Care Enterprises, a nursing home operator that filed for bankruptcy court protection last year, reported Tuesday that it earned $273,000 in the first quarter of this year.
The profit is a reversal from a $4.1-million loss in the same period a year earlier. Tustin-based Care Enterprises said revenue in the quarter increased 4% to $66.4 million.
The company, which lost $29 million in 1988 and has lost more than $100 million over the past three years, said its first-quarter performance benefited from cost cutting and new Medicare provisions that provide larger reimbursements and cover more patients.
Care Enterprises said it has reduced administrative expenses by 24% since it filed to reorganize under Chapter 11 of federal bankruptcy law in March, 1988. The company said it has cut corporate staff to 150 workers from 220 and has reduced executive salaries.