Quarter Profits Increase for Care Enterprises

Claiming that it is reaping the benefits of its expansion drive, Care Enterprises, the Laguna Hills-based nursing home operator, reported Monday that second-quarter profits increased 16% to $953,000 while revenues soared 80% to $60.9 million.

In the same period last year, the company posted profits of $823,000 on revenues of $33.8 million.

Boyd W. Hendrickson, president and chief operating officer, attributed the results to the acquisition of North American Health Care’s 26 facilities last year, as well as to the increasing patronage of its centers.

Net income for the six months ended June 30 was $1.5 million, a 15% increase over the $1.3 million recorded last year. Revenues for the period were $107.5 million, a 61% increase over the $66.8 million recorded a year ago.

Care Enterprises operates 121 nursing homes with a total of 12,831 beds in California, Utah, Ohio, West Virginia, Arizona, Montana and New Mexico. In addition, the company has 10 home health care centers and six pharmacies.