BRENTWOOD, TN, (August 6, 2020) – Diversicare Healthcare Services, Inc. (NASDAQ: DVCR), a premier provider of long-term care services, today announced its results for the second quarter ended June 30, 2020.
Second Quarter 2020 Highlights
- Net income from continuing operations was $1.8 million, or $0.28 per share, in the second quarter of 2020, compared
to net loss from continuing operations of $(22.6) million, or $(3.49) per share, in the second quarter of 2019.
- EBITDA for the quarter was $5.5 million, which was $7.1 million higher than the second quarter of 2019 and $2.4
million higher than the preceding quarter.
- EBITDAR for the quarter was $19.0 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 impact of the COVID-19
pandemic was felt in a very real way by our Company in the second quarter, significantly more so than in the first quarter of the
year. We have had over 2,500 positive cases in our patients, residents, and team members and have dealt with COVID-19
directly in 56 of our 62 centers. Our team has been heroic throughout this entire challenge and I am privileged to get to serve
Mr. McKnight continued, “Despite the impact of the COVID-19 crisis, our financial results for the quarter are largely where we
thought they would be earlier in the year, but not by the means we expected. Our cost-saving initiatives, participation in quality
incentive payment programs and continued focus on strengthening our current portfolio have created tailwinds that I think
benefited us greatly in the quarter and should benefit us in the future. The federal and state stimulus programs have provided a
means for us to offset the lost revenue and excess expenses resulting from the pandemic. Without this support we would be in a
very challenged position and we are grateful for the support that has been shown for our industry. We have a long way to go to
get past this crisis, but we are confident in our team’s ability to meet the challenge.”
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James R. McKnight, Jr.
Chief Executive Officer