Manor Care's net income increases 25% in third quarter

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Manor Care's third quarter net income rose 25% from its $31 million net income reported in the year-ago quarter.

The Toledo, OH-based company reported a net income of $39.1 million in the third quarter ending Sept. 30. It also reported that revenue increased 6% to $807 million. The report also included its costs in issuing bonds and $5.6 million in retroactive Medicaid payments, adding up to $11.2 million.

In the nine months reported, Manor Care divested four assisted-living centers and 12 skilled-nursing facilities in six states. The company now operates 282 skilled-nursing facilities and 66 assisted living centers across the nation.