Scripps quarterly operating income triples

San Diego-based Scripps Health's revenues and operating income increased during the first quarter of its fiscal year 2020, according to recently released unaudited financial documents.

Scripps reported revenues of $780.2 million in the first quarter of fiscal 2020, which ended Dec. 31. That's up from revenues of $747.2 million in the same period a year earlier. The year-over-year boost was largely attributable to higher patient revenue due to an increase in hospital emergency room visits and outpatient visits, Scripps said.

Expenses were up 4.3 percent year over year in the first quarter of fiscal 2020. Scripps said the increase was attributable to several factors, including an increase in wages and benefits due to annual merit raises and adding employees as a result of higher hospital and clinic visits.  

Scripps ended the first quarter of fiscal 2020 with operating income of $1.9 million, up from $607,000 in the first quarter of fiscal 2019.

After factoring in investment income and other nonoperating items, Scripps ended the first quarter of fiscal 2020 with net income of $141.5 million, compared to a net loss of $171 million in the same period a year earlier.

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