CHS records growth in 2nd quarter

Staff report

Youngstown

Community Health Systems Inc. generated $3.2 billion in revenue during the second quarter of 2012, with the company announcing solid economic growth for the quarter.

It was an 8.1 percent increase compared with $3.0 billion for the same period in 2011. Income from continuing operations increased to $102.2 million for the quarter compared with $92.9 million in the second quarter of 2011. Net income attributable to Community Health Systems Inc. common stockholders was 93 cents per share up from 39 cents per share during the same time in 2011.

Adjusted earnings before interest, taxes, depreciation and amortization for the second quarter was $483.1 million compared with $462.3 million for the same period in 2011, a 4.5 percent increase.

“Community Health Systems delivered a solid financial and operating performance for the second quarter of 2012. Revenues were up 8.1 percent on a consolidated basis and 4.5 percent on a same-store basis compared with the second quarter of last year,” said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems.

“We are especially pleased with our volume trend improvement, with moderation in the rate of decline in admissions and an increase in adjusted admissions on a same-store basis, compared with a year ago. These results reflect execution of our key strategies for success-implementing best- practice standards, making selective acquisitions, improving operational efficiencies and recruiting physicians. In addition, our focus on disciplined expense management across our hospital network has yielded positive results in a challenging environment.”

Community Health Systems owns ValleyCare Health System of Ohio, which operates Northside Medical Center in Youngstown, Trumbull Memorial Hospital in Warren and Hillside Rehabilitation Hospital in Howland.

The Service Employees International Union District 1119 members from Trumbull Memorial have been working without a contract since May.

About 400 nurses at Northside and more at Hillside who are represented by the Youngstown General Duty Nurses Association also are working without a contract after the current contract expired July 19.