Beverly Records $12 Million 3Q Income

Beverly Enterprises Inc. of Fort Smith said Oct. 30 that its third-quarter revenues increased and that it would meet analysts’ expectations.

Beverly said revenue growth and better Medicare reimbursements helped its profits.

Net income for the nursing home company was $12.1 million, or 11 cents per share, compared with a 2000 third-quarter loss of $22.4 million, or 22 cents per share, with patient liability costs, work force reductions and unusual items.

On a pro forma basis showing a 36 percent tax rate and excluding unusual items, the company’s net income was up to $14 million, or 13 cents per share, from $10.4 million, or 10 cents a share, in the same period last year.

Analysts expected Beverly to earn 12-13 cents a share for the third quarter. Third-quarter revenues rose from $665.9 million a year ago to $691.9 million.