Columbia/HCA Healthcare Corp. spinoffs LifePoint Hospitals and Triad Hospitals late last week released their first quarterly earnings reports.
Though they are now independent publicly traded companies, for the quarter reported they were part of Columbia.
For the quarter ended March 31, LifePoint operated 23 acute-care hospitals in nine states. Net income jumped 150% to $4 million, up from $1.6 million in the year-ago quarter. The 1998 quarter included a $1.8 million after-tax loss from discontinued home health operations. Revenues rose 3.2% to $134.2 million.
Triad reported a net loss of $35.9 million for the first quarter, compared with a net loss of $4.5 million in the year-ago period. Most of that loss, $33.9 million, was a one-time impairment charge that reflected management's belief that the value of some of the hospitals had been overstated and needed to be adjusted downward. Revenues dropped 11% to $367.6 million.
At the end of the quarter, Triad operated 37 hospitals in 11 states, with five of the facilities being held for sale. Now the company has 38 hospitals and plans to sell nine, four of which have not yet been disclosed.