Beverly Enterprises Inc. Releases Earnings Report
by February 19, 2001 12:00 am 61 views
On Feb. 6, Beverly Enterprises Inc. announced earnings of 11 cents per diluted share for the fourth quarter of 2000 before special and unusual charges, up from 6 cents in 1999.
The company had a net loss for the fourth quarter totaling $46.8 million, up 43.6 percent from a loss of $32.6 million for the same quarter of 1999.
For the fiscal year ended Dec. 31, Beverly reported a net loss of $54.5 million, down 59.5 percent from a loss of $134.6 million in 1999. The year-end figures include a third-quarter pretax charge of $49 million of increased reserves for patient-care liability costs in Florida.
The company listed $671.8 million in gross revenue for the fourth quarter of 2000, up 4.3 percent from $644 million for the same quarter of 1999. Beverly recorded gross revenues of $2.64 billion for all of 2000, up 3.5 percent from $2.55 billion in 1999.
All of Beverly’s Florida operations are up in the air with three potential buyers showing interest in them. Currently, Beverly operates 534 skilled-nursing facilities, 34 assisted-living centers, 165 outpatient therapy clinics, and 58 home-care and hospice agencies.