Summit Health’s Profit Doubles for 3rd Quarter
Summit Health Ltd. of Burbank, citing a sharp rise in outpatient revenue, posted a net income of $3.8 million for its third quarter, more than double the profit it reported a year ago.
Summit, which operates hospitals and other health-care facilities, said revenue for the quarter ended March 31 rose 18% to $119.4 million, compared with $101.7 million for the same quarter in the prior fiscal year.
For the first nine months of its fiscal year, Summit’s net income rose 84% to $9.8 million from $5.3 million, and revenue increased 17%, to $340.2 million from $289.9 million.
Donald J. Amaral, president and chief executive officer, attributed the latest results to improved profit margins and a 25% jump in outpatient revenue. Summit Health has facilities in California, Arizona, Texas and Iowa.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.