Summit Care Corp. Quarterly Profits Up 88%
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Summit Care Corp., a Burbank-based operator of nursing homes, said its fiscal third-quarter profit soared 88% from a year earlier on a 16% gain in revenue.
In the quarter ended March 31, Summit Care’s net income rose to $1.25 million from $665,000, and its revenue climbed to $21 million from $18.1 million. Strength in the company’s California and Texas nursing homes and its expanding pharmacy business contributed to the gains, Summit Care said.
For the first nine months of its fiscal year, Summit Care’s profit rose 72%, to $3.69 million from $2.14 million, and its nine-month revenue was up 15%, to $61.8 million from $53.9 million.
Summit Care is 51% owned by Summit Health Ltd., a hospital operator also based in Burbank.
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