Profits fell by 7% in the third quarter for the largest nursing home chain in the country, even as revenues rose by 9%.
Manor Care Inc. earned $46 million in the third quarter on revenues of $915 million. That compares to profits of $50 million on sales of $840 million in the same quarter last year. One reason for the decrease in profits is because Manor Care posted a loss of about $8 million in expenses.
Strong operating fundamentals and cost controls drove the quarter’s earnings performance, said Paul A. Ormond, the company’s chairman and CEO. This year, census in the company’s skilled nursing centers is at its highest level in more than a decade, he noted.
