Nu-Med Posts Turnaround in 2nd-Quarter Report
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Nu-Med earned $703,000, or 7 cents a share, in the second quarter that ended Oct. 31. The results were a substantial turnaround from a year earlier, when the Encino hospital chain lost $3.1 million, largely because of increased borrowing expenses and costs related to the starting up of two psychiatric hospitals.
Nu-Med said its revenue rose 9% to $84.5 million, primarily because of increased outpatient use and revenue from the psychiatric facilities.
For the 6 months, Nu-Med earned $5.5 million, or 60 cents a share, which included a $4.2-million gain stemming from the company’s purchase of some of its debt. In the year-earlier period, Nu-Med lost $1.1 million. Revenue in the 6 months rose 5% to $166.6 million.
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