Hospital chain reveals revenue hike.Byline: Joe Harwood The Register-Guard Triad Hospitals Triad Hospitals is a Fortune 500 company based in Plano, Texas. It operates 54 hospitals in the United States. In February 2007 it received a merger/buyout offer from another company, and then in March 2007 it received a superior merger/buyout offer from Community Health Systems of Inc., the Texas-based hospital chain set to become the majority owner of McKenzie-Willamette Hospital in Springfield, posted a 33 percent increase in revenue and vastly improved profits in 2002. For-profit Triad posted sales of $3.5 billion last year, up from the $2.67 billion in 2001, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. unaudited financial results the company released Monday. Profits last year took a jump, rocketing to $141.5 million from the $2.8 million the heavily indebted in·debt·ed adj. Morally, socially, or legally obligated to another; beholden. [Middle English endetted, from Old French endette, past participle of endetter, to oblige company reported in 2001. For the fourth quarter ended Dec. 31, Triad reported sales of $919 million, up 10.6 percent from the $831 million for the year-earlier period. Profits for the quarter were $35.7 million, or 49 cents a share, compared with the $9.8 million, or 14 cents a share, reported for the year-earlier period. The company announced Monday that it hopes to hammer out agreements to develop six or seven new hospital projects in 2003, primarily in partnership with nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. hospitals. Triad said it would stagger the opening of those new hospitals during the next few years. Triad said it will dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. $370 million toward capital projects this year. Beginning in 2005, the company said it plans to open three to five new hospitals a year for the "foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Triad, which owns or is a majority partner in 45 hospitals, has become a specialist in moving into smaller cities and partnering with cash-poor nonprofit hospitals such as McKenzie-Willamette. "We are enthusiastic about our long-term growth outlook," said Denny Shelton, Triad's chairman and chief executive. "We expect to continue improving our operating performance and to begin now gradually augmenting that internal growth with external development projects." Triad has grown rapidly since it was created in a spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from health care giant Columbia/HCA. The aggressive Triad began with 27 hospitals in 1999. To grow fast, the company has taken on massive debt, but it is working to pay that down. |
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