Harborside Healthcare predicts bad first quarter.Boston-based Harborside har·bor·side n. The area adjacent to a harbor. Healthcare Corporation expects first-quarter revenues and earnings (before interest, taxes, depreciation, amortization, and facility rent) to be substantially lower than anticipated. The company cited the impact of its transition to the Medicare prospective payment system, noting that it is implementing certain cost reduction and revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. programs to address the situation. The transition to PPS (Packets Per Second) The measurement of activity in a local area network (LAN). In LANs such as Ethernet, Token Ring and FDDI, as well as the Internet, data is broken up and transmitted in packets (frames), each with a source and destination address. became effective on January 1 for all of its 50 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. . Excluding the effect of extraordinary items, revenues and EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) for the fiscal year ended December 31, 1998, were about $311 million and $48.3 million, respectively. Harborside announced that its first-quarter earnings, when finalized, would result in the company being out of compliance with some financial covenants in its bank credit facility unless certain amendments are obtained. The company met with representatives of its bank group and entered into amendments. |
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