Manor Care Inc. notified the U.S. Securities and Exchange Commission yesterday that it will restate its first-quarter 2005 profit upward by $9.1 million, or 10 cents a share, because its independent accounting firm advised changing its method of accounting for stock-based compensation for key employees.
The Toledo company, the nation's largest nursing-home operator, said its restated profit is $40.4 million, or 46 cents a share, up from $31.2 million, or 36 cents a share. The firm also restated its second-quarter profit upward by a much smaller amount, $136,000, to $38.1 million, but the per-share earnings remain at 43 cents.
The firm's stock closed 5 cents higher yesterday at $38.24 a share on the New York Stock Exchange.
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