Franklin, Tenn.-based Community Health Systems announced its financial and operating results for the three months ended March 31, 2010, including an 8.5 percent increase in net operating revenue and an increase in income, according to a CHS news release.
The company's net operating revenues increased from $2.9 billion in first quarter 2009 to $3.2 billion in first quarter 2010. Income from continuing operations increased to $85 million compared with $70.8 million for the same period in 2009.
Adjusted EBITDA for the three months ended March 31, 2010, was $433.3 million, compared with $403.5 million for the same period in 2009, representing a 7.4 percent increase. Net cash provided by operating activities was $299.4 million, compared with $259.4 million for the same period in 2009.
The financial results for the quarter reflect a 3 percent increase in total admissions and a 4.7 percent increase in total adjusted admissions compared with the same period in 2009. This increase was due primarily to acquisitions during the past 12 months. On a same-store basis, admissions decreased 1.2 percent and adjusted admissions increased 0.1 percent, compared with the same period in 2009. On a same-store basis, net operating revenues increased 3.7 percent, compared with the same period in 2009.
Wayne T. Smith, chairman, president and CEO of CHS, said in the release, "We are pleased with our solid financial and operating performance for the first quarter of 2010. We have continued to focus on driving operating synergies at the individual hospital level, especially at our more recently acquired facilities . . . Looking ahead, our primary focus for 2010 will be on leveraging our existing assets and improving our operations by focusing on the key areas for success in our business …While we acknowledge the changing dynamics in today's healthcare marketplace, we remain confident in our ability to execute our strategy and deliver favorable results."
Read the release on the CHS first quarter 2010 earnings.
The company's net operating revenues increased from $2.9 billion in first quarter 2009 to $3.2 billion in first quarter 2010. Income from continuing operations increased to $85 million compared with $70.8 million for the same period in 2009.
Adjusted EBITDA for the three months ended March 31, 2010, was $433.3 million, compared with $403.5 million for the same period in 2009, representing a 7.4 percent increase. Net cash provided by operating activities was $299.4 million, compared with $259.4 million for the same period in 2009.
The financial results for the quarter reflect a 3 percent increase in total admissions and a 4.7 percent increase in total adjusted admissions compared with the same period in 2009. This increase was due primarily to acquisitions during the past 12 months. On a same-store basis, admissions decreased 1.2 percent and adjusted admissions increased 0.1 percent, compared with the same period in 2009. On a same-store basis, net operating revenues increased 3.7 percent, compared with the same period in 2009.
Wayne T. Smith, chairman, president and CEO of CHS, said in the release, "We are pleased with our solid financial and operating performance for the first quarter of 2010. We have continued to focus on driving operating synergies at the individual hospital level, especially at our more recently acquired facilities . . . Looking ahead, our primary focus for 2010 will be on leveraging our existing assets and improving our operations by focusing on the key areas for success in our business …While we acknowledge the changing dynamics in today's healthcare marketplace, we remain confident in our ability to execute our strategy and deliver favorable results."
Read the release on the CHS first quarter 2010 earnings.