Monday, February 25, 2013 11:15:07 PM
On October 29-30, 2012, due to flooding of the lower floors at the NYU Medical Center in Manhattan caused by storms associated with Hurricane Sandy, the Company's Gamma Knife and other equipment at that location was damaged. As a result, the Company's New York center was shut down and it is expected that virtually all of the equipment will have to be replaced. For the nine months ended September 30, 2012, all patient revenue and patient expenses were generated at this facility.
The Company is unable to estimate the time that it will take to resume operations at the NYU facility, but it anticipates that the center will be closed for at least several months. While working to restore operations, management is seeking alternative arrangements for the patients that were scheduled for treatment at the center during this period. The Company believes that its insurance policies will cover all of the property damage at the center, but it is possible that the interruption of activity will adversely impact the long term profitability and growth of operations at the NYU facility.
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