GREAT NEWS – NURSING HOME EARNS $450 MILLION In 2007
I wish this were a joke…
Nursing Home Operator Sun Beats Expectations
By Vita Reed
Orange County Business Journal Staff
Nursing home and medical staffing company Sun Healthcare Group Inc. of Irvine California reported a fourth-quarter profit from continuing operations that beat analysts’ expectations.
The Irvine-based health services company, which has nursing home, rehabilitation, hospice and medical staffing arms, posted a profit of $8.8 million, up 38% from a year earlier.
Wall Street expected Sun to make $8.2 million.
With charges, Sun made $6.5 million in the quarter.
Revenue was up 74% to $450.5 million. Analysts expected Sun to do $445.1 million in the quarter.
WOW- that is great news. $8.8 Million in profits – instead of cashing it out in dividends, the Nursing Home Chain could do the following:
- Hire 117 More Directors of Nursing (RNs) making $74,000 a year
- Hire 440 More Certified Nursing Assistants making $10 an hour
- 44,000 hours of legal defense work at $200 an hour (for when their facilities get sued for providing bad care, becuase they scrimpted on staff, to make money for their shareholders)…