Third quarter diluted earnings per share from operations for the period ended Feb. 28, for Tenet Health Care Corp. of Dallas rose to 60 cents from 48 cents per share.
Net income for the period also increased 30.3% to $198 million, compared with $152 million for the same period a year ago. Net income from operations was $209 million or 66 cents per share, compared with $173 million or 55 cents per share for the third quarter of 2000.
In a prepared statement, Jeffrey C. Barbakow, chairman and CEO of Tenet, says "for the third consecutive quarter, revenues were up, costs were down, margins expanded, cash flow improved and we further reduced debt."
A $30-million takeover bid of Floyd Medical Center by Tenet was recently approved in US Bankruptcy Court in the Northern District of Georgia-Atlanta division.
The acquisition came after Georgia International Health Alliance, South Fulton's parent company, filed for Chapter 11 bankruptcy protection April 2000.
Tenet officials say they will start operating the 21-acre medical center April 16. Tenet owns and operates 110 acute-care hospitals nationwide with 26,914 beds in 17 states.
Four Tenet-owned hospitals in the Atlanta area are the Atlanta Medical Center Downtown, North Fulton Regional Hospital in Roswell, Spalding Regional Hospital in Griffin and Sylvan Grove Medical Center in Jackson.
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