Medical Facilities Corporation Reports 2012 Annual and Fourth Quarter Financial
ResultsMedical Facilities Corporation DR 3/21/2013 7:00:00 AMMedical Facilities Corporation Reports 2012 Annual and Fourth Quarter Financial Results
TORONTO, March 21, 2013 /CNW/ - Medical Facilities Corporation ("Medical Facilities" or the "Company") (TSX: DR), today reported its financial results for the three-month and twelve-month periods ended December 31, 2012. All amounts are expressed in U.S. dollars unless indicated otherwise.
Full-year 2012 Highlights
Revenue of $239.4 million, up 10.6% as compared with $216.4 million in 2011
Income from operations of $78.7 million, up 4.2% as compared with $75.5 million in 2011
Cash available for distribution1 of Cdn$37.8 million, up 11.8% from Cdn$33.8 million in 2011
Payout ratio of 83.3%, as compared with 92.4% in 2011
Increased dividends to an annualized rate of Cdn$1.125, payable monthly, effective with September 2012 payment
Completed the acquisition of an indirect 51% interest in Arkansas Surgical Hospital effective November 30, 2012
Completed a Cdn$41.8 million 5.9% convertible unsecured subordinated debenture offering
Fourth Quarter 2012 Highlights
Revenue of $71.9 million, up 16.4% as compared with $61.7 million in Q4 2011
Income from operations of $23.2 million, up 1.3% as compared with $22.9 million in Q4 2011
Cash available for distribution of Cdn$10.7 million, up 10.7% as compared with Cdn$9.6 million in Q4 2011
Payout ratio of 74.7%, as compared with 80.9% in Q4 2011
"We are pleased to report another strong year for Medical Facilities," stated Dr. Donald Schellpfeffer, CEO of Medical Facilities. "In a year in which we increased the monthly dividend, our payout ratio improved to 83.3%, from 92.4% in 2011. This significant improvement in payout ratio was the result of a 10.6% growth in revenue at our Centers and a 4.2% growth in income from operations, reflecting strong performance across our four specialty surgical hospitals and the addition of Arkansas Surgical Hospital in December 2012. Our initiatives in urgent and primary care have begun to contribute to surgical and imaging cases; however, the start-up costs of these initiatives have had a moderating influence on income from operations. While we expect the start-up phase to continue for a while longer, we are pleased with early results of the urgent and primary care initiatives. Medical Facilities also completed the issuance of Cdn$41.8-million 5.9% convertible debentures, which help position us for further growth," concluded Dr. Schellpfeffer.
Financial Results
Three months ended December 31, 2012
The Company generated cash available for distribution1 ("CAFD") of Cdn$10.7 million, or Cdn$0.376 per common share, and declared dividends of Cdn$8.0 million, or Cdn$0.281 per common share, resulting in a payout ratio of 74.7% for the quarter compared with 80.9% for the same period last year. This represents a Cdn$1.0 million increase in CAFD due to a stronger operating performance of the Centers, lower provision for current taxes, and foreign currency gains, partially offset by higher maintenance capital expenditures and corporate expenses.
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