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Community Health Systems Inc. reports 5.1 percent revenues drop

WARREN — Community

Health Systems Inc.,

which announced last

week it is selling Trumbull

Memorial Hospital and

other area facilities, said

its net operating revenues

fell about 5.1 percent last

year compared to 2015.

Franklin, Tenn-based

CHS released its financial

and operating results for

the final quarter and full

year of 2016.

The company reported

net operating revenues of

$18.44 billion for 2016, down

from $19.44 billion for 2015.

Net operating revenues

for the final quarter of the

year, which ended Dec. 31,

totaled $4.47 billion, down

from $4.80 billion for the

same period in 2015.

CHS Chairman / CEO

Wayne T. Smith, in a news

release, stated, “We concluded

the year with solid

results in the fourth quarter,

including sequential

improvements in samestore

net operating revenue,

adjusted EBITDA

(earnings before interest,

taxes, depreciation and

amortization) and cash

flow from operations.

“Significant progress

has been made in our work

to divest certain hospitals

and other operations,

enabling a reduction in our

debt and the opportunity to

reshape our portfolio into a

stronger, more sustainable

organization.”

Smith said the company,

moving forward in

2017 and beyond, is focused

on “efficiency improvements

in our operations,

strategic initiatives that

enhance growth in our

markets, and portfolio optimization

that reduces our

total debt.”

“Most importantly, we

remain committed to providing

high-quality, safe

health care for the patients

and communities we

serve,” he stated.

Last week, CHS said it

has agreed to sell Valley-

Care Health System of

Ohio, which includes

Trumbull Memorial Hospital

in Warren, Hillside

Rehabilitation Hospital in

Howland, Northside Medical

Center in Youngstown

and Sharon Regional

Health System of Sharon,

Pa., to Steward Health Care

LLC of Boston.

The sale is expected to

close in the second quarter

of 2017.

business@tribtoday.com

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