Nu-Med Reports First-Quarter Loss
Nu-Med Inc., an Encino operator of psychiatric hospitals and acute-care centers, said it lost $770,000 during its first fiscal quarter ended July 31, compared with a $958,000 profit for the same period last year.
The company would have lost $1.6 million in the latest quarter, except that it recorded a one-time, $846,000 gain from the repurchase of debt. The loss was mainly due to problems at one of its acute-care hospitals, which Nu-Med did not identify. The company’s year-earlier profit included a $373,000 tax benefit.
Nu-Med’s first-quarter revenue dropped 55%, to $30.1 million from $66.3 million a year earlier, due to the sale of three acute-care hospitals in the fourth quarter of fiscal 1991, which ended April 30.