Beverly Enterprises, the largest nursing home operator in the U.S., reported earnings in the first quarter ended March 31 rose 6% to $6.3 million, or 6 cents per share, from $5.9 million, or 6 cents per share, in the year-ago quarter. Revenue rose 2% to $646.9 million.
Chief Executive Officer David Banks told investors the company has no plans to file for bankruptcy. The Fort Smith, Ark., company operates 559 homes in 30 states.
Meanwhile, Genesis Health Ventures, Kennett Square, Pa., lost $54.9 million, or $1.13 per share, on revenue of $604.8 million in its second quarter ended March 31. Figures for the year-ago quarter were not available.
Genesis, which operates 338 nursing homes in 16 states, has defaulted on interest payments and is negotiating a restructuring of its debt.