Community Health Systems Inc. (CHS), the owner of Porter hospital, is reporting a net income for the second quarter of 2010 of $70.1 million or 74 cents per diluted share, compared to $70 million or 75 cents per diluted share in the first quarter and $59.4 million or 65 cents per diluted share for the year-ago period.

CHS “delivered another solid operating performance for the second quarter of 2010, in spite of the ongoing challenges in the economy,” CHS Chair, President, and CEO Wayne Smith said. “Our ability to continue to drive revenues and achieve solid margins demonstrates consistent execution of our centralized operating strategy and our focus on efficient expense management throughout our hospital network.”

On July 7, CHS did announce that one or more of its subsidiaries had acquired substantially all the assets of Marion Regional Healthcare System in Marion, S.C. “We have continued to selectively acquire new facilities that fit our operating profile,” Smith added. “In today’s economic environment, there are a growing number of hospitals who want a proven operator to provide the resources and expertise that will enable them to deliver quality healthcare close to home. We have consistently demonstrated our ability to deliver favorable operating results through our efforts to implement best practices in all of our hospitals.”

•Net operating revenues were $3.2 billion, compared to $3.2 billion for the first quarter and $3.0 billion for the year-ago period.

•Income from continuing operations was $86.3 million, compared to $85 million in the first quarter and $74.5 million in the year-ago period.

•The consolidated financial results reflect a 1.4-percent decrease in total admissions and an 0.6-percent decrease in total adjusted admissions compared to the year-ago period.

•On a same-store basis, admissions decreased by 2.5 percent and adjusted admissions decreased by 0.9 percent compared to the year-ago period. Also on a same-store basis, net operating revenues increased by 3.2 percent compared to the year-ago period.

The company’s 2010 guidance remains mostly unchanged from the first quarter:

•Net operating revenues for the year in the $12.9 billion to $13.2 billion range.

•Income from continuing operations per diluted share of $2.90 to $3.00, compared to $2.85 to $3.00 in the first quarter.

•Same-store admissions growth of -1.0 percent to 1.0 percent, compared to 0.0 percent to 2 percent in the first quarter.

•The acquisition of two new hospitals.

Through its subsidiaries, CHS—headquartered in Franklin, Tenn.—currently owns, leases, or operates 123 hospitals in 29 states with an aggregate of 18,400 licensed beds.

Posted 7/29/2010