BRENTWOOD, TN, (March 11, 2021) – Diversicare Healthcare Services, Inc. (OTCQX: DVCR), a premier provider of long-term care services, today announced its results for the fourth quarter ended December 31, 2020.
Fourth Quarter 2020 Highlights
- Net income from continuing operations was $2.0 million in the fourth quarter of 2020, compared to a net loss from continuing operations of $1.4 million in the fourth quarter of 2019.
- EBITDA for the quarter was $4.8 million, which was $2.1 million higher than the fourth quarter of 2019.
- Adjusted EBITDAR for the quarter was $18.5 million.
- Net Income from continuing operations was $6.5 million for the year and annual EBITDA was $20.1 million.
- Earnings per share from continuing operations was $0.30 for the fourth quarter of 2020 and $0.99 for the twelve months ended December 31, 2020.
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, “I want to start our discussion of the quarter by thanking our team. Our regional and center level teams have been exemplary in their efforts to care for our patients and residents through the worst environment of any of our careers. Additionally, the corporate team supporting the centers has risen to the challenges placed upon them by the pandemic. We are so proud of our team, how they have supported one another, and how they have cared for the patients and residents entrusted to us.”
Mr. McKnight continued, “Despite the effect of the pandemic, we accomplished significant objectives as a company this year that we would like to highlight. As previously announced, we outsourced our therapy operations to Reliant Rehabilitation during the fourth quarter, which provided immediate benefit and we believe will provide additional benefit to us moving forward. Also in the fourth quarter, we exited the lone center that we operated in Florida and completed a related amendment of our master lease with Omega. Additionally, we outperformed our prior experience in the Texas Quality Incentive Payment Program. EBITDA for the quarter of $4.8 million capped off a year of financial improvement over 2019.”
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James R. McKnight, Jr.
Chief Executive Officer