BRENTWOOD, TN, (May 7, 2020) – 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, 2020.
First Quarter 2020 Highlights
- Net loss from continuing operations was $0.5 million, or $0.08 per share, in the first quarter of 2020, compared to net
loss from continuing operations of $1.6 million, or $0.24 per share, in the first quarter of 2019.
- EBITDA for the quarter was $3.1 million, which was $2.0 million higher than the first quarter of 2019 and $0.5 million
higher than the preceding quarter.
- EBITDAR for the quarter was $16.6 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, “The first quarter started off well for
Diversicare. January 2020 was one of the best months we have had in years. Unfortunately, we started seeing a decline in total
patients served in the middle of February and that decline continued through the rest of the quarter and even through April. Despite
the impact of the COVID-19 crisis that grew during the quarter, our results for the quarter are the best that we have reported for
Mr. McKnight continued, “The impact of COVID-19 began to be felt in the first quarter and continues to be a historic challenge
for our company and our industry. Our team has worked non-stop to review the enormous amount of information, regulations,
and requirements affecting our industry and to distill it into a usable set of requirements and practices that we can disseminate to
our team. Our hands on caregivers are true heroes. They have worked tirelessly to care for the most vulnerable members of our
society while taking the personal risk of exposing themselves and their families to COVID-19. Many of our team members have
traveled to other centers or even other states to assist with hot spots at our affected centers. It is an absolute privilege to be able
to lead this team and I am so proud of their response to this unprecedented challenge we are facing.”
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James R. McKnight, Jr.
Chief Executive Officer