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
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
“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
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.
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).