Medical Facilities Corp. revenue hits $90M in Q4 — 6 takeaways

Medical Facilities Corp. reported its fourth quarter and 2015 financial results.

Here are six takeaways:

1. For the fourth quarter, Medical Facilities Corp. generated cash available for distribution of Cdn $12.6 million, or $0.403 per share.  The company generated CAFD of Cdn $45.9 million, or $1.466 per share, for the full year.

2. The company had dividends of Cdn $8.8 million during the quarter, indicating a 69.7 percent payout ratio compared to 72.1 percent for the same quarter last year.  For 2015, the company declared dividends of $35.2 million, representing a payout ratio of 76.7 percent, compared to 85.2 percent in 2014.

3. Medical Facilities Corp. had consolidated facility service revenue from continuing operations reaching $89.8 million for the quarter, up 8.9 percent from the same period the year prior. For the year, consolidated facility service revenue from continuing operations reached $308.8 million in 2015, up 3.8 percent from $297.4 million in 2014.

4. For the quarter, the company's consolidated expenses totaled $62 million up from $60.3 million for the fourth quarter of 2014. For the full year, consolidated expenses were $234.1 million, up from $230.7 million in 2014.

5. The company's total consolidated income from continuing operations totaled $25.3 million for the quarter, compared to $6.7 million during the fourth quarter of 2014. For the full year, total consolidated income from continuing operations was $70.2 million, up from $51.2 million in 2014.

6. As of Dec. 31, 2015, Medical Facilities Corp. had consolidated net working capital of $85.7 million, including cash and cash equivalents and short-term investments of $70.9 million and accounts receivable of $48.8 million.

"2015 marked another year of strong results for Medical Facilities with the fourth quarter solidifying the growth trend built up over the year. Growth in the quarter was primarily driven by an increase in revenue from higher case volumes recorded by all our specialty surgical hospitals as well as from ancillary services such as imaging and primary and urgent care,"  said Seymour Temkin, interim CEO, Medical Facilities Corp.

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