Community Health Systems reports higher earnings

Staff report

YOUNGSTOWN

The parent company of three area medical facilities reported first-quarter revenues that were 11.6 percent higher than the previous year.

Revenues for Tennessee-based Community Health Systems Inc. were $3.3 billion for the first quarter of this year compared with $3 billion in the first three months of 2011.

Community Health Systems owns Trumbull Memorial Hospital, Warren; Hillside Rehabilitation Hospital, Howland; and Northside Medical Center in Youngstown, under the corporate name of ValleyCare Health System of Ohio.

“Our results for the first quarter of 2012 indicate a strong start to the year for Community Health Systems with a solid financial and operating performance,” said Wayne T. Smith, president and chief executive officer of CHS.

“We are especially encouraged by our volumes, which showed more favorable year-over-year trends than we experienced in 2011,” he added.

“These results confirm our ability to drive revenues, improve our operating efficiencies and manage our costs, with a shared goal across all of our markets to enhance the quality of local health-care services.”

Adjusted earnings before interest, taxes, depreciation and amortization for the first three months of 2012 were $535.5 million compared with $457.1 million for the same period in 2011, which was a 17.2 percent increase.

Income from the company’s continuing operations increased to $99.7 million for the first quarter compared with $91.6 million for the same period in 2011.