Tenet 3Q Loss Narrows on Higher Revenue

DALLAS — Tenet Healthcare Corp. said Tuesday its third-quarter loss narrowed on higher charges and more admissions in the hospital operator's most lucrative business, commercial managed care.

The loss narrowed to $59 million, or 12 cents per share, from $89 million, or 19 cents per share, a year earlier. The loss from continuing operations widened to $35 million, or 7 cents per share, from $19 million, or 4 cents per share.

The loss in continuing operations in the third quarter of 2007 included favorable prior-year cost report adjustments of $22 million, impairment and restructuring charges of $13 million pretax, income tax expense of $10 million, and litigation costs of $3 million pretax, Tenet said.

Revenue improved 7.5 percent to $2.21 billion from $2.06 billion, as net patient revenue per admission rose 7.8 percent.

On average, analysts surveyed by Thomson Financial forecast a loss of 7 cents per share and revenue of $2.18 billion.

Same-hospital provision for doubtful accounts, or bad debt expense, was $158 million in the third quarter of 2007, an increase of $9 million, or 6 percent, from the provision for doubtful accounts of $149 million in the third quarter of 2006. Bad debt expense was 7.2 percent of net operating revenue in both periods.

Tenet Healthcare also reaffirmed its fourth-quarter and 2007 guidance for adjusted earnings.

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