Beverly Enterprises Posts 32% Gain in Net Income

Beverly Enterprises, a Pasadena-based operator of nursing homes and durable medical equipment, reported that its net income for the final quarter of 1985 increased 32% to $18 million from $13 million in 1984.

Beverly posted revenue of $450 million for the three months, up 17% from the $385 million recorded in the same quarter of 1984.

For 1985, net income rose 27% to $59.8 million from $46.9 million the year before.

The health-care company also said 1985 revenue increased 19% to $1.7 billion from $1.4 billion in fiscal 1984.

Company officials could not be reached for comment on Beverly’s earnings report. But a rising elderly population, plus Beverly’s aggressive pace of acquisitions, have generally been credited with improving the company’s earnings growth.

However, the earnings growth was impressive enough to prompt Beverly’s board of directors to declare a cash dividend of 10 cents per share on the company’s common stock. The dividend will be paid April 14 to shareholders of record March 31.