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PORTLAND-Assisted Living Concepts Inc. reported reduced second quarter losses today (Friday, Aug. 9) and updated an expected five-property disposition it says will improve operating results next quarter.

For the quarter ended June 30, 2002, the national provider of assisted living services incurred a net loss of $2.6 million on revenue of $37.9 million. In the same period last year, the company incurred a net loss of $4.6 million on revenue of $36.5 million.

Losses for the current quarter include a write-down of $0.4 million for the company’s five residences in Florida and Georgia, for which a sale is currently pending. “Completion of this sale, as well as other similar activities, will assist us in our goal of reducing debt and insurance expense, creating interest savings and improving operating results,” said Steven L. Vick, President and Chief Executive Officer.

Also included in current quarter results is a $1.0 million expense, which relates to the departure of several former officers and recent staff reductions in the company’s national office.

Assisted Living Concepts Inc. owns, leases and operates 183 assisted living residences with 7,077 units for older adults who need help with the activities of daily living, such as eating, bathing, dressing and medication management. The company emerged from bankruptcy last year. Its stock is trading on the OTCBB at around $2.90 per share, off $0.10 on the day.

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