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Format: 04/16/2014
Format: 04/16/2014

News

Pittsburgh Post-Gazette: West Penn shows profit for quarter

Tuesday, November 3rd, 2009

By Steve Twedt

Pittsburgh Post-Gazette

The West Penn Allegheny Health System reported a net profit of $2.1 million in the fourth quarter of fiscal 2009, with an operating loss of $3.8 million in its audited annual report released yesterday.

For the year, which ended June 30, the health system posted a net loss of $25.2 million, compared with a $57.8 million loss in fiscal 2008 when they were forced to make a $73 million write-down, a matter which is still under investigation by the Securities and Exchange Commission.

The year before that, West Penn Allegheny had recorded an $18.9 million loss.

The health system had an operating loss of $38.5 million last year, compared with $88.8 million in fiscal 2008.

Despite the continuing losses, WPAHS officials struck a positive tone, saying they'd seen increases in revenue, operating income and days cash on hand during fiscal 2009.

WPAHS had total revenues of $1.6 billion for the year, a 7 percent increase, and an improved cash position of $39.5 million, an 11 percent increase. As of June 30, the health system had 62.7 days' worth of cash on hand.

"We are pleased to be moving forward at a steady pace, especially considering the economic challenges that have confronted the entire industry over the past year," President and CEO Dr. Christopher Olivia said in a statement.

The health system also touted its recruitment of physicians into key leadership posts.

 

To read more, visit the Pittsburgh Post-Gazette web site.
 

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