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Extendicare posts another profit gain. (Under the Wire).

One of the largest nursing-home operators recently reported its third consecutive quarterly profit for this year, compared to a loss of $4.1 million, or 6 cents a share, a year earlier.

Net earnings for Extendicare Inc were $2.1 million, or 3 cents a share in the second quarter Pretax earnings from health care operations grew, by $12 2 million in the quarter, and revenue from ongoing operations grew 4 7 per cent to $4298 million.

"Based on the strong financial performance year-to-date, we continue to anticipate that Extendicare will be profitable from ongoing operations in 2002," CEO Mel Rhinelander said in a prepared statement.

Extendicare, through its subsidiaries, operates 261 homes and provides medical specialty services in the United States and home health care services in Canada.

"The magnitude of our earnings will be subject to the U.S. Congress upcoming decision regarding Medicare funding," said Rhinelander's statement.
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Publication:Contemporary Long Term Care
Article Type:Brief Article
Geographic Code:1CANA
Date:Sep 1, 2002
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