Nu-Med’s Debt Repurchase Boosts Quarterly Profits
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Nu-Med said its fiscal first-quarter profit more than doubled from a year earlier, thanks to a one-time gain from its repurchase of debt. Excluding the gain, Nu-Med’s income from operations fell.
Nu-Med, an Encino operator of hospitals and other health-care facilities, said net income for the quarter that ended July 31 rose to $4.84 million, or 54 cents a share, from $2.02 million, or 22 cents a share, a year ago.
The latest results included a $4.24-million gain from the repurchase of debentures, and the year-earlier profit included a $730,000 gain from the sale of two hospitals.
Excluding those items, Nu-Med’s operating earnings fell to $597,000 from $1.3 million. The company blamed the drop on higher operating costs, partly reflecting its introduction of new services and higher salaries for nurses.
Nu-Med’s first-quarter revenue rose to $82.1 million from $79.5 million.
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