April 2, 2012 / 5:08 PM / 6 years ago

UPDATE 2-Centric Health loss widens, CEO resigns

* Q4 loss/shr C$0.74 vs C$0.01 loss/shr, last year

* Shares down 35 pct (Adds details, background)

April 2 (Reuters) - Diversified healthcare company Centric Health Corp posted a much wider quarterly loss, h urt by rising costs and an impairment charge, sending its shares down as much as 39 percent.

Centric Health said its Chief Executive Daniel Carriere has resigned and it appointed executive chairman Jack Shevel as interim CEO.

Fourth-quarter net loss widened to C$67.5 million, or 74 Canadian cents a share, from C$592,000, or 1 Canadian cent a share, a year ago.

Cost of healthcare services and supplies rose about four times to C$46.95 million. Employee cost rose almost five times to C$10.3 million.

The company also took an impairment charge of C$52.8 million in the quarter.

Last year, Centric Health said it will buy Lifemark Health Ltd Partnership for about C$280 million ($289.5 million) in a cash-and-stock deal to expand its footprint in the Canadian healthcare industry. It completed 7 acquisitions in 2011.

Revenue rose 353 percent to C$77.3 million, primarily due to the acquisitions.

Centric Health provides surgical procedures, disability management, medical assessment and physiotherapy services.

Shares of the company were trading down 35 percent at C$1.00 on Monday afternoon and were one of the top percentage losers on the Toronto Stock Exchange. They touched a year low of 95 Canadian cents earlier in the session. (Reporting by Ankur Banerjee in Bangalore; Editing by Joyjeet Das, Supriya Kurane)

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