Manor Care reports fourth-quarter profit
Manor Care reported $37.9 million earnings in the fourth quarter, or 42 cents per share, up from $23.1 million, or 24 cents, in the year-ago period. Manor Care's revenues rose to $787.1 million from $728.1 million.
The Toledo, OH-based company attributes the increase to a five-year occupancy high for its skilled nursing facilities -- more than 89%. The company also repurchased $145 million, or more than 7%, of the company's outstanding stock, which lifts its earnings per share.
Manor Care officials said they still need to be cautious about Medicaid funding from the states, but they also said they are optimistic about Medicare reimbursements.