Nu-Med Chain’s Income Up 14% in 2nd Quarter

Nu-Med, the Encino-based hospital chain, reported 14% higher net income in its second quarter, which ended Oct. 31, contrasted with the same quarter a year earlier. Sales were up 26%.

The company reported net income of $1.8 million, or 16 cents a share, on sales of $93.6 million.

Net income for the six months ended Oct. 31 rose 26% to nearly $3.5 million, or 31 cents a share. Sales jumped 31% from the same period a year earlier, to $184.4 million.

Nu-Med attributed its improved earnings mostly to greater use of its psychiatric facilities, but said net income lagged behind sales because of construction and conversion costs at four hospitals.