Beverly Enterprises Reports 2Q Profit

Beverly Enterprises Inc., the Fort Smith-based nursing home company, reported Aug. 12 a profit for the second quarter. Beverly reported a net income of $17.5 million or 16 cents a share for the quarter, compared with a loss of $14 million or 13 cents a share. r

The quarter included income of $12.4 million, or 11 cents a share, from discontinued operations. In the second quarter last year, results included income of $954,000, or 1 cent a share, from discontinued operations.r

Meanwhile, Beverly said that revenue dropped 1 percent to $559.5 million from $565.4 million during the second quarter last year.r

William R. Floyd, chairman and CEO, said in a news release that skilled nursing facilities and AEGIS Therapies exceeded internal targets for revenue, pretax income and operating margins — in spite of the management challenges, operational disruptions and employee retention costs associated with facility divestitures.r

“We achieved strong operating results during the second quarter, made important progress on our divestiture strategy and significantly strengthened our balance sheet by repaying nearly $84 million of total debt,” Floyd said.