Tustin’s Care Enterprises Takes a Loss
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TUSTIN — Care Enterprises Inc., the Tustin-based company which owns and leases nursing homes, posted a loss of $686,000 for the first quarter ended March 31, contrasted with earnings of $273,000 for the first quarter of 1989.
Revenue fell 9% to $60.4 million from $66.4 million. The company attributed the revenue decline to changes in the Medicare program that have reduced the number of Medicare patients at the company’s facilities and also to a decline in the number of facilities operated by the company.
Care Enterprises operates 79 facilities with 8,046 beds during the latest quarter, compared with 94 facilities and 9,707 beds a year ago.
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