posted a narrower third-quarter loss Wednesday, as Medicare and Medicaid revenue rose.
For its quarter ended Sept. 30, the Franklin, Tenn., provider of long-term care to nursing home patients lost $291,000, or 6 cents a share, from continuing operations. A year ago the company lost $3.4 million, or 62 cents a share, on the same basis.
Revenue rose 8.1% from a year ago on a continuing operations basis, hitting $55.1 million. Advocat said increased Medicare use, Medicare rate increases and increased Medicaid rates in certain states boosted the top line. Those gains were partially offset by a 2% decline in census. Medicare days rose to 12.6% of census from 10.9% a year earlier.
Advocat also completed the sale of certain assets of its medical supply business, Advocat Distribution Services, for $225,000 plus additional consideration based on the results of operations over the next two years. The company said the sale won't result in a material gain or charge to profits, but will let the company "focus its attention on the Company's core business."
On Wednesday, Advocat fell 6 cents to $3.89.