Summit Care’s Quarterly Profit Moves Up 30%

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.

The company attributed the results to expansion of its nursing home services to accommodate more acutely ill patients and to growth in its pharmacy business.