The acquisition of Brim Healthcare’s three hospitals gave Franklin-based Iasis Healthcare an 8.6 percent increase in net revenue for the second quarter.
Net earnings attributable to Iasis in the quarter fell about 15 percent to $17 million. Same-facility admissions fell nearly 1 percent and a $2.8 million loss on discontinued operations ate into profits.
The hospital company said admissions were up 7 percent compared to the year-ago quarter because of the Brim deal, which closed in October, helping its revenue reach $678 million, up from to $624 million in Q2 2010.
President and CEO Carl Whitmer called the first half of 2011 a time of “transition and accomplishments,” including the Brim deal, its recent acquisition of St. Joseph Medical Center in Texas and the completion of its $1.3 billion refinancing package.
“We believe these events, along with our continued investment in physician alignment, quality and other operational and strategic growth initiatives, provide a solid foundation as we look to continue expanding our presence both regionally and nationally,” Whitmer said.
Local building products manufacturer Louisiana-Pacific posted larger-than-expected losses with the release of its quarterly results this morning. The company lost 18 cents per diluted share in the first fiscal quarter of 2011 or roughly $23 million. LP cited a lower tax benefit rate in 2011 as contributing to the loss.
Revenues for the downtown-based company came in at $332 million, up from $297 million in the same period of last year. Prices for its core oriented strand board products fell 5 percent from a year ago.
“At the beginning of the year, we felt some optimism in the market but it waned as we finished the quarter,” said CEO Rick Frost. “In response to market uncertainty, we continue to focus on our costs and enhanced relationships with customers so that we are poised to win as housing recovers.”
In morning trading, the company's stock (Ticker: LPX) has dropped about 3.5 percent on light volume to $8.55. In the last six months, shares of LP have bounced between just below $8 per share and north of $11.