Beverly Enterprises loses millions in the second quarter
Beverly Enterprises lost $25.9 million in the second quarter of 2004, compared with a profit of $17.5 million in the year ago quarter. Discontinued operations and under-performing facilities accounted for $10.7 million of the $25.9 million, according to the Fort Smith, AR-based company.
Second-quarter revenue was $492.9 million, up 9% from $446.2 million in 2003.
"In addition to achieving improved operating results during the quarter, we also eliminated $70 million of off-balance sheet debt, we lowered nursing patient receivables by $20 million and we completed a refinancing that lowers overall interest costs," said William R. Floyd, chief executive of Beverly, in a press release.