Dynacq Healthcare Inc. (DYII, Financial) filed Quarterly Report for the period ended 2010-11-30.
Dynacq Healthcare Inc. has a market cap of $30.7 million; its shares were traded at around $2.164 with and P/S ratio of 14.3. DYII is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Rent and other income of $880,822 for the quarter ended November 30, 2010 includes a $720,696 refund received from Rui An City Department of Health as part of the negotiation of termination of the assignment agreement to manage Third Peoples Hospital, and write-off of associated liabilities of $43,840. The decision to terminate the agreement was based on the continued delays in the construction of the hospital. Rent and other income for the quarter ended November 30, 2010 also includes miscellaneous rent and other income of $95,893, and foreign currency translation adjustments of $20,393. Rent and other income for the quarter ended November 30, 2009 includes miscellaneous rent and other income of $65,694.
Rent and other income of $2,726 for the quarter ended November 30, 2010 includes a loss of $84,579 on short-term investments in the equity securities in Hong Kong and a foreign exchange gain of $81,127 on investments in Euro bonds. Rent and other income for the quarter ended November 30, 2009 includes a gain of $193,291 on short-term investments in the equity securities in Hong Kong.
Investments in bonds, which were purchased at a cost of $9,135,146 during fiscal year 2009, have appreciated in fair value by an additional $12,833,383. Of that amount, $76,685 and $85,637 in foreign exchange gains is included in rent and other income in the consolidated statements of operations for the quarters ended November 30, 2010 and 2009, respectively. Unrealized gains in these investments of $12,747,324 are included in accumulated other comprehensive income in the Consolidated Balance Sheet, net of taxes of $4,461,563.
During the quarter ended November 30, 2010, the Company invested in initial public offerings of equity securities on the Hong Kong Stock Exchange, and as of November 30, 2010, is holding these trading securities with a fair market value of $1,076,015. The cost of these securities was $1,283,358. Unrealized losses in these investments of $206,038 are included in rent and other income in the Consolidated Statements of Operations.
Net patient service revenue decreased by $5,362,296, or 64%, from $8,365,622 to $3,003,326, and total surgical cases decreased by 53% from 640 cases for the quarter ended November 30, 2009 to 301 cases for the quarter ended November 30, 2010. The following are the percentage changes in net patient service revenues and number of cases at the hospital facilities:
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Dynacq Healthcare Inc. has a market cap of $30.7 million; its shares were traded at around $2.164 with and P/S ratio of 14.3. DYII is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The China Division revenue includes net patient service revenues from Second Peoples Hospital in Rui An, China. Net patient service revenue decreased by $108,060, or 18%, from $599,382 for the quarter ended November 30, 2009 to $491,322 for the quarter ended November 30, 2010, primarily due to a reduction in sales of pharmacy drugs at the hospital. The Company is focusing on hiring experienced physicians in order to improve the revenues for the current fiscal year, the effect of which may be seen fully in the third quarter.Rent and other income of $880,822 for the quarter ended November 30, 2010 includes a $720,696 refund received from Rui An City Department of Health as part of the negotiation of termination of the assignment agreement to manage Third Peoples Hospital, and write-off of associated liabilities of $43,840. The decision to terminate the agreement was based on the continued delays in the construction of the hospital. Rent and other income for the quarter ended November 30, 2010 also includes miscellaneous rent and other income of $95,893, and foreign currency translation adjustments of $20,393. Rent and other income for the quarter ended November 30, 2009 includes miscellaneous rent and other income of $65,694.
Rent and other income of $2,726 for the quarter ended November 30, 2010 includes a loss of $84,579 on short-term investments in the equity securities in Hong Kong and a foreign exchange gain of $81,127 on investments in Euro bonds. Rent and other income for the quarter ended November 30, 2009 includes a gain of $193,291 on short-term investments in the equity securities in Hong Kong.
Investments in bonds, which were purchased at a cost of $9,135,146 during fiscal year 2009, have appreciated in fair value by an additional $12,833,383. Of that amount, $76,685 and $85,637 in foreign exchange gains is included in rent and other income in the consolidated statements of operations for the quarters ended November 30, 2010 and 2009, respectively. Unrealized gains in these investments of $12,747,324 are included in accumulated other comprehensive income in the Consolidated Balance Sheet, net of taxes of $4,461,563.
During the quarter ended November 30, 2010, the Company invested in initial public offerings of equity securities on the Hong Kong Stock Exchange, and as of November 30, 2010, is holding these trading securities with a fair market value of $1,076,015. The cost of these securities was $1,283,358. Unrealized losses in these investments of $206,038 are included in rent and other income in the Consolidated Statements of Operations.
Net patient service revenue decreased by $5,362,296, or 64%, from $8,365,622 to $3,003,326, and total surgical cases decreased by 53% from 640 cases for the quarter ended November 30, 2009 to 301 cases for the quarter ended November 30, 2010. The following are the percentage changes in net patient service revenues and number of cases at the hospital facilities:
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