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Business Briefs- May 20

May 20, 2012

FirstEnergy Corp.

AKRON, Ohio — FirstEnergy Corp. on May 1 announced first-quarter 2012 basic and diluted earnings of $0.82 per share of common stock on a non-Generally Accepted Accounting Principles, or GAAP, basis.

This compares to basic and diluted non-GAAP earnings of $0.75 per share of common stock in the first quarter of 2011.

On a GAAP basis, first-quarter 2012 basic and diluted earnings were $0.73 per share of common stock on net income of $306 million and revenue of $4.1 billion. First- quarter 2011 basic and diluted earnings were $0.15 per share of common stock on net income of $52 million, with revenue of $3.6 billion.

Last year’s results included charges relating to the closing of the merger with Allegheny Energy, which reduced earnings by $0.43 per basic share.

First-quarter 2012 non-GAAP results benefited from the earnings contribution from the Allegheny Energy companies, lower operating costs and reduced interest expense.

Distribution deliveries, excluding Allegheny Energy deliveries, decreased 4 percent in the quarter due to unseasonable weather compared to the same period of 2011.

Residential sales decreased 8 percent and commercial deliveries decreased 2 percent.

Usage by industrial customers was relatively flat, although industrial activity continues to improve in Ohio.

The commodity margin for FirstEnergy Solutions decreased compared to the first quarter of 2011, as higher retail sales resulting from expanding its business and customer base were offset by increases in transmission expenses, net fuel and purchased power costs, net capacity expenses, lower wholesale sales, a reduction in sales of Renewable Energy Credits and weather.



Chambersburg Hospital

CHAMBERSBURG, Pa. — United Healthcare awarded Chambersburg Hospital, an affiliate of Summit Health, with the health plan’s 2012 Gold Star II Award at an April 25 ceremony.

United Healthcare reported that Chambersburg Hospital was one of 20 hospitals across Pennsylvania that received the award for their infection-control programs.

According to Ericka Kalp, manager of infection control at Chambersburg Hospital, the monetary award from United Healthcare is being earmarked to help purchase an infection-control surveillance program. The program will provide easier access to statistics and data on infections, as well as alerts in regard to trends, allowing for a quicker response by health care providers, she said.

 

Bella Salon and Spa

Bella Salon and Spa in Hagerstown was recently awarded a certificate of appreciation from Volunteer Washington County for inspiring, encouraging and promoting volunteerism in the community.



The Manitowoc Co. Inc.

MANITOWOC, Wis. — The Manitowoc Co. Inc. on May 3 annoucned sales of $860.1 million for the first quarter of 2012, an increase of 17.5 percent compared to sales of $732.2 million in the first quarter of 2011.

The sales increase was driven by a 29.3 percent increase in Crane segment sales, coupled with a 3.8 percent increase in Foodservice segment sales.

On a Generally Accepted Accounting Principles, or GAAP, basis, the company reported net earnings of $0.1 million, or $0 per diluted share, in the first quarter, versus a net loss of $52.4 million, or a loss of $0.40 per diluted share, in the first quarter of 2011.

Both periods included special items. Excluding special items in both quarters, the adjusted earnings from continuing operations were $0.8 million, or $0.01 per diluted share, in the first quarter of 2012, versus an adjusted loss of $13.5 million, or a loss of $0.10 per diluted share, in the first quarter of 2011.



Katin Radiation, PC

MARTINSBURG, W.Va. — 21st Century Oncology, which operates one of the largest networks of free-standing “patient-focused” radiation oncology centers in the world, announces it has received full accreditation from the American College of Radiation Oncology, or ACRO as it is known in the clinical setting, of its Martinsburg center, which is known as Katin Radiation, PC.

The principles that ACRO has developed ensure quality practice is achieved in the radiation oncology field. Once a practice is committed to securing the accreditation, an audit is conducted by a group of professional peers to assure these standards are being met.

Some of the aspects of the accreditation process include on-site inspection, extensive review of medical records and procedure verification, and interviews with the center’s medical team. Accreditation is a voluntary process for health care organizations.

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