Assisted Living absorbs second quarter losses

Menomonee Falls-based Assisted Living Concepts Inc. reported Thursday that it had a net loss of $25.1 million in the second quarter, compared to positive net income of $6.28 million in the second quarter of 2011.

The company said several one-time charges contributed to the second quarter loss. Excluding the one-time items, net income in the second quarter of 2012 and 2011 would have been $4.2 million and $5.8 million, respectively, the company said.
Revenue of the second quarter was down 3 percent to $56.86 million.
“The second quarter of 2012 was filled with challenges leading to a decline in both our occupancy and net income,” said Dr. Charles “Chip” Roadman, president and chief executive officer. “Beginning in the second quarter, we have taken swift and decisive actions to address the quality of service delivered to our residents including the engagement of outside advisors. Progress is being made in this area and we believe such changes will enhance shareholder value in the longer term.”

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