Franklin, Tenn.-based Community Health Systems yesterday announced second quarter 2011 net operating revenues of $3.4 billion, up 11.5 percent from the same period in 2010.
However, the hospital operator experienced a significant drop in its net income compared to the same period a year prior. For the quarter ended June 30, 2011, net income attributable to CHS was $35.4 million, down roughly 50 percent from $70.1 million. CHS attributed the drop in income an impairment loss related to the sale of two hospitals.
Commenting on the results, Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc., said, "Community Health Systems delivered a solid operating performance for the second quarter of 2011, in spite of the ongoing challenges in the economy. Revenues were up over eleven percent for the second quarter compared with the prior year period and up over ten percent for the first half of the year. Our consistent ability to drive revenues and achieve solid margins in this environment demonstrates solid execution of our centralized operating strategy and our focus on efficient expense management throughout our hospital network. "
On the same day it announced its financials, CHS also announced plans to acquire 358-bed Tomball (Texas) Regional Medical Center. The hospital, located 30 miles northwest of Houston, will be CHS' 19th hospital in Texas. Financial terms of the deal were not disclosed.
Read the news releases on CHS.
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However, the hospital operator experienced a significant drop in its net income compared to the same period a year prior. For the quarter ended June 30, 2011, net income attributable to CHS was $35.4 million, down roughly 50 percent from $70.1 million. CHS attributed the drop in income an impairment loss related to the sale of two hospitals.
Commenting on the results, Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc., said, "Community Health Systems delivered a solid operating performance for the second quarter of 2011, in spite of the ongoing challenges in the economy. Revenues were up over eleven percent for the second quarter compared with the prior year period and up over ten percent for the first half of the year. Our consistent ability to drive revenues and achieve solid margins in this environment demonstrates solid execution of our centralized operating strategy and our focus on efficient expense management throughout our hospital network. "
On the same day it announced its financials, CHS also announced plans to acquire 358-bed Tomball (Texas) Regional Medical Center. The hospital, located 30 miles northwest of Houston, will be CHS' 19th hospital in Texas. Financial terms of the deal were not disclosed.
Read the news releases on CHS.