Brentwood, TN (May 4, 2017) — Diversicare Healthcare Services, Inc. (NASDAQ:DVCR), a premier provider of long-term care services, today announced its results for the first quarter ended March 31, 2017.
On April 28, 2017, the Board of Directors declared a quarterly dividend of $0.055 per common share payable to shareholders of record as of June 30, 2017, to be paid on July 14, 2017.
First Quarter 2017 Highlights
- Net revenue increased to an all-time high of $141.5 million in the first quarter of 2017 from $97.9 million in the first quarter of 2016, an increase of 44.5%, primarily attributable to the 22 Alabama and Mississippi nursing centers acquired in the fourth quarter of 2016.
- Facility-level operating income of $30.8 million, or 21.8% of net revenue, an increase of $11.5 million from the prior year.
- Net income from continuing operations of $1.3 million, or $0.22 per share, in the first quarter of 2017, compared to a net loss from continuing operations of $0.1 million, or $0.01 per share, in the first quarter of 2016.
- EBITDA was $6.2 million in the first quarter of 2017 compared to $3.0 million in the first quarter of 2016.
- As previously reported, the Company and its joint venture pharmacy partner sold the Texas-based pharmacy in the fourth quarter of 2016. The Company recognized an additional gain on the sale of $0.7 million in the quarter related to the final liquidation of remaining net assets affiliated with the partnership.
See below for a reconciliation of all GAAP and non-GAAP financial results.
Commenting on the results, Kelly Gill, Diversicare’s CEO, stated, “I am pleased to see the results of the successful integration of the newly acquired Golden Living centers onto our platform. The operational and financial performance of these centers have proven to be a positive and accretive addition to our portfolio.
Mr. Gill continued, “Our same-center results for the first quarter of 2017 align with our expectations, and continue to show improvement from prior quarters. The positive results are greatly attributable to our outstanding leadership team, and as always, our continued focus on quality and our passion to strive to be the leader in quality outcomes.
Mr. Gill concluded, “I am proud of our hardworking and ambitious team members and their efforts led to our exemplary 2017 first quarter performance.”[button open_new_tab=”true” color=”accent-color” hover_text_color_override=”#fff” size=”large” url=”http://www.dvcr.com/wp-content/uploads/2018/10/DVCR-FY17-Q1-Earnings-Release-FINAL.pdf” text=”View Full Results” color_override=””]
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Kelly J. Gill
Chief Executive Officer
James R. McKnight, Jr.
Chief Financial Officer