Community Health Systems and Province Healthcare Co., both based in Brentwood, Tenn., reported strong earnings growth for the third quarter ended Sept. 30. Community, which operates 62 hospitals in 22 states, doubled its earnings to $20.2 million, or 25 cents per share. That compares with $10 million, or 11 cents per share, in the 2001 third quarter. Revenue for the most recent quarter was up 33% to $552.8 million; the quarter included a $5.2 million after-tax loss on early retirement of debt. In year-to-year comparisons at the 54 hospitals Community operated in both quarters, the company said its revenue, inpatient admissions and adjusted admissions grew 10.7%, 6.1% and 6%, respectively.
Province boosted its profits by 40% in the third quarter to $9.4 million, or 19 cents per share, from $6.9 million, or 14 cents per share, in the year-ago quarter. At the 14 hospitals Province operated in both periods, inpatient admissions were essentially flat overall, but admissions were up 2.7% after adjusting the figures for the closing of some units within those hospitals and adjusted patient days were up 3.5%, Province said. Province owns or leases 20 hospitals in 13 states and manages 35 hospitals in 14 states. Also today, Christopher Hannon, vice president and treasurer of Province, was named CFO and senior vice president. Hannon, 40, succeeds Stephen Ray, who will work as a part-time consultant to Province. -- by Vince Galloro