Manor Care reports whopping second-quarter earnings

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Manor Care's earnings grew 112%, to $40.1 million, in second quarter 2004, compared with a net income of $18.9 million in the year-ago quarter. The Toledo, OH-based company's revenues rose 6.5% to $799 million the same quarter.

Manor Care attributed its earnings growth to improved pricing and growth in Medicare patient census, an improved mix of Medicare, private pay and managed care revenue, and an increase in Medicaid rates.

In the first quarter, Manor Care divested four nursing centers, as well as three nursing home and three assisted living facility leases. The company also sold one nursing center during the quarter.

Manor Care is one of the nation's biggest nursing home chains in the U.S. and currently has more than 500 facilities across the nation.