Sun Healthcare Group earnings up in third quarter
While warning investors of higher-than-expected losses for the year, Sun Healthcare Group on Monday announced earnings were up during the third quarter of 2004.
The Irvine, CA, long-term care operator reported net income from continuing operations of $7.7 million for the third quarter, compared to a loss of $12 million in the third quarter last year. Revenues for the recent quarter were $204.5 million, up from $203.4 million in the same period in 2003.
Losses resulting from the sale of California operations earlier this month and an accounting adjustment for acquisitions in New Hampshire would amount to 2004 losses of between $5 million and $7 million, the company stated. These losses exceed an earlier estimated $2 million shortfall.
Sun Healthcare and its affiliates operate long-term and post acute care facilities in many states and also provide therapy, medical staffing and home care services.