BRENTWOOD, TN, (November 5, 2020) – 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, 2020.
Third Quarter 2020 Highlights
- Net income from continuing operations was $3.2 million, or $0.48 per share, in the third quarter of 2020, compared to net loss from continuing operations of $(1.9) million, or $(0.30) per share, in the third quarter of 2019.
- EBITDA for the quarter was $6.7 million, which was $5.5 million higher than the third quarter of 2019 and $1.2 million higher than the preceding quarter.
- EBITDAR for the quarter was $20.2 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, “Despite the impact of the COVID-19 pandemic continuing to challenge our company, this quarter the Diversicare team performed exceptionally well operationally and continued to realize financial gains from cost saving initiatives made during the prior year. The regional and local teams have heroically cared for our patients and residents while dealing with COVID-19 cases in all of our 62 centers at some point during the pandemic. We are so proud of the accomplishments and improvements made by our team in this constantly changing regulatory environment.”
Mr. McKnight continued, “Earlier this week we announced a new partnership with Reliant Rehabilitation to be our therapy provider in all of our centers. We believe that this transition will equip us to continue to be a care innovator and ensure that we can provide the best quality of care to our patients and residents. We also expect cost savings from efficiencies gained by this new relationship. This is one of many ways we are striving to continue improving our company so that we will come out of the pandemic better prepared to be an industry leader and high quality provider.”
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James R. McKnight, Jr.
Chief Executive Officer