Florida Sale Drops Beverly 4Q Figures
by February 18, 2002 12:00 am 55 views
On Feb. 5, Beverly Enterprises Inc. of Fort Smith announced a fourth-quarter net loss of $266.6 million, about 4.6 times more than the $46.8 million lost in the comparable quarter of 2000.
The nursing home operator reported earnings of 14 cents per diluted share for the quarter ended Dec. 31. Figured before special charges and unusual items — which include a settlement offer of outstanding Medicare issues, the sale of its Florida operations and a tax-deferment provision — the earnings are up from 11 cents in the same period of 2000.
All unusual items during the fourth quarter totaled $200.1 million, of which about $40 million is cash. Revenues totaled $680.4 million for the quarter.
Including unusual items, Beverly reported a net loss of $301.3 million on $2.7 billion in revenue for all of 2001. In 2000, Beverly had a net loss of $54.5 million and revenues of $2.64 billion.
Excluding the special items, Beverly’s operating income for 2001 totaled $48.5 million, up 31 percent from operating income of $37 million in 2000.
Beverly operates 471 skilled nursing facilities, 29 assisted living centers, 56 home care and hospice agencies and 158 outpatient therapy clinics.