Exhibit 99.1

 

GRAPHIC

 

Tenet Reports Fourth Quarter 2011 Results

4.6 Percent Increase in Adjusted EBITDA

5.4 Percent Increase in Net Operating Revenue

Company Raises 2012 Outlook for Adjusted EBITDA

 

DALLAS — February 28, 2012 —

Tenet Healthcare Corporation (NYSE:THC) today reported Adjusted EBITDA of $294 million for the fourth quarter ended December 31, 2011, an increase of $13 million, or 4.6 percent, compared to $281 million for the fourth quarter of 2010. The Adjusted EBITDA margin in the quarter was 13.2 percent, compared to 13.3 percent in the fourth quarter of 2010.

 

In the fourth quarter of 2011, the Company reported a net loss attributable to common shareholders of $76 million, or a loss of $0.17 per diluted share, compared to income of $74 million, or $0.14 per diluted share, in the fourth quarter of 2010. These results included a $117 million pre-tax loss from early extinguishment of debt incurred in relation to Tenet’s strategy to extend debt maturities and reduce future interest expense. Excluding impairment, litigation and investigation costs, loss from early extinguishment of debt, and valuation tax adjustments from both fourth quarters, income from continuing operations, net of tax, was $42 million, or $0.10 per diluted share, compared to $43 million, or $0.08 per diluted share, in the fourth quarter of 2010.

 

“We recorded our eighth consecutive year of growth in Adjusted EBITDA which grew to $1.145 billion in 2011, a 9.0 percent increase over 2010,” said Trevor Fetter, president and chief executive officer. “The growth would have been even stronger had we been able to close some of the favorable payer settlements we have been working on for a number of months. Because the settlements remain likely, we are raising our 2012 Outlook for Adjusted EBITDA to a new range of $1.225 billion to $1.350 billion. We also recorded our fifth consecutive quarter of growth in adjusted admissions which grew by 1.3 percent. The favorable growth in patient volumes, combined with strong pricing growth, enabled us to achieve a 5.4 percent increase in net operating revenues in the quarter.”

 

Discussion of Results (Percentage changes compare Q4’11 to Q4’10, unless otherwise noted.)

 

Adjusted admissions increased by 1.3 percent. Admissions increased by 0.3 percent, and paying admissions were flat. Emergency Departments visits increased by 3.1 percent, and there was a 3.3 percent increase in admissions through our Emergency Departments. Total surgeries increased by 3.2 percent with inpatient surgeries declining by 3.1 percent and outpatient surgeries increasing by 7.6 percent.

 

Net operating revenues were $2.226 billion, an increase of $115 million, or 5.4 percent, compared to net operating revenues of $2.111 billion in the fourth quarter of 2010. As a result of the Company’s early adoption of a new accounting standard, net operating revenues are now reported after a deduction for the provision for doubtful accounts. Under the Company’s prior reporting standard, net operating revenues would have been $2.411 billion, an increase of 4.8 percent, compared to $2.301 billion in the fourth quarter of 2010.

 

Net patient revenue per adjusted admission was $11,633, an increase of 2.3 percent, compared to $11,370 in the fourth quarter of 2010. This pricing increase reflects improved terms in our contracts with commercial managed care payers, partially offset by an adverse shift in payer mix.

 

Selected operating expenses, which is defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased by 6.5 percent on a per adjusted patient day basis in the fourth quarter of 2011. The increase is primarily due to annual merit increases, an increase in the number of physicians we employ, and higher health benefit costs for our employees. The comparison to last year’s fourth quarter was made more challenging by a $10 million favorable adjustment in that quarter related to the estimated recovery of payroll taxes paid in prior years on behalf of medical residents. Selected operating expenses were also adversely impacted by lower

 


The following information was filed by Tenet Healthcare Corp (THC) on Tuesday, February 28, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Tenet Healthcare Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tenet Healthcare Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account