Community Health Systems Inc. CYH is mulling over the sale of more assets to pay off debt. The company recently completed the Quorum Health QHC spin-off, which comprised 38 of its hospitals. The company is now planning to sell another 10 hospitals by the end of this year. Notably, these assets generated approximately $1 billion in revenues with single digit margins in full-year 2015.Community Health also announced the divestiture of its interest in a joint venture in Las Vegas, Nevada, to Universal Health Services. As per management, proceeds (almost $975 million) from these asset sales along with almost $1.2 billion from the Quorum spin-off will be used to clear debts, which amounted to $16.91 billion as of Mar 31, 2016.Meanwhile, Community Health reported another disappointing quarter. Earnings of 27 cents per share in the first quarter of 2016 missed the Zacks Consensus Estimate of 75 cents and also plunged 68.2% from the year-ago quarter. The massive decline can be primarily attributed to modest revenue growth, which was fully offset by higher expenses. Community Health Systems Inc. - Earnings Surprise | FindTheBest Quarter DetailsNet operating revenues increased 1.8% to almost $5 billion, which, however, fell shy of the Zacks Consensus Estimate of $5.03 billion.Total admissions decreased 2.6% while adjusted admissions increased 0.7%. Outpatient revenues accounted for 57% of total patient revenues compared with 56.4% in the year-ago quarter.On a same-store basis, net operating revenues increased 2.2% year over year, primarily on a 1.3% increase in adjusted admissions. On the other hand, total admissions decreased 2% year over year.Overall results were impacted by weak performance in certain HMA assets, particularly in Florida and Tennessee. Management expects Florida to report better results in 2016. Adjusted EBITDA fell 11.5% year over year to $633 million.Meanwhile, total operating costs and expenses increased 4.3% year over year to almost $4.71 billion. Salaries & benefits, supplies and rent increased 2.7%, 4.9% and 2.6%, respectively.Adjusted operating income plunged 26.3% from the year-ago quarter to $294 million owing to increased operating expenses.GuidanceFor full-year 2016, Community Health forecasts net operating revenues less provision for doubtful accounts in the range of $17.8 billion to $18.4 billion. Same-store hospital adjusted admissions growth is anticipated in the band of 0.5% to 2.5%.Adjusted EBITDA is projected at $2.6 billion to $2.7 billion. Earnings are anticipated in the range of $2.50 to $2.80 per share.Zacks Rank & Key PicksCommunity Health carries a Zacks Rank #3 (Hold).Better-ranked stocks in the same space include Acadia Healthcare ACHC and VCA Inc. WOOF. Both the stocks carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report COMMNTY HLTH SY (CYH): Free Stock Analysis Report VCA INC (WOOF): Free Stock Analysis Report ACADIA HEALTHCR (ACHC): Free Stock Analysis Report To read this article on Zacks.com click here.