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EARNINGS

Care Enterprises Inc. Reports Drop in Net

May 17, 1987

Care Enterprises Inc., an ailing Laguna Beach-based nursing home chain, reported a first-quarter 1987 net income of $66,000, down 75% from the $264,000 reported for the same period last year. Revenues for the quarter ended March 31 were $64.4 million, compared with $64.1 million for the same period last year.

Derwin Williams, Care chief financial officer, said Friday that the dramatic drop in net income resulted from losses incurred on the sale of nursing homes during the quarter. During the same period last year, Williams said, the company made money on similar sales.

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