Care Enterprises, a fast-growing Laguna Hills-based nursing facility operator, Friday posted a 33% increase in earnings and a 48% boost in revenues for the year ended Dec. 31. Fourth-quarter earnings increased by 49%.
Care officials attributed the earnings increase to the company's strategy of adding money-making services such as comprehensive rehabilitation programs to its nursing care facilities.
The company, which operates 98 skilled- and intermediate-care nursing facilities with 10,376 beds in California and Utah, plans to add about 2,000 beds in 1985, according to Derwin Williams, senior vice president and chief financial officer.
Net earnings for the calendar fourth quarter, increased to $878,000 from $590,000 for the same period a year ago. Fourth-quarter revenues increased 43% to $46.5 million, up from the $32.5 million reported in prior year.