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October 28, 2011 at 10:41 AM
A senior housing and long-term care provider says it is happy that it has tried to focus on serving seniors who pay with their own cash or cash from private insurers, rather than seniors who depend on government programs.
Five Star Quality Inc., Newton, Mass. (NYSE:FVE), is reporting a $528,000 net loss for the third quarter on $329 million in revenue, compared with $5.2 million in net income on $305 million in revenue for the third quarter of 2010.
But operating income fell less sharply – to $4.2 million, from $6 million — and the net loss was due largely to losses on operations that have already been discontinued, the company says.
The “senior living average daily rate” at owned and leased communities increased to $147.47, from $146.55.
