National Medical Enterprises Inc. said it is...
<i> Times Wire Services</i>
National Medical Enterprises Inc. said it is setting aside $65 million to fight lawsuits accusing it of a nationwide scheme to cheat insurers and to battle federal criminal prosecution.
The Santa Monica-based company said the pretax charge, along with another of $59.3 million to cover the costs of a major restructuring, held its fourth-quarter profit to $2.8 million, or 2 cents a share.
That contrasts with a loss of $78.3 million, or 46 cents a share, for the year-earlier period. The year-ago figure included a $187.2-million charge related to the sale of some of the company’s psychiatric hospitals.
Fourth-quarter revenue dropped to $956 million from $1 billion a year earlier.
