Beverly reports third-quarter earnings gains
Beverly Enterprises reported net income of $24.4 million for the third quarter, compared to the year-ago quarter's earnings of $10 million. The company attributes its earnings to cost-control efforts.
The Arkansas-based company also reported a 45% increase in EBITDA in the skilled nursing facilities division as a result of higher revenues, reduced bad debt expense and growth in Medicare patient mix.
Beverly also credited more efficient facility staffing due to a new labor management system for its weighted-average wage rate, which rose less than 3.8% over the 2003 third quarter.