08:04 AM EDT, 08/06/2024 (MT Newswires) -- Medical Facilities ( MFCSF ) , which together with physicians owns surgical facilities in the U.S, reported a first-quarter loss of US$0.02 per diluted share, compared with earnings of US$0.13 per diluted share last year.

Facility services revenue fell 2.1% to US$107.2 million, from US$109.5 million, in the prior year period. Surgical case volumes increased 2.8%.

Following the close of the quarter, the U.S. Small Business Administration finished its review of US$6.9 of the US$12 million in Paycheck Protection Program (PPP) loans outstanding at June 30, 2024, and confirmed full forgiveness. Medical Facilities ( MFCSF ) will record the US$6.9 million as government stimulus income in the third quarter. It will continue to seek forgiveness on the remaining PPP loans.