Community Health Systems more than doubled its profits for the fourth quarter and fiscal 2002 compared with the year-ago periods, while Province Healthcare Co., as expected, reported fourth-quarter earnings that were less than half of the 2001 quarter's. Both rural hospital companies are based in Brentwood, Tenn. Community said it earned $28.4 million, or 28 cents per share, for the fourth quarter, compared with $14.2 million, or 18 cents per share, for the year-ago quarter. Revenue was up 22% to $583.5 million. The company earned $100 million, or $1.89 per share, for the year, compared with $44.7 million, or 5 cents per share, for 2001. Revenue increased 30% to $2.2 billion. Same-hospital adjusted admissions rose 4% for the quarter and 5.1% for the year. Community owns or operates 70 hospitals. It announced the hiring of John Clerico, cofounder and chairman of ChartMark Investments, as an independent director.
Province, which warned investors in January that its financial results would fall short of earlier predictions, reported profits of $4 million, or 8 cents per share, for the fourth quarter, compared with $9.8 million, or 20 cents per share, for the year-ago quarter. Revenue was up 18% to $180.8 million. For 2002, Province earned $36.1 million, or 73 cents per share, compared with profits of $32.9 million, or 67 cents per share, for 2001. Revenue climbed 33% to $704.3 million. As previously disclosed, Province said it lost many key physicians during 2002, leading to a 4.9% decline in admissions for the fourth quarter. Province owns or operates 20 hospitals. -- by Vince Galloro