Chesterton Tribune

 
 

Porter hospital owner releases 2012 4Q results

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By KEVIN NEVERS

Community Health Systems Inc. (CHS), the owner of Porter regional hospital, is reporting a net income in 2012 of $265.6 million or $2.96 per diluted share, compared to a net income in 2011 of $201.9 million or $2.23.

In the fourth quarter of 2012, CHS posted a net income of $62.5 million, compared to $30.9 million in the year-ago period.

Full-year and 4Q 2011 results included a charge from the early extinguishment of debt, an impairment charge on the sale of three hospitals, and a loss on the sale of a physician clinic.

“Our fourth quarter performance further extended Community Health Systems’ consistent record of growth in 2012,” CHS Chair, President, and CEO Wayne Smith said. “Net operating revenues were up 9 percent . . . over the fourth quarter last year. For the year, net operating revenues increased by 9.4 percent to reach $13 billion. On a same-store basis, net operating revenues were up 5.5 percent and 4.6 percent for the fourth quarter and year respectively, reflecting our consistent ability to improve operating results at the individual hospital level. We are also encouraged by the more favorable volume trends in 2012 compared with the prior year.”

CHS “has continued to demonstrate success in a dynamic and challenging healthcare environment,” Smith added. “Our results for 2012 confirm the strength of our operating model and our proven ability to execute our strategy to drive efficiencies in our hospitals, recruit and retain qualified physicians, make selective acquisitions, and deliver high-quality healthcare services in a cost-effective manner. As we look ahead to 2013, we will continue to pursue a strategy that delivers value to both our community partners and our shareholders.”

Full Year 2012

Net operating revenues were $13 billion, compared to $11.9 billion in 2011, a 9.4-percent increase.

Income from continuing operations was $346.3 million or $2.96 per diluted share, compared to $335.9 million or $2.87.

The consolidated financial results for 2012 reflect a 4-percent increase in total admissions and a 6.6-percent increase in total adjusted admissions compared to 2011.

On a same-store basis, admissions decreased 0.9 percent while adjusted admissions increased 1.5 percent compared to 2011.

On a same-store basis, net operating revenues increased 4.6 percent compared to 2011.

4Q 2012

Net operating revenues were $3.3 billion, compared to $3 billion in 2011 in the year-ago, a 9-percent increase.

Income from continuing operations was $85.6 million or 69 cents per diluted share, compared to $55.6 million or 38 cents in the year-ago.

The consolidated financial results for the fourth quarter reflect a 4.7 percent increase in total admissions and a 6.4 percent increase in total adjusted admissions, compared to the year-ago.

On a same-store basis, admissions increased 1 percent while adjusted admissions increased 2.3 percent, compared to the year-ago.

On a same-store basis, net operating revenues increased 5.5 percent, compared to the year-ago.

Projections

The company released this guidance:

•Net operating revenues for the year in the $13.3 billion to $13.8 billion range.

•Income from continuing operations per diluted share in the first quarter of 82 cents to 92 cents per diluted share.

•Same-store admission growth of 0.5 percent to 2 percent.

The Company

Through its subsidiaries, CHS—headquartered in Franklin, Tenn.—currently owns, leases, or operates 135 hospitals (133 at this time last year) in 29 states with an aggregate of approximately 20,000 licensed beds (20,000 at this time last year).

 

 

Posted 2/25/2013