As a result538300 shares were repurchased and ultimately cancelled
As a result,538,300 shares were repurchased and ultimately cancelled. The School of Medicine also recentlycompleted the renovation of a former parking garage into the Center for AdvancedMedicine, of which MSH leases 60% in order to consolidate most of its clinicsinto one building and provides for faculty offices. MSH anticipates recruiting approximately 70 specialtyphysicians over the next three years, including cancer, cardiac, and surgical,with a total capital investment of $102 million to support the new recruits andthe associated increase in volumes. MSH benefits from its relationship with the Mount Sinai School of Medicine,which employs physicians across a variety of specialties and carries outsubstantial research. MSH has noswaps outstanding and their variable-rate obligations are minimal. The high allocation to cash (55% of total unrestricted cashand investments), conservative debt structure, and stable cash flow fromoperations mitigate concerns regarding MSH’s hedge fund exposure.
MSH’salternative investments are closely monitored and diversified with regard tosector and manager. For the three monthinterim period ended March 31, 2009, unrestricted cash and investments declinedslightly by $10 million, leaving liquidity metrics largely unchanged. MSH did have unrealized losses of approximately $108 million as a resultof the market upheaval and its exposure to traditional equities (25% of theinvestment pool) and hedge funds/private equity (59%). MSH has an investment pool (including restricted funds) of$344 million and holds $283 million in cash and cash equivalents outside of thepool. 31, 2008, unrestricted cash and investments measured $546 million,equating to a strong 155 days cash on hand, 11.1 times (x) cushion ratio, and129% cash to debt. Additionally, outpatientsurgeries have grown by 27% over this same period, and net emergency room visitshave increased by 29% On Dec.
Since fiscal 2004, inpatient discharges have increased year overyear, for a total improvement of 12% through 2008. 31), MSH’s operating margins were3.9% ($53.8 million operating income) and 3.3% ($48.7 million), respectively.Further, operating EBITDA margins were strong at 11.2% and 10.1%, respectively.MSH’s utilization trends are also a primary credit strength, reflectingmanagement’s network development and affiliation activities and service lineinvestment. After posting negativeincome from operations in fiscal 2004, MSH has turned in four straight years ofpositive operating results with total revenues growing by 38.5% to $1.47billion In fiscal 2007 and 2008 (ended Dec. The upgrade is supported by MSH’s improved financial and operating results overthe last four years, solid liquidity, strong support of the medical, nursing,and research staffs, and excellent management practices. MSH remains as the only obligated group member onthe outstanding series 2000A and 2000C bonds The Rating Outlook is Stable. NYU Hospitals Center and the Mount SinaiHospital (MSH) separated their bonds in 2006 and the obligated group wasformally dissolved in 2008. NEW YORK–(Business Wire)–Fitch Ratings has upgraded the rating on approximately $423.6 million of theDormitory Authority of the State of New York, Mount Sinai Obligated Grouprevenue bonds to ‘A-’ from ‘BBB+’.
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