Care Enterprises Posts $166,000 Loss for First Quarter

Care Enterprises Inc., a nursing home chain that emerged from a Chapter 11 bankruptcy reorganization at the beginning of the year, reported Tuesday that it lost $166,000 in the first quarter ended March 31.

The company lost $686,000 in the 1990 first quarter.

First-quarter revenues totaled $44.8 million, $15.6 million less than the $60.4 million it took in during the same period last year. The decrease is primarily due to the sale of 27 facilities since the first quarter of 1990, the company said.

Care Enterprises still operates 53 nursing homes in California, New Mexico, Ohio and West Virginia. In 1986, two years before filing for Chapter 11 bankruptcy, the company operated 126 facilities. From 1986 to 1989, however, it lost $152.2 million, and was forced to sell facilities to reduce its debt load.

Company officials have said they would like to sell as many as 10 more buildings and streamline operations further.