Manor Care profits rose 19.7% in 3rd quarter, to $18.7 million

March 22, 1995|By Ross Hetrick | Ross Hetrick,Sun Staff Writer

Aided by an improving economy and more hotels and nursing homes, Manor Care Inc. saw profits rise 19.7 percent during its fiscal third quarter that ended Feb. 28.

The Silver Spring-based lodging and health care company saw quarterly profits hit $18.7 million compared to $15.7 million for previous third quarter. Sales rose 13.4 percent to $322.1 million from $284.1 million a year before.

"We're optimistic about both our businesses and we're trying to grow both," said James A. MacCutcheon, senior vice president, chief financial officer and treasurer of Manor Care.

Manor Care, which manages or franchises more than 3,400 hotels, is one of the nation's largest hotel companies, trading under the names Quality, Comfort, Clarion, Sleep, Rodeway, Econo Lodge and Friendship Inns.

The company also operates nursing homes and assisted-living facilities in 28 states and owns 82 percent of Vitalink Pharmacy Services Inc.

The company's hotel business has been helped by a general revival in the industry, Mr. MacCutcheon said. Meanwhile, its health care business has benefited from a growing elderly population and the trend toward managed care.

"We're seen as the low-cost alternative to hospital care," Mr. MacCutcheon said.

Manor

Care Inc. ... ... ... ... ... ... Ticker ... ... ... ... Yesterday's

Silver Spring ... ... ... ... ... Symbol ... ... .. Cls. ... .. Chg.

... ... ... ... ... ... ... .. .. MNR ... ... .. .. 30 3/4 ... unch

Period ended

2/28 ... ... ... ... ... ... ... 3rd qtr. ... .. .. Year ago ... Chg.

Revenue ... ... ... ... .. .. .. $322,100 ... .. .. $284,071 .. +13.4%

Net Income ... ... ... ... .. .. $18,741 ... ... .. $15,651 ... +19.7%

Primary EPS ... ... ... .. .. .. $0.30 ... .. .. .. $0.25 .. .. +20.0%

... ... ... ... ... ... .. .. .. 9 mos. ... ... ... Year ago .. .. Chg.

Revenue ... ... ... ... .. .. .. $967,700 ... .. .. $853,300 .. .. +13.4%

Net Income ... ... ... ... .. .. $68,100 ... ... .. $55,700 ... .. +22.3%

Primary EPS ... ... ... .. .. .. $1.09 ... .. .. .. $0.93 .. .. .. +17.2%

Figures in thousands (except per share data)

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