Integrated Health takes bid
Bankrupt nursing home operator Integrated Health Services, Sparks, Md., said it has accepted a bid to sell its remaining assets to Abe Briarwood Corp. for an undisclosed price. Previously, the nursing home chain agreed to be purchased by Trans Healthcare, Camp Hill, Pa. Trans Healthcare was to pay $97.5 million in cash for Integrated Health in a deal expected to close this spring. Trans Healthcare, which develops and operates specialty hospitals and skilled-nursing facilities, said it would move its headquarters to Maryland and retain Integrated Health's 675 employees. Integrated Health, which filed for bankruptcy protection in February 2000 after losing $2.6 billion in 1999, has 150-plus nursing homes and specialty-care facilities in 21 states.
Income booms for Select
Select Medical Corp., Mechanicsburg, Pa., said its net income for 2002, its second year as a public company, increased 49% to $44.2 million, or 90 cents per share, while revenue rose 17.5% to $1.1 billion. The company opened eight long-term acute-care hospitals in 2002, bringing its total to 72. It also operates 737 rehabilitation clinics in North America.
Manor Care gets good news
Manor Care, Toledo, Ohio, earned fourth-quarter net income of $23.1 million, or 24 cents per share, and credited higher occupancy rates and cost controls. In the fourth quarter of 2001, the nursing home company recorded a net loss of $17.9 million, or 18 cents per share, reflecting charges of about $51 million to increase reserves for patient-care lawsuits and for income tax adjustments. In the fourth quarter of 2002, the company took charges of $19.6 million for asset impairment and insurance restructuring and recorded unusual gains of $10.2 million. Revenue rose 3% to $728 million for the 2002 fourth quarter and was up about 8%, to $2.9 billion, for the full year.