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Beverly Enterprises Posts Quarterly Loss

July 31, 2002|Reuters

Nursing home operator Beverly Enterprises Inc. said an increase in reserves for patient-care lawsuits led to a second-quarter loss.

The company also said a probe into possible government overpayments to its Fresno-based home medical equipment business unit, MK Medical, could hurt earnings.

As expected after a July 19 forecast, Beverly reported a net loss of $14 million, or 13 cents a share, including one-time items, compared with year-ago earnings of $5.6 million, or 5 cents a share. Revenue fell 7% to $634.7 million.

Fort Smith, Ark.-based Beverly, which operates 462 nursing homes and 29 assisted-living centers, also lowered its earnings forecast for the rest of the year to 12 cents a share for the third quarter and 13 cents a share for the fourth quarter.

Shares of Beverly were unchanged at $3.01 on the NYSE.

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