Brentwood, TN (May 3, 2018) — 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, 2018.
On April 26, 2018, the Board of Directors declared a quarterly dividend of $0.055per common share payable to shareholders of record as of June 30, 2018, to be paid on July 16, 2018.
First Quarter 2018 Highlights
- Under the new Accounting Standard Codification (“ASC”) 606, net revenue was $141.3 million in the first quarter of 2018. In accordance with ASC 606, revenue for the first quarter of 2017 was not restated. The first quarter of 2018 under legacy GAAP was $144.5 million, compared to $141.5 million in the first quarter of 2017, an increase of $3.0 million or 2.1%.
- Net loss from continuing operations was $(0.1) million, or $(0.01) per share, in the first quarter of 2018, compared to net income from continuing operations of $1.3 million, or $0.22 per share, in the first quarter of 2017.
- The first quarter of 2017 included a non-recurring favorable outcome of $2.2 million related to an appeal of provider taxes. Absent that adjustment, EBITDA improved by $0.5 million and facility-level operating income improved by $0.4 million to $29.0 million, or 20.5% of revenue.
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 with our first quarter 2018 results. Our skilled mix experienced positive tailwinds, increasing considerably to 16.1% from 14.7% in the fourth quarter of 2017. The center we acquired in the latter half of 2017 in Selma, Alabama has been fully integrated onto our platform and I am proud to report that it contributed $2.3 million of revenue during the quarter.
Mr. Gill continued, “We continue to put an emphasis on our focus towards improving the care we provide and achieving industry-leading quality metrics and believe it is the best possible route to long-term success. I am extremely thankful for our dedicated team members leading the focus towards high quality results, which leads to the solid operational and financial results.”View Full Results
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Kelly J. Gill
Chief Executive Officer
James R. McKnight, Jr.
Chief Financial Officer