Hospital Company Earnings Down: National Medical Enterprises Inc. said its first-quarter earnings dropped 16.8%, saying ongoing state and federal investigations and various lawsuits involving its hospital operations have hurt patient volumes and revenue. The Santa Monica-based company earned $42 million, or 24 cents a share, for the quarter ended Aug. 31, before an accounting change credit, down from $50.6 million, or 29 cents, in the year-earlier quarter. Revenue declined 5.2% to $891.8 million. The company recorded a credit of $60.1 million, or 33 cents a share, for the first quarter after adopting a new method to account for income taxes.
From Times Staff and Wire Reports