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TENET HEALTHCARE CORPORATION
(Name of Registrant as Specified In Its Charter)
RICHARD B. SILVER
TENET HEALTHCARE CORPORATION
3820 STATE STREET
SANTA BARBARA, CALIFORNIA 93105
(805) 563-7000
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[TENET HEALTHCARE CORPORATION LETTERHEAD]
Investor Contacts: Paul Russell (805) 563-7188
Diana Takvam (805) 563-6883
Media Contact: Harry Anderson (805) 563-6816
TENET HEALTHCARE PREVIEWS FIRST QUARTER RESULTS;
EXPECTS TO BEAT CONSENSUS
SANTA BARBARA, CALIF. - SEPT. 12, 2000 - Tenet Healthcare
Corporation (NYSE: THC) today previewed results for its first quarter of
fiscal 2001, ended Aug. 31, 2000, announcing that it expects to exceed
analysts' current consensus estimates of $0.44 earnings per share from
operations. In the prior-year quarter Tenet reported $0.39 earnings per
share from operations.
Consistent with the Securities and Exchange Commission's new fair
disclosure guidelines, the company issued today's announcement prior to
making presentations at institutional investor conferences this week.
The better-than-anticipated earnings were spurred in part by
strong admissions trends and by continuing upward trends in pricing. The
company said admissions to hospitals it has owned for more than 12 months
were very strong in the first quarter, rising approximately 4 percent over
the year-ago quarter. It said the upward trend in pricing stems from
continued strong commercial pricing. Looking forward, the company expects
continued strength in commercial pricing, as well as better Medicare
reimbursement relative to the recent past.
The company also said that it reduced debt by approximately $240
million during the first quarter, a significant improvement over the
prior-year quarter when the company's total debt increased approximately
$130 million.
"We are gratified by the obvious success of our operating
strategies," said Jeffrey C. Barbakow, Tenet chairman and chief executive
officer. "Initiatives we implemented 18 months ago are now producing
results. The strength of the first quarter should bode well for the
remainder of fiscal 2001."
The company expects to announce detailed first quarter results on
October 3, 2000. That announcement will be made via press release, followed
by a conference call broadcast to all interested parties via
www.streetfusion.com or via a link on the company's website,
www.tenethealth.com.
Tenet Healthcare, through its subsidiaries, owns and operates 110
acute care hospitals with 26,939 beds and numerous related health care
services. The company employs approximately 106,000 people serving
communities in 17 states and services its hospitals from a Dallas-based
operations center. Tenet's name reflects its core business philosophy: the
importance of shared values among partners - including employees,
physicians, insurers and communities - in providing a full spectrum of
health care. Tenet can be found on the World Wide Web at www.tenethealth.com.
# # #
Certain statements in this release may constitute
forward-looking statements. They are based on management's current
expectations and could be affected by numerous factors and are
subject to various risks and uncertainties. Certain of those risks
and uncertainties are discussed in the Company's filings with the
Securities and Exchange Commission, including the Company's annual
report on Form 10-K and quarterly reports on Form 10-Q. Do not
rely on any forward-looking statement, as we cannot predict or
control many of the factors that ultimately may affect our ability
to achieve the results estimated. We make no promise to update any
forward-looking statement, whether as a result of changes in
underlying factors, new information, future events or otherwise.
