Nu-Med Reports Profit of $9,000 in 1st Quarter
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Nu-Med Inc., a struggling Encino-based hospital operator, posted a fiscal first-quarter profit of $9,000, compared with a year-earlier loss of $770,000.
The results in the quarter ended July 31 included a $5.2-million gain from Nu-Med’s sale of three psychiatric hospitals to The Cooper Companies Inc. Nu-Med also said losses at its Medical Center of La Mirada, which was closed May 15, were about the same as a year earlier because of costs related to the closing.
Nu-Med, which earlier this month said it’s unable to pay $3.6 million in debt costs that are due, said its first-quarter revenue fell 42%, to $18 million from $30.9 million a year earlier.
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