Business
Tenet blames Katrina for loss
NEWS IN BRIEF — Posted Nov. 21, 2005
Blaming the destructive impact of Hurricane Katrina, Tenet Healthcare Corp. posted a third-quarter loss of $408 million, its 11th consecutive quarterly loss.
The Dallas-based hospital chain said the loss compared with a net loss of $70 million for the same period a year earlier. Revenue dropped to $2.39 billion from $2.43 billion.
Trevor Fetter, Tenet's president and chief executive, said in prepared remarks that Hurricane Katrina had a devastating impact on six of the company's hospitals in Louisiana and Mississippi. He said hurricane-related costs amounted to $241 million in pre-tax dollars in the third quarter, with $201 million of that as a non-cash impairment charge. Additional costs as well as additional insurance recoveries were expected in coming months, he said.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2005/11/21/bibf1121.htm.
