Manor Care Inc., a nursing home and health facility company based in Silver Spring, reported yesterday a substantial increase in profits for the first fiscal quarter ended Aug. 31.
Not counting one-time gains, earnings were $920,000 (61 cents a share) compared with $395,000 (23 cents) a year earlier, as revenues rose to $12.6 million from $10.9 million.
In both quarters, the profits include income from an equity investment in Hillhaven Corp.-$425,000 in the recent quarter compared with $219,000 a year ago. An extraordinary gain of $3 million from selling the Hillhaven investment brought final net income to $3.9 million ($2.60 a share) for the recent period.
Manor Care operates 23 nursing centers with about 3,500 beds in 9 states.
Schwartz Brothers Inc., owner of the Harmony Hut record retail stores and a leading record distributor based in Northeast Washington, said decreased record sales in recent months caused a loss of $97,000 in the six months ended July 31 compared with profits of $116,000 (15 cents a share) in the same period last year. The second-quarter loss was $138,000 vs. earnings of $76,500.
Sales for Schwartz dipped to $13.3 million in the recent six months from $13.9 million. President James Schwartz said both retail and wholesale operations were adversely affected by lower sales and higher costs. He attributed the lower sales to a continuing general decline in consumer purchases. The firm recently opened its 20th Harmony Hut store, north of Richmond. Another new unit will open next month in Laurel.
Bowl America, a Springfield-based owner of 25 bowling centers in the Washington, Baltimore, Richmond, Jacksonville and Orlando markets, reported record sales and earnings for the year ended July 1.
Net income was $1.17 million (84 cents a share) compared with $1.15 million (82 cents) a year ago, a modest increase that reflects harsh winter weather that cut down on customers. Sales rose to $13.8 million from $13.5 million.
A strong fourth-quarter performance, with earnings of $194,500 (14 cents) vs. $119,000 (9 cents), reflected better bowling weather in the summer months than a year ago.Bowling centers generally attract more business during cooler weather.