Chesterton Tribune

 
 

Porter hospital owner releases 3Q financials

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By KEVIN NEVERS

Community Health Systems Inc. (CHS), the owner of Porter Regional Hospital, is reporting a net income in the third quarter of $44.233 million or 49 cents per diluted share, compared to $83.359 million or 94 cents in the second quarter and $74.233 or 83 cents in the year-ago period.

Those results include a 37-cent per share loss from the early extinguishment of debt.

CHS “delivered another strong financial and operating performance in the third quarter of 2012,” CHS Chair, President, and CEO Wayne Smith said in a statement released on Tuesday. “Operating revenue increased 9 percent and . . . . we continue to demonstrate favorable results on same-store basis with revenues up 4 percent and volume trends stabilizing. Our standardized business platform has enabled us to reduce costs, recruit qualified physicians, and improve local hospital services.”

“We are also pleased that over the last several months we have extended almost all of our long-term debt,” Smith added. “We have laddered our maturities to 2017, 2018, 2019, and 2020.”

Other 3Q Numbers

Net operating revenues were $3.2 billion, compared to $3.2 billion in the second quarter and $2.9 billion in the year-ago.

Income from continuing operations was $58.8 million or 49 cents per share, compared to $102.2 million or 93 cents in the second quarter and $95.8 million or 86 cents in the year ago.

Excluding the 37-cent per share loss from the early extinguishment of debt, both net income and income from continuing operations were 86 cents per diluted share.

The consolidated financial results reflect a 5.0 percent increase in total admissions and a 6.3 percent increase in total adjusted admissions compared to the year-ago period.

On a same-store basis, admissions decreased 0.3 percent while adjusted admissions increased 0.8 percent compared to the year-ago period.

On a same-store basis, net operating revenues increased 4.0 percent compared to the year-ago period.

The Company

Through its subsidiaries, CHS—headquartered in Franklin, Tenn.—currently owns, leases, or operates 135 hospitals (135 hospitals on July 27) in 29 states with an aggregate of approximately 20,000 licensed beds.

 

 

Posted 11/1/2012