ARV Assisted Living Posts Losses for 4th Quarter, Year

ARV Assisted Living Inc., Costa Mesa operator of assisted living communities, reported a net loss of $32.9 million, or $2.08 a share, for the fourth quarter, which included $25.4 million in charges. A year earlier, the company posted a net loss of $17.2 million, or $1.35 a share, which included a $13.2-million loss from discontinued operations. Revenue rose 32% to $35.2 million from $26.7 million.

For the year, ARV posted a net loss of $46 million, or $2.90 a share, on revenue of $128.6 million.

The previous year, the company moved the end of its fiscal year from March 31 to Dec. 31, resulting in nine-month results for the period ended Dec. 31, 1997. During that period, the company lost $22.1 million, or $1.98 a share, on revenue of $77.3 million.