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COSTA MESA, CA-ARV Assisted Living Inc. earned net income of $200,000 for the third quarter, or a penny per share, compared with a net loss of $700,000, or four cents per share, for the third quarter of 2001.

The company reported that revenue for the third quarter grew to $39.7 million from $36.7 million for the same period last year. It attributed the revenue increase to the addition of two assisted living communities that the company acquired as part of its acquisition of American Retirement Villas Properties III in December. Revenues also grew as a result of a 6.1% increase in the monthly average revenue per occupied unit from $2,342 for the third quarter of 2001 to $2,484 for the third quarter of 2002.

Founded in 1980, ARV is one of the largest operators of assisted living communities in the nation, with 59 communities comprising approximately 7,000 units in 11 states. The company’s stock stood at $3.35 in early trading Wednesday, unchanged for the day and slightly below its 52-week high of $3.60, achieved in October.

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