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San Francisco-Based Hospitals Group Cuts Operating Losses 64 Percent in 2002.
Knight Ridder/Tribune Business News, September, 2002
By Lisa Rapaport, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Sep. 26--Catholic Healthcare West trimmed its operating losses 64 percent to $47.4 million in 2002, a sign of financial turnaround following combined losses of $933 million over the four previous fiscal years.
The losses came on total operating revenue of $4.5 billion for the year that ended June 30.
The annual financial statements were released Wednesday by credit ratings agency Standard & Poor's. Based on the results of a turnaround plan that has streamlined management and cut operating expenses, Standard & Poor's Wednesday reaffirmed the "BBB" rating on CHW bonds.
CHW, parent company of Mercy Healthcare Sacramento, in 2001 reported losses of...
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