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Community Health Systems Posts $3.2B for Quarter
FRANKLIN, Tenn. – Community Health Systems Inc., which operates ValleyCare Health System of Ohio in the Mahoning Valley, posted net operating revenues of $3.2 billion for the three months ended June 30, and $6.5 billion year to date, the company reported after close of markets Wednesday. The three-month results reflect an 8.1% increase from the $3.0 billion reported for the same period in 2011, while the six-month results are up 9.8% from the comparable period last year.
“Community Health Systems delivered a solid financial and operating performance for the second quarter of 2012," said Wayne T. Smith, CHS chairman, president and chief executive officer."Revenues were up 8.1% on a consolidated basis and 4.5% on a same-store basis compared with the second quarter of last year. We are especially pleased with our volume trend improvement, with moderation in the rate of decline in admissions and an increase in adjusted admissions on a same-store basis, compared with a year ago. These results reflect execution of our key strategies for success -- implementing best practice standards, making selective acquisitions, improving operational efficiencies and recruiting physicians. In addition, our focus on disciplined expense management across our hospital network has yielded positive results in a challenging environment.”
Total admissions increased 3.0% for the three-month period and total adjusted admissions increased 5.7% compared with the same period in 2011. On a same-store basis, admissions decreased 2.0% while adjusted admissions increased 0.5% compared with the same period in 2011, and net operating revenues increased 4.5%. For the six-month period ended June 30, total admissions were up 3.1% and total adjusted admissions up 6.9% from the same period in 2011. On a same-store basis, net operating revenues increased 4.4% compared with the same period in 2011.
Income from continuing operations increased to $102.2 million, or 93 cents per share, for the three months ended June 30, 2012, compared with $92.9 million, or 81 cents per share, for the same period in 2011. Net income attributable to common stockholders was 93 cents per share for the three months ended June 30, compared with 39 cents per share for the same period in 2011. Shares are traded on the New York Stock Exchange under the symbol “CYH.” Shares closed at $25.35 Wednesday, up 0.2%.
Adjusted earnings before interest, taxes, depreciation and amortization for the three months ended June 30 was $483.1 million compared with $462.3 million for the same period in 2011, representing a 4.5% increase. Net cash provided by operating activities for the three months ended June 30, 2012, was $295.6 million compared with $397.2 million for the same period in 2011.
Income from continuing operations for the six-month period ended June 30 increased to $201.9 million, or $1.79 per share, compared with $184.5 million, or $1.62 per share, for the same period in 2011. Net income attributable to common stockholders was $1.78 per share for the six months ended June 30, compared with $1.05 per share for the same period in 2011.
Published by The Business Journal, Youngstown, Ohio.