Summit Care Lowers Earnings Forecast
- Share via
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.
The company also expects that results for the full fiscal year will be below expectations. Year-end net income is expected to be between $8.3 million and $8.6 million, up from $7.5 million the year before but not as high as first thought.
Summit operates 37 nursing homes in California, Texas and Arizona.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
