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Community Health Systems profit falls, outlook lowered

Reuters, October 31, 2013
Community Health Systems Inc reported sharply lower quarterly net profit on Wednesday due to a $98 million charge to cover eventual settlement of a U.S. government investigation into its Medicare admissions between 2005 and 2010. The hospital operator also lowered its full-year earnings outlook, citing a challenging operating environment for healthcare providers and volume weakness. For the third quarter, the company reported net income of $4.1 million, or 4 cents a share, compared with $44.2 million, or 49 cents a share, a year earlier.