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Community Health Systems Nets $3.2B for Quarter
FRANKLIN, Tenn. -- Community Health Systems Inc., the parent company of Youngstown-based ValleyCare Health System of Ohio, reports its net operating revenues for the quarter ended Sept. 30 totaled $3.2 billion, up 9% from $2.9 billion for the same three-month period in 2011.
Year-to-date, net operating revenues totaled $9.8 billion, a 9.6% increase compared with $8.9 billion for the first nine months of 2011, according to the results, which were released after close of markets Tuesday.
Income from continuing operations for the third quarter decreased to $58.8 million, or 49 cents per share (diluted), compared with $95.8 million, or 86 cents per share, for the same period in 2011. Net income attributable to CHS common stockholders was 49 cents per share for the three months ended Sept. 30, compared with 83 cents per share for the same period in 2011.
Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the three months ended Sept. 30, was $477.3 million compared with $453.5 million for the same period in 2011, representing a 5.2% increase. Net cash provided by operating activities for the three months ended Sept. 30 was $294.9 million compared with $235.6 million for the same period in 2011.
The results reflect a 5% increase in total admissions and a 6.3% increase in total adjusted admissions compared with the same period in 2011. On a same-store basis, admissions decreased 0.3% while adjusted admissions increased 0.8% compared with the same period in 2011. On a same-store basis, net operating revenues increased 4.0% compared with the same period in 2011.
Income from continuing operations for the nine months ended Sept. 30 decreased to $260.6 million, or $2.27 per share), compared with $280.3 million, or $2.49 per share, for the same period in 2011.
Commenting on the results, Wayne T. Smith, CHS chairman, president and CEO, praised the quarterly and year-to-date financial performance of the company. “We continue to demonstrate favorable results on a same-store basis with revenues up 4% and volume trends stabilizing. Our standardized business platform has enabled us to reduce costs, recruit qualified physicians and improve local hospital services,” he said.
“We are also pleased that over the last several months we have extended almost all of our long-term debt. We have laddered our maturities to 2017, 2018, 2019 and 2020,” he added.
Published by The Business Journal, Youngstown, Ohio.