Community Health Systems Inc. (CHS), the owner of Porter hospital, is reporting a net income in the first quarter of 2010 of $70 million or 75 cents per diluted share, compared to $65.1 million or 70 cents per diluted share in the fourth quarter of 2009 and $58.9 million or 65 cents per diluted share in the year-ago period.

“We are pleased with our solid financial and operating performance for the first quarter of 2010,” CHS Chair, President, and CEO Wayne Smith said in a statement released on Wednesday. “We have continued to focus on driving operating synergies at the individual hospital level, especially at our more recently acquired facilities. Our success as an operator is supported by the consistent growth in revenues and earnings, in spite of a challenging economic environment. These results confirm that the fundamentals of our business are strong and our centralized operating strategy is working across our markets.”

“Looking ahead,” Smith added, “our primary focus for 2010 will be on leveraging our existing assets and improving our operations by focusing on the key areas for success in our business—a proven operating model, disciplined expense management, a successful physician recruitment program, and strategic capital investments. While we acknowledge the changing dynamics in today’s healthcare marketplace, we remain confident in our ability to execute our strategy and deliver favorable results.”

•Net operating revenues were $3.2 billion, compared to $3.1 billion in the fourth quarter and $2.9 million in the year-ago period.

•Income from continuing operations was $85 million or 75 cents per diluted share, compared to $84.1 million or 70 cents per diluted share in the fourth quarter and $70.8 million or 63 cents per diluted share in the year-ago period.

•The consolidated results reflect a 3-percent increase in total admissions and a 4.7 percent increase in total adjusted admissions compared to the year-ago period. “This was due primarily to acquisitions during the past 12 months,” the statement said.

•On a same-store basis, admissions decreased 1.2 percent while adjusted admissions increased 0.1 percent compared to the year-ago period. Also on a same-store basis, net operating revenues increased 3.7 percent compared to the year-ago period.

CHS’s 2010 guidance remains unchanged: net operating revenues for the year in the $12.9 billion to $13.2 billion range; income from continuing operations per diluted share of $2.85 to $3; an increase in same-store admissions of 0.0 percent to 2.0 percent; and the acquisition of two new hospitals.

Through its subsidiaries, CHS—headquartered in Franklin, Tenn.—currently owns, leases, or operates 122 hospitals in 29 states with an aggregate of around 18,000 licensed beds.

Posted 4/23/2010