ARV Assisted Living Posts Smaller Loss

ARV Assisted Living Inc., Costa Mesa operator of assisted living communities, said it lost $5.6 million, or 34 cents a share, for the fourth quarter. That compares with a net loss of $32.9 million, or $2.08 a share, for the fourth quarter a year ago, which included write-downs totaling $22.7 million. Revenue declined 3% to $34 million, due in part to the sale of five communities, the company said.

For the year, the company reported a net loss of $27.7 million, or $1.73 a share, compared with a net loss of $45.9 million, or $2.90 a share, for the prior year. Revenue increased 8% to $138.2 million.