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Summit Health Ltd

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BUSINESS
October 22, 1991
Summit Health Ltd., a Burbank operator of hospitals and other health-care facilities, said its fiscal first-quarter profit jumped 50% from a year earlier on a 14% gain in revenue. In the quarter that ended Sept. 30, Summit's net income climbed to $2.46 million from $1.64 million a year earlier, and its revenue rose to $106.1 million from $92.8 million. Summit attributed the gains to expansion, improved results from its outpatient business and a strong showing by its long-term care group.
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BUSINESS
April 26, 1994
Shareholders of Burbank-based Summit Health Ltd., Ornda Healthcorp and American Healthcare Management Corp. approved a previously announced merger of the three hospital operators. Summit Health agreed last December to be acquired by Nashville-based Ornda in a $375-million deal, creating the fifth-largest hospital chain in the United States. That pact followed Ornda's agreement in November to acquire American Healthcare, based in King of Prussia, Pa., in a $380-million transaction.
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BUSINESS
January 7, 1992
Summit Health Ltd., a Burbank hospital operator that has been returning to financial health after problems associated with its large debt, said it has refinanced its existing bank debt in a $30-million plan that involved selling its accounts receivable to an unidentified company. Part of the proceeds from the refinancing has been used to repay the $20 million it owed to banks, Summit said; another $10 million will be used for general corporate purposes.
BUSINESS
December 3, 1993 | From Times Staff and Wire Reports
Ornda Healthcorp. to Take Over Summit: Burbank-based Summit Health Ltd. agreed Thursday to be acquired by Ornda Healthcorp. in a $375-million deal that would create one of the nation's largest publicly owned hospital companies and a major new force in the Southern California health care market.The deal would create a $1.6-billion hospital company with 46 acute-care hospitals, four retirement centers and more than 20 other facilities providing psychiatric and nursing care and outpatient surgery.
BUSINESS
September 22, 1992
Summit Health Ltd., a Burbank-based hospital operator, said it has completed redeeming certain of its debt as part of its plan to reduce its overall borrowing costs. The company said it redeemed the remaining $24.6 million outstanding of its 14% senior subordinated debentures, which were issued in 1985, using cash obtained under a new credit package from Citicorp. Summit already had repurchased $25.1 million of the debt during its fiscal year that ended June 30.
BUSINESS
October 26, 1993
Summit Health Ltd., a Burbank-based operator of hospitals, nursing centers and a health maintenance organization, said its fiscal first-quarter profit surged 28% from a year earlier. For the three months ended Sept. 30, Summit Health earned $4.9 million, up from $3.82 million in the same period a year earlier. Revenue in the latest quarter was up 6%, to $129.3 million from $121.8 million.
BUSINESS
August 6, 1991
Summit Health Ltd. said it postponed efforts to take its Summit Care Corp. unit public because of weakening market conditions for initial public stock offerings. Summit Health, based in Burbank, owns hospitals and other medical facilities, and Summit Care operates nursing homes and retirement centers. In May, Summit Care announced plans to offer 2.1 million common shares to the public at between $9 and $11 a share.
BUSINESS
May 28, 1991
Summit Health Ltd., a Burbank-based owner and manager of hospitals and other medical facilities, said its wholly owned Summit Care Corp. unit has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 2.1 million shares of common stock. The shares are expected to sell for $9 to $11 each, or a total of up to $23.1 million. Summit Health, which is selling 200,000 of the 2.
BUSINESS
December 3, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
The merger frenzy in the hospital industry continued Thursday when Burbank-based Summit Health Ltd. agreed to be acquired by Ornda HealthCorp. in a $375-million deal that would create a $1.6-billion hospital company and a significant force in the Los Angeles health-care market.
BUSINESS
October 26, 1993
Summit Health Ltd., a Burbank-based operator of hospitals, nursing centers and a health maintenance organization, said its fiscal first-quarter profit surged 28% from a year earlier. For the three months ended Sept. 30, Summit Health earned $4.9 million, up from $3.82 million in the same period a year earlier. Revenue in the latest quarter was up 6%, to $129.3 million from $121.8 million.
BUSINESS
August 17, 1993
Summit Health Ltd., a Burbank-based operator of hospitals, nursing centers and a health maintenance organization, said its profit surged 46% in its fiscal fourth quarter compared with a year earlier. For the quarter that ended June 30, Summit Health posted earnings of $4.6 million, compared with $3.16 million a year earlier. The year-earlier figure does not include $1.8 million in extraordinary charges. Revenue for the latest quarter was $125.7 million, up 1% from $124.1 million a year earlier.
BUSINESS
July 13, 1993
Summit Health Ltd., a Burbank health-services concern, said its Summit Ambulatory Network Inc. unit completed the purchase of a 70% interest in Central Coast Surgery Center. Terms of the transaction were not disclosed. Central Coast, located in San Luis Obispo, is a free-standing surgery center with two surgery suites.
BUSINESS
March 23, 1993
Summit Health Ltd. has completed a novel offering of hybrid securities after postponing the sale last month because of weak market conditions. The Burbank-based hospital operator effectively offered to the public its 52% equity stake in Summit Care Corp., a nursing-home operator also based in Burbank, by selling $37.4 million of 10-year notes that can be exchanged into Summit Care's common stock.
BUSINESS
March 2, 1993
Summit Health Ltd., citing weak market conditions, has postponed a unique sale of debt securities that would have effectively offered its 52% equity stake in Summit Care Corp. to the public. Summit Health, a Burbank-based operator of hospitals, said the offer might be rescheduled "at a date to be determined based on market conditions." Health-care stocks in general have been pummeled lately amid concern that President Clinton's health-care reform efforts will slow the companies' earnings growth.
BUSINESS
August 25, 1992
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.
BUSINESS
April 20, 1993
Summit Health Ltd., a Burbank operator of hospitals, nursing centers and a health maintenance organization, reported that its earnings jumped in its fiscal third quarter and nine months that ended March 31. Summit's fiscal third-quarter profit was $5.14 million, a 34% increase from $3.83 million a year earlier. Its revenue was up 8%, to $131.3 million from $121.8 million. In the latest nine-month period, Summit earned $14 million, a 43% gain from its $9.78 million in earnings a year before.
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