Struggling Tenet Healthcare reduces losses

Struggling Tenet Healthcare reduces losses

Dinah Wisenberg Brin DOW JONES NEWS

Santa Barbara-based Tenet Healthcare Corp. narrowed its loss in the third quarter, but the troubled hospital operator struggled with lower admissions and heavy debt from unpaid bills.

The company, which has wrestled with financial strains since abandoning an aggressive pricing policy two years ago and is shedding roughly a third of its hospitals, posted a loss of $70 million, or 15 cents a share, compared with a loss of $308 million, or 66 cents a share, a year earlier.

The loss from continuing operations was $52 million, or 11 cents a share, including items that lowered results by 3 cents a share. Analysts were expecting a loss of 5 cents a share.

Tenet is the subject of multiple federal investigations and various lawsuits over its former pricing policies and other practices.

Copyright Copley Press Inc. 2004

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