Manor Care Inc., a large Silver Spring-based owner and operator of nursing homes, hospitals and motels, yesterday reported that earnings rose 48 percent in the company's second fiscal quarter due to continued strong results in the company's health-care operations and reduced interest expenses from two recent acquisitions.
The company also said the acquisitions had led to a 99 percent increase in earnings and 108 percent increase in revenues in the first half of Manor Care's fiscal year.
Manor Care earned $4.2 million (41 cents per share) in the quarter ended Nov. 30, compared with $2.8 million (28 cents a share), a year ago. Revenues in the period rose to $90.8 million from $44 million.
For the half, income rose to $7.7 million (76 cents) from $5.8 million (58 cents) a year earlier, while revenues grew to $183.1 million from $88 million. All per-share data is restated to reflect a three-for-two stock split declared last week.
The acquisition of Cenco Inc. and Leader Healthcare Organization Inc. by Manor Care contributed the largest part of the increase in earnings and revenues, company officials said.
With 115 nursing homes and hospitals containing 14,218 beds, Manor Care is one of the nation's largest health-care services corporations.