Extendicare looking to expand, CEO says

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After just completing its purchase of Assisted Living Concepts Inc., the CEO of Extendicare Inc., Mel Rhinelander, says the company is ready for new acquisitions.

The Ontario, Canada-based long-term care company bought ALC for about $412 million (Canadian) about a year ago, and in the process acquired about 177 assisted-living centers in the U.S.

The long-term care industry has been changed by a number of recent deals, Rhinelander said, noting that the company continues to monitor and assess opportunities in an effort to increase shareholder value.

Last week Extendicare reported third-quarter profits of $29 million
(Canadian), up from $19.6 million in 2004, as revenue increased at the company's nursing and assisted-living homes. Revenue from Extendicare's Canadian homes rose to $96.6 million from $92.3 million, while U.S. operations posted revenues of $346.2 million, up from $299.7 million.

The company operates 442 long-term care facilities in the U.S. and Canada.
(Published 11-7-05)