Beverly Reiterates Third-Quarter EPS Guidance; Affirms Reserve and Accrual Levels for Patient Care Liability Costs.Business Editors, Health & Medical Writers FORT SMITH, Ark.--(BUSINESS WIRE)--Oct. 11, 2002 Beverly Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :BEV) today reiterated guidance for third-quarter pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of 12 cents diluted. The company also affirmed that its reserves for patient care liability costs for prior policy years and its accrual level for the current policy year are proper and adequate, based on its most recent actuarial study. Beverly Enterprises, Inc. and its operating subsidiaries comprise a leading provider of healthcare services to the elderly in the United States. They operate 461 skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. , as well as 29 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. centers, 53 home care and hospice centers and 154 outpatient therapy clinics. Through AEGIS Therapies, they also offer rehabilitative services on a contract basis to nursing homes operated by other care providers. |
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