Summit Care Earnings Rise 3% for Quarter

Summit Care Corp., a Burbank-based company that owns and operates nursing care centers, reported a small earnings increase in the second fiscal quarter that ended Dec. 31.

Summit Care posted a $1.73-million profit in the second quarter, up 3% from $1.68 million in the same three-month period a year earlier. Revenue was $33.6 million in the quarter, up 40% from $24 million a year earlier.

For the first six months of the fiscal year, Summit Care reported earnings of $3.34 million on revenue of $60.8 million, compared to a year-earlier profit of $2.92 million on revenue of $46 million.

The company attributed the results to successful integration of recently acquired nursing centers, as well as improved occupancy rates at existing centers. Summit Care said occupancy rates improved to 92% in the second quarter, compared to 90% in the same quarter a year earlier.