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SMALL BUSINESS
Novamed shares fall on 3Q profit dip
AP
NEW YORK -Shares of ambulatory surgery center operator Novamed Inc. fell Thursday after the company reported a slight dip in third-quarter profit and earnings per share missed Wall Street expectations.
The stock fell 15 cents, or 3.4 percent, to $4.24 in afternoon trading. Shares have traded between $1.77 and $4.99 over the last 52 weeks.
The company, headquartered in Chicago, earned $1.9 million, down from $2 million during the same period a year prior. Earnings per share were flat at 8 cents as shares outstanding decreased. Revenue rose 7.5 percent to $38.8 million from $36.1 million.
Analysts polled by Thomson Reuters expected profit of 9 cents per share on revenue of $39.6 million.
Operating expenses rose 9 percent to $29.3 million
Revenue from facilities owned more than a year fell 1 percent.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-29 12:21:53
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