Paracelsus Healthcare Corp. will continue its strategy of selling hospitals to allow it to focus on its core facilities, said President and Chief Operating Officer Charles Miller when he announced the chain's year-end financial results last week.
Houston-based Paracelsus will announce agreements to sell more hospitals before the end of the second quarter, Miller said.
Paracelsus owns 16 hospitals in nine states and wants to sell six of those and four freestanding nursing homes.
For the year ended Dec. 31, 1998, Paracelsus reported a net loss of $6.2 million or 11 cents per share, compared with a net loss of $6.4 million, or 12 cents per share, in 1997. Revenues for 1998 totaled $664 million, up slightly from $659 million in 1997.
For the fourth quarter ended Dec. 31, 1998, Paracelsus lost $8.2 million, or 15 cents per share, on revenues of $143 million. Those figures compare with a net loss of $8.7 million, or 16 cents per share, on revenues of $157 million for the year-ago quarter.
Earlier this month, after the company said it had settled shareholder lawsuits that dated back to its 1996 merger with Champion Healthcare Corp., Miller announced he would retire in July 1999.
Replacing him temporarily will be James VanDevender, the company's senior executive vice president and chief financial officer.