Franklin, Tenn.-based Community Health Systems' profit in the second quarter of fiscal year 2012 surged 136 percent — from $35.4 million last year to $83.4 million this year — but an impairment loss heavily influenced last year's net income.
In the second quarter of FY 2011, CHS' profit was down considerably as a result of an impairment loss related to the classification of two hospitals that were being held for sale. Last June, CHS agreed to sell Tulsa, Okla.-based SouthCrest Hospital and Claremore (Okla.) Regional Hospital to Nashville, Tenn.-based Ardent Health Services, which eventually closed in the third quarter of 2011.
Compared with the second quarter of FY 2010, CHS' second quarter profit increased 19 percent.
CHS' net operating revenue in the second quarter increased 8 percent, from $3 billion to $3.24 billion. Adjusted EBITDA for the three months ended June 30, 2012, was $483.1 million compared with $462.3 million in the same period last year — an increase of 4.5 percent.
In the first six months of FY 2012, net income at CHS totaled $158.8 million, a 64 percent increase compared with $96.7 million in the first six months of 2011. Net operating revenue equaled $6.54 billion in the first six months of 2012, up from $5.95 billion last year.
CHS' same-hospital admissions decreased 2 percent in the second quarter, and its occupancy rate was 47.8 percent, down from 49.1 percent in the same quarter last year. Admissions are down 2.2 percent year-to-date, although adjusted admissions increased 1.5 percent in the first six months year-over-year.
In the second quarter of FY 2011, CHS' profit was down considerably as a result of an impairment loss related to the classification of two hospitals that were being held for sale. Last June, CHS agreed to sell Tulsa, Okla.-based SouthCrest Hospital and Claremore (Okla.) Regional Hospital to Nashville, Tenn.-based Ardent Health Services, which eventually closed in the third quarter of 2011.
Compared with the second quarter of FY 2010, CHS' second quarter profit increased 19 percent.
CHS' net operating revenue in the second quarter increased 8 percent, from $3 billion to $3.24 billion. Adjusted EBITDA for the three months ended June 30, 2012, was $483.1 million compared with $462.3 million in the same period last year — an increase of 4.5 percent.
In the first six months of FY 2012, net income at CHS totaled $158.8 million, a 64 percent increase compared with $96.7 million in the first six months of 2011. Net operating revenue equaled $6.54 billion in the first six months of 2012, up from $5.95 billion last year.
CHS' same-hospital admissions decreased 2 percent in the second quarter, and its occupancy rate was 47.8 percent, down from 49.1 percent in the same quarter last year. Admissions are down 2.2 percent year-to-date, although adjusted admissions increased 1.5 percent in the first six months year-over-year.
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