Second-quarter net income for Manor Care Inc., a diversified owner and operator of nursing homes and hotels, climbed 21 percent to $9.4 million (24 cents a share) from $7.7 million (20 cents) during the same period last year.
Revenue rose to $119.6 million from $112.7 million during the same period a year ago.
The Silver Spring firm, which is the nation's fourth-largest nursing home chain, with 142 health-care facilities and 18,300 beds, attributed the improved earnings partly to an increase in private-paying patients, the maturing of several new nursing centers developed over the past two years and the recent sale of eight nursing centers that did not meet the company's profit criteria.
Manor Care Chairman Stewart Bainum said the improved earnings also were attributable to the addition of 24 hotels with 2,700 rooms to its franchising system. Manor Care now owns or franchises 649 Quality Inn hotels with 74,000 rooms.
Six-month net income jumped to $18.8 million (47 cents) on revenue of $243.1 million from $15.4 million (39 cents) on revenue of $225.8 million during the same period last year.
*The Sporting Life Inc., an Alexandria-based national direct mail catalogue merchandiser of women's and men's apparel, yesterday reported revised earnings for its fiscal first quarter ending Oct. 31 because the company's independent accountants said the provision for income taxes had to be decreased from $70,000 to $65,000.
The firm's net income rose to $179,565 (19 cents a share) instead of earlier reported net income of $203,837 (21 cents).
Revenue for the first quarter was not revised, amounting to $2.3 million compared with $1.4 million for the same period last year.