Beverly Enterprises, Fort Smith, Ark., reported improved net income of $17.5 million in the second quarter, compared with a $14 million loss in the second quarter of 2002. Net operating revenue was $558.3 million, compared with $564.3 million in the year-earlier period, down 1.1%. The company cited a gain from the sale of 18 skilled-nursing facilities and two assisted-living centers, which were sold as part of the company's strategy to divest facilities accounting for a disproportionate share of liability costs. For the six months ended June 30, Beverly reported earnings of $29.7 million versus a $70.7 million loss in the first half of 2002. Net operating revenue was $1.11 billion, compared with $1.12 billion in the first half of 2002. "We achieved strong operating results during the second quarter, made important progress on our divestiture strategy and significantly strengthened our balance sheet by repaying nearly $84 million of total debt," Chairman and CEO William Floyd said. -- by Mary Chris Jaklevic
Beverly Enterprises reports improved net income
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