Advocat reports modest fourth-quarter earnings
Advocat Inc. reported fourth quarter net income of $2.47 million, compared with a $6.5 million loss in the year-earlier quarter. The company showed fourth-quarter revenues of $52.5 million, compared with $44.5 million.The Franklin, TN-based company said its quarterly earnings were affected by self-insured risks and settlements with liability claims. The company also said it had growth in patient revenues.
Advocat reported an $11 million loss on revenues of $195 million for 2003, compared with a $13 million loss on revenues of $182 million the year earlier.
Advocat runs nursing homes and assisted living facilities in 9 states, primarily in the Southeast, and in three provinces in Canada.