Radio venture Debut Broadcasting produced a third-quarter profit of a little more than $100,000 on revenues of $567,000. A year ago, the company earned $166,000 but that number included a pre-tax gain of more than $340,000 on the settlement of its some of its debt. Debut also cut more than $200,000 from its Q3 operating costs. In addition, the company (Ticker: DBTB) has so far this month signed deals to buy stations in Louisiana and Virginia and hired a new VP of network operations. From the company's release:
"We are pleased to report continued progress in the 3rd quarter," stated Chief Executive Officer Ronald Heineman. "Our restructuring, which began in February, has better aligned the business with the current choppy economic environment."
Nov 17, 2010 8:21 AM
St. David's Healthcare, a health system co-owned by HCA and two nonprofit foundations, has acquired Heart Hospital of Austin for more than $80 million. The seller was MedCath, the same company that recently disposed of its Phoenix hospital to fellow local Vanguard Health Systems.
Nov 3, 2010 8:59 AM
National developer ProLogis on Monday told the world it has sold a large portfolio of buildings to affiliates of private-equity titan Blackstone for more than $1 billion. A number of Nashville-area industrial buildings were part of the deal, but neither company will say which ones they are. A Blackstone spokeswoman told Post Business the company's doesn't break out its real estate portfolios publicly and a ProLogis representative said he was not able to confirm the details of the sale. He did say that Denver-based ProLogis (Ticker: PLD) did not sell all of its Nashville-area holdings. ProLogis owns the Space Park South and Interchange City parks off I-24 in Rutherford County as well as a number of other area properties. Early this year, it said its area portfolio numbered 29 buildings totaling almost 3 million square feet. Those properties were 97 percent occupied.
Oct 21, 2010 2:04 PM
NPR's Jenny Gold takes a closer look at hospitals' thirst for physician practices and the steady stream of patients they bring with them. But today's trend differs from the failed strategies of the 1990s.
Because hospitals often put the doctors on flat salaries without the financial incentive to see more patients, doctors "weren't working as hard as they were before their practice was acquired." In fact, Jessee adds, "the first thing a lot of physicians did is take a vacation." Hospitals lost a lot of money and ended up divesting most of the practices. This time, hospitals are providing incentives like some of those Casey receives, such as bonuses based on how many patients they see.SEE ALSO: Doctors for sale, our January story on this topic
Oct 13, 2010 10:42 AM
Highland Capital Management has wrapped up its acquisition of American HomePatient, the home health services provider that ran into trouble when it couldn't keep up with payments on its large debt load. Execs at Dallas-based Highland say they will help the company "realize accelerated, profitable growth."
Oct 13, 2010 8:29 AM
Speaking to a Morgan Keegan investor conference last week, Delek US Holdings CFO Mark Cox said his company continues to look for acquisitions — including in Nashville and Memphis — but isn't finding the right types of targets.
[H]owever, underscoring the company's preference for units in the 4,000- to 5,000-square-foot range, he added, "the real challenge we see on the acquisition front is a lot of stores on the market are smaller stores."
Oct 11, 2010 12:20 PM
Navigant Consulting says recent tweaks to federal regulators' framework for assessing the impact of hospital mergers has opened the door to plenty more deals.
“The new mandate driving the next heat wave of hospital consolidation is sheer survival,” says Myers. “In the new economy, the case for hospital consolidation has shifted from the revenue side of the equation to improved efficiency and reduction of expenses. Health systems that historically relied heavily on investment income to bolster operating income are now forced to confront the stark reality of expenses accelerating faster than revenue.”Among the cities Navigant says are primed for more deals are Chicago and Detroit, where Vanguard Health Systems has been a buyer, and major population centers in California and on the East Coast.
Oct 1, 2010 11:48 AM
Moody's Investors Service has reiterated its rating on $486 million in debt issued by Detroit Medical Center, which Vanguard Health Systems is in the process of buying. But the credit raters have cut their outlook for the eight-hospital system to 'negative.'
The outlook revision is attributable to our concerns with the difficult operating environment that is contributing to an inability to improve liquidity with anticipated sizable cash contributions needed in the near term to fund the large underfunded defined benefit pension liability and to support needed capital investment. With the decline in the Michigan economy that has led to declines in the population, especially in the metro-Detroit area, along with increased competitive pressure on the fringes of the service area from newly opened hospitals in the last two years, we believe increased pressure will be placed on volume metrics and revenue growth.
Sep 28, 2010 1:25 PM
Key public-employee unions have approved two-year agreements with Community Health Systems, which is in preparing to close on its purchase of Forum Health.
All three agreements contain wage freezes for the length of the contracts, which extend the current pacts by two years, incorporates the hospitalization plan proposed by Ardent Health Services Inc., which had sought to purchase Forum, and provides a 401(k) contribution match, Connelly said.
Sep 28, 2010 11:29 AM
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS