August 11, 2011 / 10:53 AM / in 7 years

UPDATE 1-CML Healthcare Q2 falls on charges, reimbursement cuts

Aug 11 (Reuters) - CML Healthcare Inc’s CLC.TO second-quarter profit more than halved hurt by one-time charges, and revenue fell due to reimbursement cuts from Medicare and other key payors in the United States.

For April-june, the company, which provides medical imaging and laboratory testing services, earned C$7.8 million, or 9 Canadian cents a share, compared with C$22.4 million, or 25 Canadian cents a share, a year ago.

During the quarter, it recorded a C$5 million goodwill impairment charge, and a severance charge of C$2.6 million related to the departure of Chief Executive Paul Bristow and Chief Operating Officer Kent Nicholson in May.

Revenue fell 1 percent to C$117.3 million.

Analysts, on average, had forecast earnings of 17 Canadian cents on revenue of C$116.7 million, according to Thomson Reuters I/B/E/S.

Shares of the Mississauga, Ontario-based company, which provides services like MRI, CT scan, ultrasound and mammography, closed at C$8.31 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Viraj Nair)

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