Care Enterprises Inc.: The Tustin-based operator of...
From Times Staff Reports
Care Enterprises Inc.: The Tustin-based operator of board-and-care homes that is currently under the protection of bankruptcy court, lost $28.5 million in the third quarter on revenues of $60.8 million.
In the same quarter last year, Care lost $2.27 million on revenue of $64.1 million. Care attributed a significant portion of the loss to increased Medicare reimbursement reserves, increased Chapter 11 reserves, and a reduction of good will on 23 nursing facilities.
