Triad Hospitals, Plano, Texas, reported slightly lower profits for 2006 than in 2005, as bad-debt, supply and other operating expenses rose faster than revenue.
Triad said in a securities filing that its profits for 2006 were $222.3 million, down 1.6% from 2005s profits of $226 million. Revenue rose 16.7%, to $5.54 billion. Bad-debt expense, as a percentage of revenue, increased by nearly 2 percentage points. Supply and other operating expenses increased as a percentage of revenue by roughly 0.4 percentage points and 0.9 percentage points, respectively. Triad lowered its labor costs as a percentage of revenue by nearly 0.6 percentage points.
The company did not provide fourth-quarter figures or same-facility volume statistics. The earnings information came in its annual 10-K report rather than a standard news release. Last month, when it announced that it was going private in a sale valued at $6.4 billion in cash and debt assumed, Triad said it would not publish a separate earnings release. The company said it owned or operated 53 hospitals in 17 states as of Dec. 31, 2006. -- by Vince Galloro