Brentwood, Tenn.-based Quorum Health Group reported a 21% increase in profits for its latest quarter.
The hospital operator had net income of $24.1 million, or 47 cents per share, for its third quarter ended March 31, compared with $19.9 million, or 40 cents per share, in the year-ago quarter. Revenues rose 32% to $377.1 million.
For the nine months, the company reported a 20% increase in net income to $61.7 million, or $1.22 per share, compared with $51.4 million, or $1.03 per share, in the year-ago period. Revenues rose 27% to $1 billion.
The company owns 18 hospitals in medium-sized markets of 50,000 to 500,000 people and has goals to acquire two to four hospitals annually. It manages some 250 not-for-profit hospitals in various markets across the country.
Quorum also said it replaced its $600 million secured credit facility with an $850 million unsecured revolving line of credit. In addition to refinancing existing debt, proceeds from the new five-year facility will finance other capital needs, including possible acquisitions.
Charlotte, N.C.-based First Union Capital Markets Corp. led the 28 financial institutions participating in the financing.