A 12.4% increase in quarterly revenue helped double quarterly profits for Vancouver's Amica Mature Lifestyles Inc. (TSX:ACC) in its fiscal first quarter ending August 31.
Revenue rose to $11.2 million for the quarter compared with $10 million in 2006's first quarter.
Higher revenue from management fees charged at seniors' residences and assisted living properties was the top contributor to the quarterly increase. Management revenue rose to $2.6 million from $1.6 million.
As a result, quarterly profit increased to $1.1 million compared with $525,000 in 2006's first quarter.
The company's stronger performance resulted in Amica's board increasing the Amica's quarterly dividend by 20% to $0.06 per share.
Amica's share price range during the past week: between $10.75 and $11.08; 52-week high: $13.70; 52-week low: $7.80.