Nu-Med Posts $10.1-Million Net Loss for Fiscal Year

Nu-Med Inc. reported a net loss of $10.1 million for the fiscal year ended April 30, compared with a $13.9-million net loss in the previous fiscal year. The company, which owns and operates acute care and psychiatric hospitals, posted revenue of $270.6 million, up 11% from $244.9 million in fiscal 1988.

Encino-based Nu-Med blamed much of the loss on a $15.7 million setback relating to the sale of some assets, primarily a hospital in Southern California. It said a gain from the sale of subsidiaries, which were sold recently for about $45 million, would be recorded in results for the fiscal first quarter ended Monday.