The CFO of Deaconess Health Care, Oklahoma City, has resigned, effective later this month, following an unexpected downturn in the system's finances. A system spokeswoman was unable to offer further details on the departure of the CFO Larry Stephens. The system incurred an operating loss of $3.9 million on operating revenue of $67.1 million in the first six months of fiscal 2003, ended April 30, compared with a $44,000 loss in the year-ago period, according to Moody's Investors Service, which downgraded the system's debt to Ba1 from Baa2. Moody's said the decline reflects $2.4 million in adjustments in contractual reserves and higher-than-anticipated expenses, including salaries and pension funding. Further, Moody's said the system postponed a taxable bond issue to fund working capital, leaving it cash poor. -- by Mary Chris Jaklevic
Okla. system's CFO resigns
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