Manor Care Inc. yesterday reported fiscal year profits of $7.6 million ($1.71 a share) in the 12 months ended May 31, compared with operating profits of $3.4 million (96 cents) for the prior year, when the Silver Spring firm's overall business operations were substantially different.
For the first time, the company's earning report for the year included six-month figures from Quality Inns International Inc., the hotel firm acquired by Manor Care last year.
The year-earlier figures reflect only Manor Care's nursing center and related businessess; no figures were published to show what comparable figures would have been for the combined companies in the year. Revenues for the year ended May 31 were $91.6 million, up for $53.3 million last year, including six months for Quality Inns.
In the prior fiscal year, Manor Care had a one-time gain from selling stock in Hillhaven Corp. that made final net income $6.5 million ($1.80 a share).
For the fourth quarter, the Silver Spring nursing home and hospital company reported profits of $3.0 million (60 cents), up from $970,000 (27 cents) last year. Revenues for the quarter were $33.4 million, up from $14.0 million last year. The recent quarter included a $1 million gain from the sale of property.
Chairman Stewart Bainum said occupancy rates were strong at nursing centers, and he cited increased interest income from cast investments.
Fairchild Industries Inc. reported separately that second-quarter profits rose to $28.3 million ($1.53 a share) on sales of $360 million, compared with earnings a year ago of $14.5 million ($1.13) and sales of $225 million.
But the Fairchild results for the recent quarter include $18.4 million in after-tax profits on Fairchild's sale last month of its holdings in Bunker Ramo Corp., leaving the Germantown company's profits after that transaction for the quarter slightly lower.
The company attributed the results to a decision to report as current expenses the costs in a partnership with Saab-Scania of Sweden to design a new commercial aircraft. The company said it also had charged off costs in the project for earlier peroids. The accounting change means the design costs will have a lesser adverse impact on future quarters.
Fairchild reported first-half profits of $45.4 million ($2.46), compared with $25.8 ($2.02) last year. Sales rose from $417 million last year to $672 million for the aerospace company.
A. H. Robins Co. reported a drop in second-quarter earnings to $5.7 million (23 cents a share), compared with profits of $6.9 million (28 cents) for the 1980 second quarter. Sales for the quarter rose to $103.6 million from $99.3 million for the Richmond pharmaceutical manufacturer. In the first six months, profits rose to $17.8 million (71 cents) from $15.9 million (63 cents). Sales rose to $218.2 million for the first half from $203.7 million.