BRENTWOOD, TN, (October 31, 2019) – 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, 2019.
Third Quarter 2019 Highlights
- Net loss from continuing operations was $1.9 million, or $0.30 per share, in the third quarter of 2019, compared to net loss from continuing operations of $7.5 million, or $1.17 per share, in the third quarter of 2018.
- The Company completed its exit from the State of Kentucky effective on August 30, 2019, which consisted of 13 centers and 1,127 skilled nursing beds.
- Our adjusted EBITDAR for the quarter was $14.4 million.
See below for a reconciliation of all GAAP and non-GAAP financial results.
Commenting on the quarter, Jay McKnight, President and Chief Executive Officer, said, “This quarter we successfully completed the exit of operations in the State of Kentucky, which is the latest of our larger initiatives. Over the past year we have undertaken major steps to improve our clinical offerings and risk profile, renew our largest operating lease, improve our operating cost structure, and work through our open government matter. Our team has been working very hard on these transformative events and I could not be more proud of them. We continue to explore opportunities to incrementally improve our current portfolio by focusing on improving revenue and the operational efficiency of our business. As always, I am proud our team’s commitment to our mission of improving every life we touch by providing exceptional healthcare and exceeding expectations.”
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James R. McKnight, Jr.
Chief Financial Officer