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.