Assisted Living Concepts (NYSE:ALC) reported net income of $4.1 million dollars in the first quarter of 2008. The most interesting part of the press release is the quote from the President and CEO of ALC, Laurie Bebo. “Despite lower same store overall occupancy, we improved revenues and adjusted EBITDA through strategic acquisitions and cost reductions due to lower Medicaid occupancy.”
While Assisted Living Concepts operates 216 assisted living residences with capacity for over 9,000 residents in 20 states, someone may question the CEO’s comment of treating the revenue of these facilities so blithely by effectively calling them same store sales. Will all public traded assisted living companies begin sounding like same store sales at Target, Walmart and McDonalds? So much for that personal touch…
For more information on ALC’s First Quarter 2008 Earnings, click here.
