Nu-Med Profits Decline by 12% in 1st Quarter

Nu-Med, an Encino-based hospital chain, said its profits fell 12% during its first quarter ended July 31, despite a 37% increase in sales over the same period last year.

The company reported net income of $1.2 million, or 10 cents per share, on sales of $66.1 million during the quarter.

Nu-Med, which recently has been acquiring psychiatric hospitals, blamed its weaker profits on low occupancy rates, mostly at its two Florida hospitals. The company owns and operates 15 hospitals in the United States and one in Britain.