BEI announces strong gains in revenues, operating margins for third quarter
Although third-quarter net income for Beverly Enterprises was down nearly 10%, revenues and operating margins showed healthy increases, the company announced Nov. 7.
The 2005 third-quarter net income of $22 million (down from $24.4 million in the same period a year ago) reflects expenses totaling $11.5 million relating to the process of selling the company and the reclassification of 22 nursing facilities in California, according to the Fort Smith, AR-based long-term care provider.
The net income reflected by revenue and margin improvements from nursing facilities, Aegis Therapies and AseraCare Hospice/Home Health were up 28% over the previous year.
The company's revenues for the 2005 third quarter totaled $583.9 million, a jump of 11% over the same period in 2004. BEI's revenues for the first nine months of 2005 were up 15% from the year earlier.