Sun Healthcare reports first-quarter loss
Sun Healthcare reported a quarterly loss of $10.4 million Tuesday, compared with a loss of $13.3 million in the year ago quarter, mostly due to restructuring costs. The Irvine, CA-based nursing home chain emerged from bankruptcy February 2002. Sun had forecasted a $3 million to $5 million loss for the year.
"We've taken this company through bankruptcy and we just finished a restructuring in the first quarter," Chief Executive Richard Matros told Reuters. "I've certainly not said anything to imply that we'd be profitable right away."
Sun operates 109 long-term and post-acute care facilities with approximately 10,620 beds in 14 states. The company started trading on the NASDAQ exchange (ticker: SUNH) Mar. 10, 2004.