Chesterton Tribune

 

 

Porter hospital owner 1Q results down marginally

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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 first quarter of 2013 of $96.323 million or 86 cents per diluted share, compared to $99.252 million or 85 cents in the year-ago period.

Excluding a loss of 1 cent per diluted share from the early extinguishment of debt, the company’s net income was 87 cents per diluted share.

“Our results for the first quarter reflect the current dynamic market conditions and a more challenging operating environment for healthcare providers,” CHS President, Chair, and CEO Wayne Smith said in a statement released this week. “Our ability to adjust to these volatile conditions and realize improvement in revenues on a same-store basis reflects the strength of our operating model across all of our markets. We have also focused on managing our cost structure in line with current and expected volume trends.”

“As we navigate through this transformative period for our industry, we look forward to growth opportunities ahead for (CHS) in 2013 as the fundamental aspects of healthcare reform begin to take shape,” Smith added. “We believe hospitals will ultimately benefit from the insurance coverage expansion and the potential volume improvement. Further, we are well positioned for success in this new environment with a strong and diverse geographic footprint, a solid infrastructure, and a proven ability to deliver sustainable results.”

1Q 2013

Net operating revenues were 3.312 billion, compared to $3.297 billion in the year-ago period, an increase of 0.4 percent.

Income from continuing operations was $96.3 million or 86 cents per diluted share, compared to $99.7 million or 85 cents in the year-ago.

The consolidated financial results reflect a 4.4-percent decrease in total admissions and a 3.5-percent decrease in total adjusted admissions, compared to the year-ago.

On a same-store basis, admissions decreased 5.9 percent while adjusted admissions decreased 5.2 percent, compared to the year-ago.

“Seasonality effects caused by the loss of one day from the 2012 leap year and the movement of holidays on the calendar” during the first quarter of 2013 “resulted in approximately half of the decreased in adjusted admissions,” CHS said.

On a same-store basis, net operating revenues increased 1.4 percent, compared to the year-ago.

The Company

Through its subsidiaries, CHS--headquartered in Franklin, Tenn.--currently owns, leases, or operates 135 hospitals (135 hospitals at the end of the fourth quarter) in 29 states, with an aggregate of approximately 20,000 licensed beds (20,000 at the end of the fourth quarter).

 

 

Posted 5/2/2013