Long-term-care provider Manor Care, Toledo, Ohio, said an employee compensation charge helped decrease earnings about 25% to a net income of $31.2 million, or 36 cents per share, in the first quarter of 2005, compared with $41.1 million, or 45 cents per share, through the first three months of 2004. The company's revenue increased about 10% to $879 million, compared with $797 million a year ago. The "unusually high" employee compensation charge for retirement stock compensation of $18 million, or 14 cents per share, was because of an accounting practice change in which Manor Care listed the charge in the first quarter instead of spreading it over a number of years, the company said. Manor Care owns or operates 279 skilled-nursing facilities and 65 assisted-living facilities. -- by Joseph Mantone
Manor Care sees decline in first-quarter earnings
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