TORONTO, May 9, 2024 /CNW/ - Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX:DR), reported its financial results today for the first quarter ended March 31, 2024. Medical Facilities also announced an 11.8% increase to its quarterly dividend. All amounts are expressed in U.S. dollars unless indicated otherwise. Q1 2024 Highlights(Compared to Q1 2023 and excluding the divested MFC Nueterra ambulatory surgery centers) Facility service revenue increased 4.5% to $108.3 million Surgical cases increased by 4.3% Income from operations increased 29.6% to $17.5 million EBITDA1 increased 19.0% to $22.3 million Repaid $5.0 million on its corporate credit facility Returned an additional $1.8 million to shareholders through the purchase of 253,900 common shares under its normal course issuer bid ("NCIB") "We had a solid first quarter with our surgical hospitals achieving higher revenues on increased surgical case volumes," said Jason Redman, President and CEO of Medical Facilities. "During the quarter, we utilized our cash flow to fortify our financial position by further reducing the amount owed on our corporate credit facility and continued to buy back shares under our NCIB program." "We are also pleased to announce an 11.8% increase in our quarterly dividend. The increase reflects the sustained solid cash flow and operating performance of the business, and further demonstrates our commitment to delivering shareholder returns and enhancing shareholder value." Financial Results For the three months ended March 31 (thousands of U.S. dollars, except per share amounts and where otherwise noted) 2024 2023 % Change Facility service revenue 108,258 109,250 (0.9 %) Operating expenses 90,856 95,745 (5.1 %) Income from operations 17,402 13,505 28.9 % Finance costs (changes in values of derivative instruments and gain/loss on foreign currency) 7,277 551 1,220.7 % Finance costs (net interest expense) 1,287 1,636 (21.3 %) Income tax expense 377 1,652 (77.2 %) Net income2 8,461 9,666 (12.5 %) Earnings per share