Shares of Dynacq Healthcare Inc. (Nasdaq: DYII) skyrocketed today after its earnings release surfaced. In mid-day trading, DYII was up $4.35 (176 percent) to $6.81 per share on volume of just over 1.4 million shares. If the positive movement holds, DYII will eclipse its current 52-week high of $3.50 per share.DYII reported financial results for the third fiscal quarter ended May 31, 2007. For the fiscal quarter ended May 31, 2007, the company had income from continuing operations of 16 cents per share compared to a loss from continuing operations of 3 cents per share in 2006’s third quarter.
Net patient service revenues for the quarter increased by $4.8 million, or 61 percent, from $7.8 million in 2006 to $12.6 million in 2007. DYII’s Garland Facility had an increase in both bariatric and orthopedic cases due to recruitment of additional physicians. Income from continuing operations was $2.6 million for the third quarter in 2007 compared to a loss from continuing operations of $0.4 million in 2006’s third quarter. Net income was $2.6 million in 2007’s third quarter, or 17 cents per share, versus net loss of $0.8 million, or 5 cents per share, in 2006’s third quarter.
DYII, through its subsidiaries, engages in the development and management of general acute care hospitals primarily in the U.S. These hospitals provide specialized general surgeries, such as bariatric, orthopedic and neuro-spine surgeries. The company also provides fertility, sleep laboratory and pain management services, as well as minor emergency treatment services; and ear, nose and throat services.