Nu-Med Boasts 43% Gain for 1st Quarter

Citing improved operations at its acute-care hospitals and revenue from psychiatric facilities acquired last fall, Nu-Med reported 43% higher earnings on 37% higher sales for its first quarter ended July 31.

The Encino-based hospital chain reported net income of nearly $1.7 million, or 15 cents a share, on sales of $90.8 million during the period.

Nu-Med also said it was pleased with a Municipal Court jury’s decision in August that former New York City official John J. McLaughlin, was innocent of charges that he accepted a bribe from Nu-Med.

The Manhattan district attorney’s office had charged that McLaughlin, former president of the city’s Health and Hospitals Corp., was allowed to buy Nu-Med stock at below-market prices. The hospital chain was not charged with any wrongdoing.

In the United States, Nu-Med owns nine acute-care hospitals with 1,250 licensed beds, four psychiatric hospitals with 381 beds and 11 medical office buildings. It has two acute-care hospitals in England.