Net income at Franklin, Tenn.-based Community Health Systems fell 55.5 percent in the fourth quarter ended Dec. 31, 2011, to $30.9 million due in large part to a $42 million after-tax charge from the early extinguishment of debt, according to a CHS news release.
In December, CHS completed a cash tender offer of $1 billion in senior notes due in 2015, which was funded by proceeds from the sale of $1 billion in senior notes due in 2019.
Net operating revenue in the fourth quarter increased 3.9 percent from the same period last year to $3.4 billion. Adjusted EBITDA in the fourth quarter was $463.8 million, an increase of 2.8 percent compared with $451.1 million in the fourth quarter of 2010.
For the entire 2011 fiscal year, CHS recorded net income of $201.9 million, a decrease of 27.9 percent. Net operating revenue on the year jumped 7.9 percent, from $12.6 billion in 2010 to $13.6 billion last year. Adjusted EBITDA was $1.8 billion for both years.
CHS also released same-hospital metrics for the fourth quarter and entire 2011 fiscal year. Admissions and adjusted admissions fell 6.7 percent and 1.4 percent, respectively, in the fourth quarter. On the year, admissions and adjusted admissions dropped 5.6 percent and 0.7 percent, respectively.
CHS' same-hospital occupancy rate fell from 50.2 percent in FY 2010 to 48.9 percent in FY 2011. The average length of stay increased from 4.3 days in FY 2010 to 4.4 days in FY 2011.
In December, CHS completed a cash tender offer of $1 billion in senior notes due in 2015, which was funded by proceeds from the sale of $1 billion in senior notes due in 2019.
Net operating revenue in the fourth quarter increased 3.9 percent from the same period last year to $3.4 billion. Adjusted EBITDA in the fourth quarter was $463.8 million, an increase of 2.8 percent compared with $451.1 million in the fourth quarter of 2010.
For the entire 2011 fiscal year, CHS recorded net income of $201.9 million, a decrease of 27.9 percent. Net operating revenue on the year jumped 7.9 percent, from $12.6 billion in 2010 to $13.6 billion last year. Adjusted EBITDA was $1.8 billion for both years.
CHS also released same-hospital metrics for the fourth quarter and entire 2011 fiscal year. Admissions and adjusted admissions fell 6.7 percent and 1.4 percent, respectively, in the fourth quarter. On the year, admissions and adjusted admissions dropped 5.6 percent and 0.7 percent, respectively.
CHS' same-hospital occupancy rate fell from 50.2 percent in FY 2010 to 48.9 percent in FY 2011. The average length of stay increased from 4.3 days in FY 2010 to 4.4 days in FY 2011.
Related Articles on CHS:
Community Health Systems Forms Commonwealth Health
CHS Extends $1.6B of Term Loans to 2017