Summit Care Hires Banker to Explore Options

Summit Care Corp. said it hired investment banker Donaldson, Lufkin & Jenrette Securities Corp. to help it evaluate “strategic alternatives.” The Burbank-based nursing home operator said it hired the investment banker to help it “maximize shareholder value.” The company didn’t elaborate. The announcement came as the company said fiscal first-quarter earnings rose 3.8% as occupancy at its nursing homes rose. Summit Care said net income for the quarter rose to $1.63 million, or 24 cents a share, from $1.57 million, or 23 cents, in the year-earlier period. Summit Care operates 35 nursing homes and five assisted-living centers in California, Texas and Arizona. The company also operates three pharmacies and manages sub-acute units in acute hospitals. Shares in Summit Care rose $1.25 to close at $17.88 on Nasdaq.