Extendicare's annual earnings skyrocket
Extendicare Health Services, a wholly owned subsidiary of Extendicare Inc., reported a profit of $20.1 million for 2003, up 85% from $3.2 million in 2002. Revenues increased to $843.4 million from $787.4 million.
The Milwaukee-based company reported a net income of $8.2 million for fourth quarter ended Dec. 31, 2003, compared with a net loss of $949,000 for the same period last year. The company's revenues increased 9.2% to $219.6 million from $201.1 million.
Extendicare also reported a healthy average nursing home occupancy rate of 91.8% in the fourth quarter. Extendicare Inc., based in Markham, Ontario, runs 275 facilities with a 28,900 resident-capacity in North America.