Fitch expects operating and liquidity to remain stable over the near term, with high occupancy and investment income continuing to support positive excess margins
and adequate debt service coverage, which was 2.
While margins have improved significantly over the past three years, both the operating margins and excess margins
are also positive though more erratic because of volatility of investment income.
From fiscal 2002 through fiscal 2005, MCH has posted excess margins
ranging from 3.
1% in 2004, and excess margins
sharply increased for the third consecutive year to 4.
Through the three months ended March 31, 2006 MedAmerica had an operating margin and excess margins
9 million in fiscal 2004 and 2005, respectively, excess margins
remained weak at negative 1.
Investment earnings from its substantial liquid reserves and contributions have contributed to bottom line profitability with excess margins
With the exception of fiscal year 2004, Christian Care's has generated positive excess margins
since fiscal year 2000.
6% in 2003, while excess margins
sharply increased for the second consecutive year to 3.
were in the double digits the last two fiscal years and 19.
Similarly, excess margins
generated from 2001 through year to date have averaged 4.