Tenet Reports Increase in Fourth-Quarter Net Income

Santa Barbara-based Tenet Healthcare Corp., the nation's second-largest for-profit hospital chain, more than doubled net income for the fourth quarter of fiscal year 2002 on "solid growth" in hospital admissions and revenue, the Wall Street Journal reports. For the quarter, Tenet reported net income of $261 million, or 52 cents per share, an increase from $116 million, or 23 cents per share, a year earlier. In addition, Tenet posted $3.74 billion in revenue for the quarter, a 16% increase from $3.21 billion a year earlier. Total admissions to Tenet hospitals in the quarter increased 6.8% from a year earlier as a result of growth from hospitals acquired this year (Wall Street Journal, 7/12). Tenet also "reaffirmed" past estimates that annual percentage net income increases will range in the mid to high teens (Los Angeles Times, 7/12).