Summit Health Profit for Quarter Down 26%

Summit Health Ltd. said its fiscal fourth-quarter profit fell 26% from a year earlier because of a one-time after-tax charge of $1.8 million related to its early retirement of long-term debt.

In the quarter ended June 30, the Burbank-based operator of hospitals reported net income of $1.4 million, down from $1.9 million a year earlier. Excluding the charge, however, Summit Health’s earnings from operations were up 68%, to $3.2 million.

Summit Health’s fourth-quarter revenue rose 10%, to $112.1 million from $102.3 million.

For its full fiscal year, the company’s profit jumped 56%, to $11.2 million from $7.2 million the previous year, and its annual revenue climbed 15%, to $452.3 million from $392.3 million.