Manor Care, a national health care and lodging firm, announced that its first-quarter profits climbed to $9.4 million (24 cents a share) from $7.7 million (19 cents) for the same period last year after adjusting both periods for a three-for-two stock split to be distributed Sept. 30.
Revenue for the Silver Spring-based company rose to $123.5 million from $113.2 million for the same period last year.
Manor Care Chairman Stewart Bainum attributed the increase to the maturing of several nursing centers opened over the past 18 months and to its rapidly expanding hotel franchising system. Manor Care operates 143 health-care facilities and operates or franchises 625 inns through its Quality Inns unit.
*Circuit City Stores Inc. reported a slight drop in profits for its latest quarter that ended Aug. 31, from $4.1 million last year to $4 million this year. Earnings per share dropped from 40 cents last year to 36 this year, with much of the decline attributed to more outstanding shares after a November 1984 stock sale.
Company president Richard L. Sharp attributed the decline in overall profitability to the company's West Coast Zody's licensed departments which Circuit City is slowly but steadily closing. Lower profit margins also affected profits, Sharp said.
Sales for the Richmond-based consumer electronics retailer increased 36 percent for the quarter over last year, to $147.9 million from $108.7 million.
For the six months that ended Aug. 31, sales also increased 36 percent to $276.1 million from $202.3 million. Earnings were down, however, to $7.3 million from $7.5 million.