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Summit Care Corp

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BUSINESS
April 20, 1993
Summit Care Corp., a Burbank-based operator of nursing homes, said its fiscal third-quarter profit soared 88% from a year earlier on a 16% gain in revenue. In the quarter ended March 31, Summit Care's net income rose to $1.25 million from $665,000, and its revenue climbed to $21 million from $18.1 million. Strength in the company's California and Texas nursing homes and its expanding pharmacy business contributed to the gains, Summit Care said.
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BUSINESS
May 6, 1997
Summit Corp. posted a 9% rise in its third quarter net income while its revenues increased 15%. In the quarter that ended March 31, the company posted net income of $1.45 million, compared with a $1.33 million profit in the same period a year earlier. Revenues in the latest quarter rose to $52 million, up from $45.2 million. For its nine-months, however, Summit's net income fell 66% to $1.96 million, down from a profit of $5.73 million a year earlier, while its revenues rose 14% to $147.
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BUSINESS
September 6, 1994
Summit Care Corp., a Burbank-based operator of nursing homes, said it has purchased a 240-bed nursing care center in Fort Worth, Tex., for $12 million. Summit Care said the West Side Care Center has a 92% overall occupancy rate. The center has available land that will be used for an expansion to include facilities for retirement and assisted-living services, Summit Care said, adding that key personnel at the center will retain their positions. Summit Care also said it has spent $1.
BUSINESS
January 9, 1997 | Times Staff and Wire Reports
Shares of Burbank-based Summit Care Corp. fell as much as 19% after the company said it will take a charge of $2.4 million against fiscal second-quarter earnings due to reduced Medicare reimbursements. The provider of health-care services for the elderly also said it expects second-quarter profit from operations to fall 30% because of fewer residents and increased competition at its California nursing homes, as well as lower managed-care revenue.
BUSINESS
January 11, 1994
Summit Care Corp., a Burbank-based operator of nursing centers for the elderly, said it signed a long-term lease on a 150-bed care center in Phoenix. The company plans to operate the center as a specialty care nursing facility. Summit Care said it began operating the center on Jan. 4 and currently has 42 residents. Summit Care is 51.8% owned by Summit Health Ltd.
BUSINESS
February 15, 1994
Summit Care Corp., a Burbank-based operator of skilled nursing-care centers and retirement facilities, said it received a commitment for a $25-million secured bank line of credit, up from $6 million currently. Summit said the line of credit will be used mainly for financing acquisitions and possibly working capital and property development. The arrangement with the bank, which Summit did not identify, is expected to go through by the end of March. Summit Care is 51.8% owned by Summit Health
BUSINESS
August 6, 1991
Summit Health Ltd. said it postponed efforts to take its Summit Care Corp. unit public because of weakening market conditions for initial public stock offerings. Summit Health, based in Burbank, owns hospitals and other medical facilities, and Summit Care operates nursing homes and retirement centers. In May, Summit Care announced plans to offer 2.1 million common shares to the public at between $9 and $11 a share.
BUSINESS
June 16, 1992
Summit Care Corp. in Burbank said it agreed to buy a 240-bed nursing care center in Ft. Worth, Tex., for about $10 million. The transaction, which is subject to Summit Care securing the necessary financing, is expected to be completed Aug. 1. Summit Care, an operator of 17 nursing homes and four retirement centers, went public in March when its former parent company, Summit Health Ltd., offered a minority stake in Summit Care to the public. Summit Health is a hospital operator based in Burbank.
BUSINESS
May 24, 1994
Summit Care Corp., a Burbank-based operator of nursing-care and retirement centers, said it has filed a registration statement with the Securities and Exchange Commission for an offering of 1.5 million shares of common stock worth about $30 million. Proceeds from the public offering will be used to repay debt and fund expansion of existing centers and the acquisition and construction of new centers. Dillon, Read & Co. Inc., Robertson, Stephens & Co. L.P. and Smith Barney Shearson Inc.
CALIFORNIA | LOCAL
September 11, 1986 | BILL BILLITER, Times Staff Writer
A nursing home in Orange County has been removed from Medicare and Medi-Cal rolls because of alleged inadequate care of patients, a state official confirmed Wednesday. Jacqueline Lincer, district administrator in Orange County for the state Department of Health Services, said the action has been taken against the Carehouse Convalescent Hospital, 1800 Old Tustin Ave., in Santa Ana. Lincer said Carehouse is licensed to care for up to 150 patients. The U. S.
BUSINESS
January 23, 1996
Summit Care Corp., a Burbank operator of nursing homes, said its earnings for the fiscal second quarter that ended Dec. 31 will be lower than some analysts expected. Earnings are expected to be about $2.1 million in the second quarter--up 23% from $1.7 million a year earlier, but lower than projected. The company said shortfalls at eight of its facilities in Texas are the reason. Summit has boosted sales efforts in Texas and made some management changes to turn the facilities around.
BUSINESS
January 24, 1995
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.
BUSINESS
December 6, 1994
Summit Care Corp., a Burbank nursing home operator, said it has bought four nursing care centers in east Texas for $27 million. The purchases bring the total number of nursing homes and assisted-living centers the company owns to 37, representing an addition of 548 beds for a total of 4,708 companywide. The new centers, which are 90% occupied, include vacant land that Summit said it will use to add buildings with 120 more beds for more acutely ill residents.
BUSINESS
September 6, 1994
Summit Care Corp., a Burbank-based operator of nursing homes, said it has purchased a 240-bed nursing care center in Fort Worth, Tex., for $12 million. Summit Care said the West Side Care Center has a 92% overall occupancy rate. The center has available land that will be used for an expansion to include facilities for retirement and assisted-living services, Summit Care said, adding that key personnel at the center will retain their positions. Summit Care also said it has spent $1.
BUSINESS
August 23, 1994
Summit Care Corp., a Burbank-based operator of nursing homes, said its profit for the fourth fiscal quarter that ended June 30 was $1.73 million, up 30% from $1.34 million a year earlier. The profit came on an 18% gain in revenue to $25.87 million from $21.89 million the previous year. For the fiscal year, Summit Care reported a profit of $6.17 million, up 23% from $5.02 million in 1993. Revenue for the fiscal year was $97.6 million, a 16% increase from $84 million a year prior.
BUSINESS
June 28, 1994
Summit Care Corp., a Burbank nursing home operator, said it has received net proceeds of $28.6 million through a public offering of 1.7 million shares of common stock at $17.75 per share. Also, the company said it received a $25-million two-year revolving credit line from three banks. The proceeds from the stock sale and the line of credit will be used to repay $10 million in debt and fund a $7.
BUSINESS
May 24, 1994
Summit Care Corp., a Burbank-based operator of nursing-care and retirement centers, said it has filed a registration statement with the Securities and Exchange Commission for an offering of 1.5 million shares of common stock worth about $30 million. Proceeds from the public offering will be used to repay debt and fund expansion of existing centers and the acquisition and construction of new centers. Dillon, Read & Co. Inc., Robertson, Stephens & Co. L.P. and Smith Barney Shearson Inc.
BUSINESS
April 26, 1994
Summit Care Corp., a Burbank operator of long-term care facilities, reported increased earnings in its fiscal third quarter and nine months that ended March 31, which it said reflected profit growth in its nursing centers and pharmacy operations, as well as cost controls. Summit's third-quarter net income was $1.51 million, a 21% increase from the $1.25 million it earned a year earlier. Its revenue for the latest three months rose 20%, to $25.6 million from $21.3 million.
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