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Exhibit 99.1
Tenet Reports Increase of $156 Million in 2009 Net Income Attributable to Common
Shareholders: $181 Million, Compared to $25 Million in 2008
2009 Adjusted EBITDA Increases by $243 Million, or 32.9%, to $982 Million;
Adjusted EBITDA of $218 Million in Fourth Quarter
2010 Adjusted EBITDA Outlook Range of $985 Million to $1,050 Million
Key Metrics (all percentage changes compare Q4’09 to Q4’08 unless otherwise noted):
| • | $218 million total-hospital adjusted EBITDA, 9.0% increase |
| • | 9.6% adjusted EBITDA margin, 40 basis point increase |
| • | $214 million same-hospital adjusted EBITDA, 7.0% increase |
| • | Net income attributable to common shareholders of $21 million, compared to net loss attributable to common shareholders of $33 million in Q4’08 |
| • | Earnings per share of $0.04, compared to a net loss of $0.07 per share in Q4’08 |
| • | $690 million in cash and cash equivalents at Dec. 31, 2009 |
| • | Adjusted free cash flow from continuing operations of $25 million, an increase of $51 million from Q4’08 |
| • | $192 million in capital expenditures in continuing operations in Q4’09, $455 million in 2009 |
| • | Same-hospital bad debt ratio of 7.9% of net revenues, compared to 7.6% in Q4’08 and 8.5% in Q3’09 |
| • | 1.6% increase in controllable expenses per adjusted patient day, excluding discretionary 401(k) match of $16 million; 2.5% increase including discretionary 401(k) match (same-hospital) |
| • | 2.8% increase in commercial managed care revenues (same-hospital) |
| • | Volume metrics (same-hospital) |
| • | 0.9% decline in total admissions; 3.5% increase in outpatient visits |
| • | 1.0% decline in paying admissions; 4.1% increase in paying outpatient visits |
| • | Flat total surgeries; 1.3% increase in outpatient surgeries |
| • | 5.3% decline in commercial managed care admissions |
| • | 3.9% decline in commercial managed care outpatient visits |
| • | 2010 adjusted EBITDA outlook includes $40 million of incremental expense for healthcare information technology initiative |
DALLAS – Feb. 23, 2010 – Tenet Healthcare Corporation (NYSE:THC) today reported adjusted EBITDA of $218 million for the fourth quarter ended Dec. 31, 2009, an increase of $18 million, or 9.0 percent, as compared to $200 million for the fourth quarter of 2008. On a same-hospital basis, adjusted EBITDA was $214 million for the fourth quarter of 2009, an increase of $14 million, or 7.0 percent, as compared to $200 million in the fourth quarter of 2008. The net income attributable to common shareholders for the fourth quarter of 2009 was $21 million, or $0.04 per share, compared to net loss attributable to common shareholders of $33 million, or $0.07 per share, for the fourth quarter of 2008.
“We are very pleased with Tenet’s performance in the fourth quarter and full-year 2009,” said Trevor Fetter, president and chief executive officer. “Despite pressures from a soft economy and rising levels of unemployment in many of our markets, we achieved another year of solid revenue growth with an increase of five percent. Excellent cost control combined with this revenue growth helped us produce the strongest growth in earnings and the highest margin we’ve achieved in seven years. We also increased adjusted free cash flow by almost $400 million over 2008. I remain confident in Tenet’s strategies, and we believe these strategies will continue to drive growth in earnings and cash flow. Our expectations for growth in 2010 are impacted by our accelerated clinical information technology investments and our conservatism with respect to the effects and uncertainties of the economic environment.”
The following information was filed by Tenet Healthcare Corp (THC) on Tuesday, February 23, 2010 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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Ticker: THC
CIK: 70318
Form Type: 10-K Annual Report
Accession Number: 0001193125-10-036920
Submitted to the SEC: Tue Feb 23 2010 7:03:44 AM EST
Accepted by the SEC: Tue Feb 23 2010
Period: Thursday, December 31, 2009
Industry: General Medical And Surgical Hospitals
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