Manor Care, Toledo, Ohio, reported net income of $39.1 million in the third quarter ended Sept. 30, up about 25% from $31 million net income in the year-ago quarter. Revenue increased 6% to $807 million. The figures include $11.2 million in costs related to issuing bonds and $5.6 million in retroactive Medicaid payments from Pennsylvania, the state with the most Manor Care facilities. For the nine-month period, Manor Care earned $120 million on $2.4 billion revenue, up 48% from $81.1 million in net income on $2.2 billion revenue in the year-ago period. In the nine months, Manor Care divested 12 skilled-nursing facilities and four assisted-living centers across six states. It now operates 282 skilled-nursing facilities and 66 assisted-living centers nationally. -- by Joseph Mantone
Manor Care sees 25% increase in net income
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