Manor Care, Toledo, Ohio, said its net income dropped 5.8% in the second quarter and 15% in the first half of 2005, reflecting declining occupancy, higher provider taxes and lower gains on divestitures. The long-term-care company earned net income of $37.9 million, or 43 cents per share, on revenue of $833.8 million in the quarter ended June 30. That compared with net income of $40.1 million, or 45 cents per share, on revenue of $799.1 million in the year-ago quarter. Occupancy fell to 88% in the second quarter from 89% in the first quarter, while provider tax increases offset nearly all gains from improved Medicaid rates, the company said. For the six months, Manor Care earned $69.2 million, or 79 cents per share, down from $81.2 million, or 93 cents per share, in the year-ago period. Revenue rose to $1.7 billion from $1.6 billion. Manor Care owns or operates 278 skilled-nursing and 65 assisted-living facilities. -- by Joseph Mantone
Manor Care's profits fall on lower occupancy, new taxes
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