Brentwood, TN (November 2, 2017) — Diversicare Healthcare Services, Inc. (NASDAQ:DVCR), a premier provider of long-term care services, today announced its results for the third quarter ended September 30, 2017.
On October 26, 2017, the Board of Directors declared a quarterly dividend of $0.055 per common share payable to shareholders of record as of December 31, 2017, to be paid on January 15, 2017.
Third Quarter 2017 Highlights
- Net revenue increased to $146.4 million in the third quarter of 2017 from $97.3 million in the third quarter of 2016, an increase of 50.4%, primarily attributable to the 22 Alabama and Mississippi nursing centers acquired in the fourth quarter of 2016 and Park Place in Selma, Alabama in July 2017.
- Facility-level operating income was $28.3 million, or 19.3% of net revenue, an increase of $10.4 million from the prior year.
- Net loss from continuing operations was $(0.6) million, or $(0.09) per share, in the third quarter of 2017, compared to a net loss from continuing operations of $(1.0) million, or $(0.16) per share, in the third quarter of 2016.
- Adjusted EBITDA was $3.9 million in the third quarter of 2017 compared to $2.2 million in the third quarter of 2016.
See below for a reconciliation of all GAAP and non-GAAP financial results.
Commenting on the results, Kelly Gill, Diversicare’s CEO, stated, “The third quarter 2017 presented several challenges to our company. We continue to face industry headwinds with skilled patient mix, and five of our centers were affected by Hurricanes Harvey and Irma. Despite these challenges, the financial and operational impacts were contained due to our hardworking and ambitious team members. I am proud of and thankful for our dedicated team of caregivers. Their heroic and selfless actions led to no evacuations during the storms and the opportunity to provide continuous care for our patients and residents.
Mr. Gill concluded, “As previously mentioned, we completed an acquisition of a center located in Selma, Alabama effective July 1, 2017. I am pleased to announce our rapid integration of this center onto our operating platform, and we are already seeing positive operational and financial results.”View Full Results
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Kelly J. Gill
Chief Executive Officer
James R. McKnight, Jr.
Chief Financial Officer