Beverly Shows Encouraging 1Q

Fort Smith-headquartered Beverly Enterprises Inc. on April 30 announced generally improved first-quarter figures. Total revenues for the first quarter ended March 31 were down 5.6 percent to $622.9 million from $659.9 million in the comparable quarter in 2001. But the company’s unaudited net income totaled $20.5 million, or 19 cents per share diluted, up from a loss of $52.3 million, or a loss of 50 cents per share diluted, for the comparable quarter of 2001.

There were no special charges for the first quarter of 2002, and 2001’s first-quarter figures reflect charges of $107 million asset impairments, workforce reductions and reorganization costs.

Considering an assumed income-tax rate of 37 percent, Beverly recorded pro forma first-quarter net income of $13.6 million, or 13 cents per share.

According to the company’s press release, Beverly’s first quarter operating margin was 9.56 percent, the highest first-quarter operating margin in the more than a decade. Operating margin compares operating profit — earnings before interest, taxes, depreciation, amortization and special charges — to total net operating revenue.

Beverly operates 465 skilled nursing facilities, 29 assisted living centers, 53 home care and hospice centers and 154 outpatient therapy clinics.