Summit Care Reports Profit in 3rd Quarter

Summit Care Corp., a Burbank operator of long-term care facilities, reported increased earnings in its fiscal third quarter and nine months that ended March 31, which it said reflected profit growth in its nursing centers and pharmacy operations, as well as cost controls.

Summit’s third-quarter net income was $1.51 million, a 21% increase from the $1.25 million it earned a year earlier. Its revenue for the latest three months rose 20%, to $25.6 million from $21.3 million.

For the nine months, the company’s earnings jumped 20%, to $4.44 million, while revenue grew by 15%, to $71.7 million. In the same period a year before, Summit earned $3.69 million on $62.1 million in revenue.