Assisted Living Concepts Inc. (NYSE:ALC) announced its first quarter 2011 earnings that showed net income of $5.01 million, or 43 cents a share, up from $3.61 million, or 31 cents, a year ago. Q1 2011 results included a gain of $400,000 with a slight increase in revenues to $54.8 million during the quarter. The company’s revenues were up based upon combination of rate increases of 2.4% and higher occupancy of private paying residents in its facilities. In conjunction with its earnings release, ALC announced that it declared its first cash dividend and also approved a 2-for-1 split of its Class A and Class B common stock.
“We continue to strengthen our portfolio of properties by making positive strides in both private pay occupancy and earnings,” commented Laurie Bebo, President and Chief Executive Officer. “The first quarter of the year has historically been our most challenging quarter from both an occupancy and expense perspective. We are encouraged that the market has recognized our consistent positive results and driven up our share price. We feel that a two for one stock split will benefit our shareholders by adding liquidity to our stock. We are pleased to report that confidence in our balance sheet and our ability to continue to generate significant amounts of cash has resulted in rewarding our shareholders with an initial quarterly dividend of 10 cents per post split share.”