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Tenet Announces Results for Fourth Quarter
Ended December 31, 2008 and 2009 Outlook
0.1 percent growth in same-hospital paying admissions
0.2 percent decline in same-hospital total admissions
0.9 percent growth in same-hospital paying outpatient visits
0.3 percent decline in total same-hospital outpatient visits
2.1 percent growth in same-hospital surgeries
3.7 percent growth in same-hospital outpatient surgeries
3.0 percent decline in same-hospital commercial managed care admissions
0.2 percent decline in same-hospital commercial managed care outpatient visits
6.6 percent increase in same-hospital commercial managed care revenues
$199 million in total adjusted EBITDA, an increase of 27.6 percent
$201 million in same-hospital adjusted EBITDA, an increase of 27.2 percent
$29 million use of cash in adjusted free cash flow from continuing operations
$130 million in capital expenditures in continuing operations
$507 million in cash and equivalents at Dec. 31, 2008, down $5 million from Sept. 30, 2008
Bad debt ratio of 7.6 percent of net revenues, an increase of 110 basis points from Q407
DALLAS February 24, 2009 Tenet Healthcare Corporation (NYSE:THC) today reported a loss of $33 million, or $0.07 per share, for its fourth quarter of 2008, compared to a net loss of $75 million, or $0.16 per share, for its fourth quarter of 2007. Adjusted EBITDA, a non-GAAP term defined below, was $199 million for the fourth quarter of 2008, an increase of $43 million, or 27.6 percent, as compared to $156 million for the fourth quarter of 2007. On a same-hospital basis, adjusted EBITDA was $201 million, an increase of $43 million, or 27.2 percent, as compared to $158 million in the fourth quarter of 2007.
For the year 2008, net income was $25 million, or $0.05 per share, compared to a net loss of $89 million, or $0.19 per share for 2007. Adjusted EBITDA, a non-GAAP term defined below, was $732 million in 2008, compared to $657 million for 2007, an increase of $75 million, or 11.4 percent. The adjusted EBITDA margin for 2008 was 8.4 percent, an increase of 40 basis points from an adjusted EBITDA margin of 8.0 percent in 2007.
The following information was filed by Tenet Healthcare Corp (THC) on Tuesday, February 24, 2009 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.
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