BRENTWOOD, TN, (May 11, 2021) – Diversicare Healthcare Services, Inc. (OTCQX: DVCR), a premier provider of long-term care services, today announced its results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights
- Net income from continuing operations was $2.1 million, or $0.33 per share, in the first quarter of 2021, compared to a net loss from continuing operations of $0.5 million, or $0.08 per share, in the first quarter of 2020.
- EBITDA for the quarter was $5.8 million, which was $2.7 million increase over the first quarter of 2020.
- EBITDAR for the quarter was $19 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 Diversicare team of caregivers continues to perform well in what has been the most challenging time in our industry. We have achieved what we believe to be herd immunity in our centers as the instances of COVID-19 have plummeted in our centers since we completed a series of three vaccination clinics in each of our centers in the first quarter. Our active case count today for team members, patients, and residents is near zero. We appreciate the diligence our team has shown in their infection control efforts alongside the patience and understanding of the families and friends of those in our care.”
Mr. McKnight continued, “Our focus as we emerge from the pandemic has been and will continue to be returning to prepandemic levels of patients served while providing high quality services to our patients and residents. The entire long-term care industry is facing the challenge to recover and we would not be where we are today financially without the support of our federal and state governments. We are committed to the work being done by our national and state associations to improve the provision of long-term care services as we educate our constituencies about the specific needs of long-term care companies to care for our team members, patients, and residents. Long-term care is a vital sector of the healthcare continuum and needs to be prioritized for investment as we recover from the pandemic.”
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James R. McKnight, Jr.
Chief Executive Officer