Long-term-care provider Beverly Enterprises, Fort Smith, Ark., lost $25.9 million, or 24 cents per share, in the second quarter ended June 30, as it took a $40.3 million charge for early retirement of debt and lost $10.7 million on discontinued operations. Revenue rose 10% to $492.9 million. In comparison, Beverly earned $17.5 million, or 16 cents per share, on revenue of $446.2 million in the second quarter of 2003. The company sold or closed 14 facilities in the second quarter of 2004 in accordance with a plan to divest underperforming centers. In all, Beverly has sold or closed 107 facilities over the past 18 months. The company remains one of the nation's largest long-term-care operators with 356 nursing homes, 18 assisted-living centers and 44 hospices. It plans to divest 24 additional skilled-nursing facilities. In the first half of 2004, Beverly lost $2.5 million, or 2 cents per share, on revenue of $978.1 million. That compared with a profit of $29.7 million on revenue of $883.8 million in the first six months of 2003. -- by Joseph Mantone
Beverly records loss as restructuring continues
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