Assisted Living Concepts, Inc. ("ALC") (NYSE: ALC) recently reported net income from continuing operations and net income each were $3.6 million in the first quarter of 2010, compared to a net loss from continuing operations and a net loss of $11.6 million and $11.8 million, respectively, in the first quarter of 2009. The net loss for ALC in the first quarter of 2009 included an impairment charge relating to the non-cash, non-recurring write-off of goodwill (net of tax) of $14.7 million. ALC’s revenues were $57.9 million in the first quarter ended March 31, 2010 increased $0.8 million or 1.4% from $57.1 million in the first quarter of 2009 and increased $0.1 million or 0.2% from the fourth quarter of 2009.
Some of the operational highlights include:
- Increased average private pay occupancy by 18 and 83 units over the fourth quarter of 2009 and first quarter of 2009 respectively
- Increased overall and private pay rates by 5.4% and 3.8% over the first quarter of 2009
"We are strongly encouraged by our first quarter operating results," commented Laurie Bebo, President and Chief Executive Officer. "Historically, our industry has seen significant challenges to occupancy in the first quarter of the year. We are pleased that we not only maintained private pay occupancy, but actually increased it. In addition to the private pay occupancy gains, we also significantly increased our margins over the first quarter of 2009. We believe we are well positioned to take advantage of any economic recovery we may see during the balance of 2010."