Assisted Living Concepts Reports Q2 Losses

PORTLAND-Assisted Living Concepts Inc. reported reduced second quarter losses today (Friday, Aug. 9) and updated an expected five-property disposition it says will improve operating results next quarter.

For the quarter ended June 30, 2002, the national provider of assisted living services incurred a net loss of $2.6 million on revenue of $37.9 million. In the same period last year, the company incurred a net loss of $4.6 million on revenue of $36.5 million.

Losses for the current quarter include a write-down of $0.4 million for the company’s five residences in Florida and Georgia, for which a sale is currently pending. “Completion of this sale, as well as other similar activities, will assist us in our goal of reducing debt and insurance expense, creating interest savings and improving operating results,” said Steven L. Vick, President and Chief Executive Officer.