ARV Posts a Loss

COSTA MESA —  ARV Assisted Living Inc., operator of assisted living facilities, reported a net loss of $1.8 million, or 19 cents a share, for the fiscal year ended March 31, compared with a net loss of $965,000, or 21 cents a share, for the prior year. Revenue more than doubled to $83.9 million from $33.1 million.

For the fourth quarter, the company lost $2.6 million, or 27 cents a share, which included charges of $2.6 million associated with the apartment and health care operations. The company posted net income of $302,000, or 3 cents a share, for the same period last year. Revenue rose to $25.7 million from $12.7 million.

The company said that it has reconsidered plans for shedding its apartment division and plans to restructure the operations instead. Apartment management operations account for about 2% of the company’s revenue.