National Medical Enterprises, the nation's second-largest hospital chain, posted a fourth-quarter loss of $27.6 million, which the company blamed on a major corporate restructuring announced last month.
National Medical's loss came despite record revenue of $995.6 million for the quarter ended May 31.
The loss echoes the recent performance of other major hospital chains and had been expected because of $57.9 million in after-tax writeoffs that the company took in a major restructuring. That restructuring included the divestiture of its health maintenance organization, nine acute-care hospitals and its industrial clinics and the discontinuing of its Middle East operations.
In the final quarter of its 1985 fiscal year, the company had net income of $41 million on revenue of $825.4 million.
For the full year, NME, which ranks second only to Hospital Corp. of America when measured by revenue, earned $85 million on revenue of $3.6 billion, compared to fiscal 1985, when it earned $150.2 million on revenue of $2.98 billion.