Nu-Med Income Slips 13% Despite Gain in Revenue
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Nu-Med Inc. in Encino reported a 13% decline in fiscal first-quarter income despite a 21% revenue gain, to $110 million from $90.8 million a year earlier.
The hospital operator reported that net income for the quarter ended July 31 fell to $2 million, or 22 cents a share, from $2.3 million, or 22 cents a share, a year earlier. The per-share results were unchanged because Nu-Med had fewer shares outstanding in the latest quarter.
Nu-Med attributed the lower profit to higher costs, which were offset in part by lower taxes and a gain from the sale of the company’s British facilities.
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