Summit Corp. 3rd-Quarter Net Up 9%, Revenues 15%

Summit Corp. posted a 9% rise in its third quarter net income while its revenues increased 15%.

In the quarter that ended March 31, the company posted net income of $1.45 million, compared with a $1.33 million profit in the same period a year earlier. Revenues in the latest quarter rose to $52 million, up from $45.2 million.

For its nine-months, however, Summit’s net income fell 66% to $1.96 million, down from a profit of $5.73 million a year earlier, while its revenues rose 14% to $147.1 million, up from $129.3 million.

The company said much of its net income decline was due to a special charge of $2.42 million in its second quarter due to an audit by Medicare.

Summit Care, based in Burbank, operates 35 nursing care centers, plus various pharmacy operations in hospitals.