Franklin, Tenn.-based Community Health Systems announces its financial results for the first quarter of 2011 ended March 31, reporting a 9 percent increase in net operating revenues of $3.4 billion, up from $3.1 billion in the first quarter of 2010, according to a CHS news release.
Net income attributable to CHS, however, dropped 12 percent compared to a year ago from $70 million to $61.3 million, primarily as a result of the loss on sale of a physician clinic and an impairment of a hospital held for sale, according to the company.
CHS' admissions increased 1.4 percent and 4.7 percent on an adjusted basis compared to the year-ago quarter. However, on a same-facility basis, admissions were down 3.4 percent and adjusted admissions were flat, compared to a year ago. On a same-facility basis, net operating revenues increased 5.1 percent.
The company also noted in the report its intent to continue to pursue Tenet Healthcare Corp., which it has twice offered to acquire for $6.00 per share. Tenet rejected both offers.
Through its subsidiaries, CHS currently owns, leases or operates 130 hospitals in 29 states with an aggregate of approximately 19,300 licensed beds.
Read the release on CHS' earnings.
Read related articles on Community Health Systems:
Tenet Rejects Community Health's All-Cash Bid
CHS Still Wants Tenet: Revised All-Cash Offer Stands at $6 Per Stock
CHS Files Motion to Dismiss "Baseless" Tenet Lawsuit
Tenet Sues CHS: New Battle Lines in Healthcare Takeovers — Whistleblowing
Net income attributable to CHS, however, dropped 12 percent compared to a year ago from $70 million to $61.3 million, primarily as a result of the loss on sale of a physician clinic and an impairment of a hospital held for sale, according to the company.
CHS' admissions increased 1.4 percent and 4.7 percent on an adjusted basis compared to the year-ago quarter. However, on a same-facility basis, admissions were down 3.4 percent and adjusted admissions were flat, compared to a year ago. On a same-facility basis, net operating revenues increased 5.1 percent.
The company also noted in the report its intent to continue to pursue Tenet Healthcare Corp., which it has twice offered to acquire for $6.00 per share. Tenet rejected both offers.
Through its subsidiaries, CHS currently owns, leases or operates 130 hospitals in 29 states with an aggregate of approximately 19,300 licensed beds.
Read the release on CHS' earnings.
Read related articles on Community Health Systems:
Tenet Rejects Community Health's All-Cash Bid
CHS Still Wants Tenet: Revised All-Cash Offer Stands at $6 Per Stock
CHS Files Motion to Dismiss "Baseless" Tenet Lawsuit
Tenet Sues CHS: New Battle Lines in Healthcare Takeovers — Whistleblowing