The Journal Gazette
Wednesday, July 28, 2021 6:19 pm

Lutheran Health Network's parent reports quarterly earnings

SHERRY SLATER | The Journal Gazette

Community Health Systems' financial performance continued its roller-coaster ride during the second quarter.

Lutheran Health Network's parent company on Wednesday reported second-quarter earnings of $6 million, or 4 cents per diluted common share, a 91% plummet from the $70 million, or 61 cents a share, reported for the same period last year.

Community Health also reported a loss of $58 million, or 46 cents a share, for the first half of this year, a $145 million swing from earnings of $87 million, or 76 cents a share, for the first six months of 2020.

Special items for the six months ended June 30 included a $79 million penalty for paying off debt early; $8 million of that was incurred during the second quarter.

The Franklin, Tennessee-based company issued $1.44 billion in junior-priority secured notes at 6 1/8 % interest during the second quarter. It used the proceeds to pay the remainder due on secured notes issued at 8 1/8% interest.

The company has slightly whittled down long-term debt during the last 12 months. The amount totaled $11.9 billion as of June 30. Long-term debt was $12.1 billion as of Dec. 31.

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