Northstar Hospital Report 2010Q4

The fourth quarter financial report for the
Northstar Hospital in Iron River is now
online and available. The reason the public
has access to these reports is because
Northstar requested and received the
proceeds from a municipal bond in the
amount of $23,150,000 with a total of
$25 million authorized.

The latest report may be found at:

http://www.firstriver.com/continuing-disclosure/PDFs/NHS_FY2010Q4DisclosurePackage.pdf

The loss from operations is $2,609,000 for
2010. The word "default" appears in a number
of places throughout the report.

What is interesting is that on a total revenue of
$ 34,484,000 the operation resulted in a deficit
of 2,282,000 of revenue compared to expenses.
That approximates a 6.6% loss. The historical
record shown by the report on page shows that
annually the deficit has been increasing since
2007, the last time the ratio was positive instead
of negative as it is now.

The report makes much of the new agreements
between Bellin Health of Green Bay, WI.

With an aging population in Iron County, we hope
that Northstar turns some of the numbers around
quickly.

Bill Vajk