Manor Care profits rose 32% for year

June 28, 1994|By Patricia Meisol | Patricia Meisol,Sun Staff Writer

Manor Care, the Silver Spring-based nursing home and hotel company, said yesterday that its net income increased 32 percent in the year that ended May 31, largely as the result of higher occupancy levels in its two businesses.

Net income was $78.4 million, or $1.29 a share, up from $59.4 million, or $1.04 a share, in the previous fiscal year.

Health care revenues, which account for 80 percent of the business, rose 11 percent for the year and 12 percent for the fourth quarter, to $923.3 million and $246.4 million respectively. Operating income from this division rose 12 percent for the year, to $227 million, and 14 percent in the fourth quarter, to $63.9 million.

Stewart Bainum Jr., chairman of the board, attributed the increase on the health care side to higher occupancy as well as new business for Vitalink, Manor Care's 82-percent owned institutional pharmacy subsidiary.

Manor Care is the third-largest nursing home operator in the country and operates 164 facilities and 22,252 beds in 28 states.

The company's international lodging division, which owns or franchises more than 3,200 hotels in 30 countries under such names as Quality, Comfort and Clarion inns, reported revenues up 34 percent for the year, to $239.8 million, and 38 percent in the fourth quarter, to $63.32 million. Operating income was up 30 percent for the year, to $64.4 million, and 42 percent in the quarter.

Manor Care Inc.

9+.. .. .. .. .. .. .. Ticker .. Yesterday's

.. .. .. .. .. .. .. Symbol .. Cls. .. Chg.

.. .. .. .. .. .. MNR .. .. 25 1/4 .. .+

Period ended

5/31/94 .. .. .. 4th qtr. .. .. Year ago .. .. Chg.

Revenue .. .. . $309,748 ... .. $265,623 ... +16.6%

Net Income .. .. $22,708 ... ... $17,303 ... +31.2%

Primary EPS . .. . $0.36 ... .. .. $0.30 ... +20.0%

.. .. .. .. .. ..12 mos. .. .. Year ago .. .. Chg.

Revenue .. . $1,163,072 .. .. $1,009,675 . .. +15.1%

Net Income . .. $78,362 .. .. .. $59,364 . .. +32.0%

Primary EPS ... . $1.29 .. .. .. . $1.04 . .. +24.0%

Figures in thousands (except per share data.)

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