DESCRIPTION: Owner and operator of 23 nursing homes, a general hospital and alcoholic rehabilitation centers in 11 states (Amex). PROFITS PER SHARE (FISCAL YEAR ENDED MARCH 31, 1979): $1.45 ($1.04 after a stock split). DIVIDENDS: $868,000 (40 cents a share; in 1980, stock was split 3 for 2 on Jan. 30 and an 8 percent stock dividend was paid Feb 27). FOUNDED: 1968 TOP EXECUTIVES: Stewart Bainum, chairman; Calvin Kaylor, president and chief executive; S. James Radcliffe, senior vice president and treasurer.
On July 31 of last year Manor Care sold its investment in the Hillhaven Corp., and approximately $20 million in cash proceeds become available for the future growth of the company in the health care field. During the year the Silver Spring firm also repurchased 271,000 shares of its common stock from three shareholders. Manor Care opened its general hospital in Dallas and completed its first year of operation in alcoholic rehabilitation. For the first nine months of fiscal 1980, Manor Care's earnings rose to $5.6 million ($2.30 a share) from $1.9 million ($0.68 a share) for the first three quarters of fiscal 1979. More than half of those profits, $3.07 million ($1.27 a share), came from the sale of Hillhaven's common stock. Sales for the period were up 14 percent to $39.3 million.