Nursing home chain Manor Care, Toledo, Ohio, reported a net income of $31 million, or 35 cents per share, in the third quarter, a 16% decrease compared with $37.1 million, or 38 cents per share, a year ago. Revenue rose 3.9% to $761 million, up from $732.9 million in 2002. The company said earnings during the quarter and the first nine months of the fiscal year were affected by unusually high costs related to the expense of stock appreciation rights, which have been awarded annually the past three years to more than 1,500 nonexecutive employees based on the company's performance. President and CEO Paul Ormond said the company's home-care and hospice business grew 16% from the year earlier period, with hospice accounting for the majority of this growth. -- by Julie Piotrowski
Manor Care reports net income down, revenue up
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