Also Thursday, in a filing with the Securities and Exchange Commission, CHS said it saw first quarter 2011 net operating revenues of $3.4 billion, up 9% from the $3.1 billion reported for same three months in 2010. Income from continuing operations increased to $91.1 million for Q1, compared with $86.5 million for 1Q 2010.
And in a separate filing with the SEC on Thursday, CHS released a letter last week from one of its major investors that urged fellow shareholders to vote against the re-election of three board members --- including CFO W. Larry Cash –- for their alleged improper oversight of Medicare billing practices.
William Patterson, executive director of CtW Investment Group, asked fellow shareholders to vote "against" the re-election of board members Cash, James S. Ely III, and John A. Fry, at CHS' annual shareholder meeting on May 17 "given their culpability for the growing scandal surrounding proper oversight of Medicare billing practices, which has precipitated a 25% decline in Community's market value."
Patterson said CHS failed to act on specific complaints that CtW – the owners of about 470,000 shares of CHS common stock -- raised in a Sept. 28, 2010 letter concerning widespread and improper admitting practices.