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Thursday, Oct. 7, 1999 | 11:57 a.m.
SANTA BARBARA, Calif. -- Tenet Healthcare Corp., owner of Lake Mead Hospital in North Las Vegas, on Wednesday said its first quarter earnings fell 11 percent because of cuts in government payments, slower reimbursements from insurers and higher costs at newly purchased hospitals.
Tenet, the nation's second-largest hospital chain, said profits from operations were $122 million or 39 cents per share in the quarter ended Aug. 31, off from $137 million or 44 cents in the year-ago period. The results were in line with the 38 cent average estimate of analysts polled by First Call Corp.
Revenue rose 12.5 percent to $2.87 billion.
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