Summit Health Reports Profit Up 55% in Quarter

Summit Health Ltd., the Burbank-based operator of hospitals and other health care facilities, reported a $3.82 million profit in its fiscal first quarter, up 55% from $2.46 million a year earlier.

Summit Health said the profit in the three months ended Sept. 30 came on a 15% increase in revenue, to $121.8 million from $106.1 million, because of sharp growth in outpatient visits and surgeries, and a 3% rise in inpatient admissions.

Summit Health, which operates a dozen hospitals, also announced that it opened its second free-standing diagnostic and surgery center in Arizona this month.

Separately, Summit Care Corp., which is 51% owned by Summit Health, reported that its fiscal first-quarter net income rose 37%, to $989,000 from $724,000 a year earlier, on a 14% increase in revenue, to $19.9 million from $17.5 million in the previous year.

Summit Care also said it ended discussions to acquire a 240-bed nursing center in Fort Worth, Tex. Summit Care provides health care services to the elderly through 17 skilled-nursing centers and four retirement centers in California and Texas.