Novamed shares fall on 3Q profit dip

Novamed shares fall as 3rd-quarter profit dips, earnings-per-share misses forecasts

• On 12:21 pm EDT, Thursday October 29, 2009

NEW YORK (AP) -- 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.