Summit Care Profits Jump by 30% to $1.62 Million

Summit Care Corp., a Burbank operator of nursing care and other health care properties, reported a sharp increase in its fiscal first quarter earnings due to across-the-board improved results from its nursing centers.

In the three months ended Sept. 30, Summit Care had net income of $1.62 million, up 30% from the $1.24 million profit of a year earlier. Its revenue rose 23%, to $27.2 million from $22.1 million.

The company also said that it completed the purchase of the operations and leasehold interests in six nursing care centers, and the operations and real estate of a seventh nursing care center, for about $11.5 million in cash and a $3-million note. The centers, all in Texas, have combined annual revenues of $14 million.