Summit Health Profit Up 91% in 2nd Quarter

Summit Health Ltd. said its fiscal second-quarter profit soared 91% from a year earlier on a 20% increase in revenue.

The Burbank-based operator of hospitals and other health-care facilities said net income in the quarter that ended Dec. 31 jumped to $3.49 million from $1.83 million a year earlier, and its revenue rose to $114.7 million from $95.5 million.

Summit attributed the gains particularly to increases in its outpatient surgery business and other specialty lines, along with cost-cutting efforts.

For the first half of its fiscal year, Summit’s profit surged 72% from a year earlier, to $5.95 million from $3.47 million, and its six-month revenue climbed 17%, to $220.8 million from $188.3 million.

With its earnings on the upswing, Summit also reinstated a semi-annual dividend of 2 cents a share, payable Feb. 14 to stockholders of record Jan. 17. The company’s last payout was July 18, 1988.