ARV Assisted Living Inc. reported Wednesday that net income more than doubled for the third fiscal quarter on a surge in revenue.
The operator of assisted living facilities reported net income of $256,000, or 3 cents a share, for the three months ended Dec. 31, up from $104,000, for the same quarter a year ago. Revenue rose to $23.8 million from $9.5 million, largely the result of several acquisitions and the addition of long-term operating leases, the company said.
For the nine-month period, net income was $867,000, or 9 cents a share, which included an extraordinary charge of $386,000 for early extinguishment of debt. For the year-ago period, the company reported a net loss of $1.3 million, or 28 cents a share. Revenue increased to $58.3 million from $20.4 million.