Net operating revenues, net income and EBITDA all experienced increased, driven largely by CHS acquisitions during 2009.
Net operating revenues for fourth quarter 2009 totaled $3.1 billion, an 11.1 percent increase compared with $2.8 billion for the same period in 2008. Income from continuing operations increased to $84.1 million for the three months ended Dec. 31, 2009, compared with $62.0 million for the same period in 2008. Net income attributable to CHS increased 8.7 percent to $65.1 million, compared with $59.9 million for the same period in 2008.
Adjusted EBITDA for the three months ended Dec. 31, 2009, was $434.4 million, compared with $389.6 million for the same period in 2008, representing an 11.5 percent increase. Adjusted EBITDA is EBITDA adjusted to exclude discontinued operations, gain/loss from early extinguishment of debt and net income attributable to non-controlling interests. Net cash provided by operating activities for the three months ended Dec. 31, 2009, was $175.7 million, compared with $372.2 million for the same period in 2008.
The consolidated financial results for the three months ended Dec. 31, 2009, reflect a 4.0 percent increase in total admissions compared with the prior year period. This increase was due primarily to acquisitions during the past 12 months. On a same-store basis, admissions decreased 0.5 percent and adjusted admissions increased 1.6 percent, compared with the same period in 2008. On a same-store basis, net operating revenues increased 7.3 percent, compared with the same period in 2008.
Net operating revenues for the 12 months ended Dec. 31, 2009, totaled $12.1 billion, a 10.9 percent increase compared with $10.9 billion for the same period in 2008. Income from continuing operations increased to $304.8 million for the 12 months ended Dec. 31, 2009, compared with $233.7 million for the same period in 2008.
Adjusted EBITDA for the year ended Dec. 31, 2009, was $1.7 billion, compared with $1.5 billion for the same period in 2008, representing a 10.4 percent increase. Net cash provided by operating activities for the year ended Dec. 31, 2009, was $1.1 billion, compared with $1.1 billion for the same period in 2008.
The consolidated financial results for the year ended Dec. 31, 2009, reflect a 3.6 percent increase in total admissions compared with the year ended Dec. 31, 2008. This increase was due primarily to acquisitions during the past 12months. On a same-store basis, admissions decreased 1.5 percent and adjusted admissions increased 0.7 percent, compared with the same period in 2008. On a same-store basis, net operating revenues increased 5.9 percent, compared with the same period in 2008.
Read the release on CHS’s 2009 earnings.
