Prospect Medical Turns Fiscal 3Q Profit Of $2.8 M
LOS ANGELES (AP) â¿¿ Prospect Medical Holdings Inc., which has agreed to be acquired by a private equity firm, said Tuesday it turned a profit in its fiscal third quarter as revenue edged up 2 percent.
The Los Angeles company has five hospitals in Southern California and provides health care management services to people enrolled in HMO plans. It earned $2.8 million, or 12 cents per share, in the three months that ended June 30. That compares to a loss of $238,000, or a penny per share, in the same quarter of 2009.
Revenue climbed to $116.9 million from $114.3 million.
The company said it agreed to be acquired by an entity sponsored by Leonard Green & Partners LP for $8.50 per share in cash.Prospect Medical's shares fell 6 cents to $8.48 in Tuesday afternoon trading. For the quarter, the company said its hospital services revenue increased nearly 5 percent to $69.5 million, but medical group revenues fell slightly to $47.4 million due in part to lower HMO enrollment levels caused by high unemployment.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV