EARNINGS ROUNDUP / TENET HEALTHCARE

L.A. Times Archives

Feb. 25, 2009 12 AM PT

TIMES WIRE REPORTS

Hospital operator Tenet Healthcare Corp. reported a $33-million fourth-quarter loss, mainly because of a charge on the sale of two hospitals.

Dallas-based Tenet said the loss was 7 cents a share on $2.2 billion in revenue. That compares with a loss of $75 million, or 16 cents, on $2.1 billion in revenue for the same quarter in 2007.

In January, Tenet said it expected a $5-million profit in the fourth quarter. But after making that forecast, the company announced the sale of USC University Hospital and USC Kenneth Norris Jr. Cancer Hospital to the university.

Tenet will receive as much as $275 million from the sale of the property and equipment, but the company also said it expected to take a charge of about $40 million in the fourth quarter for the deal. Spokesman David Matthews said that charge accounted for most of the ensuing loss.

Analysts polled by Thomson Reuters expected, on average, a loss of 2 cents a share on $2.2 billion in revenue for the quarter.

Tenet shares rose 6 cents to $1.04.