Manor Care Q3 earnings fall despite revenue increase.Third-quarter earnings at Toledo Toledo, city, Spain Toledo, city (1990 pop. 60,671), capital of Toledo province, central Spain, in Castile–La Mancha, on a granite hill surrounded on three sides by a gorge of the Tagus River. , Ohio-based nursing home operator Manor Care Inc. matched Wall Street expectations but still fell 48.6 percent from the previous year, although revenues increased. Earnings fell to $20.3 million from $39.5 million a year earlier, despite a rise in revenue to $604.5 million from $537 million. Earnings per share were 20 cents, compared with 31 cents in Q3 of the previous year. Revenues from In Home Health Care Inc., which is 40-percent owned by Manor Care, contributed to the sales increase. Other sales increased 8 percent from a year earlier as prices rose and the company's nursing home occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) increased. Manor Care cites rising labor costs, patients' claims against the company, and start-up Start-up The earliest stage of a new business venture. losses at a medical-transcription business and new assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. residences as having reduced earnings to $20.3 million from $39.5 million. The transcription transcription /trans·crip·tion/ (-krip´shun) the synthesis of RNA using a DNA template catalyzed by RNA polymerase; the base sequences of the RNA and DNA are complementary. tran·scrip·tion n. business and ALFs are expected to break even in 2001, says Manor Care. |
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