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November 30, 2009

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Profit surges for North Las Vegas hospital owner

Friday, Jan. 4, 2002 | 9:50 a.m.

SANTA BARBARA, Calif. -- Tenet Healthcare Corp., owner of Lake Mead Hospital in North Las Vegas, today said its second-quarter profit rose 47 percent.

The nation's second-largest hospital chain beat profit expectations of about 70 cents per share as it treated more patients and raised prices.

Profit from operations rose to $258 million or 77 cents per share in the quarter ended Nov. 30, up from net income of $175 million or 54 cents in the year-ago quarter.

Revenue rose 16 percent to $3.39 billion.

"Quite simply, we continue to experience the strongest fundamentals and prospects we can remember," said Chairman and Chief Executive Jeffrey Barbakow. "Our strategies are driving robust top line growth. We have achieved across-the-board improvement in all measures of profitability and returns, and expect further improvement. Strong cash flow results in deleveraging, which in turn leads to lower interest expense, thus improving earnings growth even more."

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