Extendicare reports high first-quarter earnings

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Nursing-home operator Extendicare Inc. nearly doubled its first-quarter profits to $28.3 million (Canadian), compared with $17.8 million (Canadian) a year ago, mostly due to a strong performance by its U.S. subsidiary. The Markham, Ontario-based operator reported lower revenues, at $429.6 million, compared with $439.3 million.

The U.S. Extendicare subsidiary is headquartered in Milwaukee, WI.
The U.S. subsidiary reported earnings of $9.3 million (US) in the first quarter, compared with $2.3 million (US) a year ago, due to a higher Medicare census.

Extendicare Inc. operates 267 long-term care homes across North America, with capacity for over 27,800 residents.