Five Star Quality Care, Inc. (FVE) today announced certain preliminary financial data and information for the quarter and nine months ended September 30, 2013.
As described below, at this time we are not reporting income from continuing operations, income (loss) from discontinued operations, or net income because we recently discovered non-cash errors in our historical accounting accruals for income taxes in certain periods.
Third Quarter 2013 Financial Highlights:
Total revenues from continuing operations for the third quarter of 2013 increased 9.3% to $324.7 million from $297.1 million for the same period in 2012. Our senior living revenues and management fee revenues from continuing operations for the third quarter of 2013 increased 1.1% to $272.7 million from $269.9 million for the same period in 2012.
Earnings from continuing operations before interest, taxes, depreciation and amortization, or EBITDA from continuing operations, for the third quarter of 2013 was $9.3 million compared to $12.1 million for the same period in 2012. EBITDA from continuing operations excluding certain items was $10.0 million and $12.1 million for the third quarters of 2013 and 2012, respectively. A reconciliation of income from continuing operations before income taxes determined in accordance with U.S. generally accepted accounting principles, or GAAP, to EBITDA from continuing operations and EBITDA from continuing operations excluding certain items for the quarters ended September 30, 2013 and 2012 appears later in this press release.
Income from continuing operations before income taxes for the third quarter of 2013 was $1.6 million, compared to $4.3 million for the same period in 2012. Income from continuing operations before income taxes for the third quarter of 2013 included a loss on early extinguishment of debt of $599,000.
Third Quarter 2013 Operating Highlights (continuing operations):
Occupancy at our owned and leased senior living communities for the third quarter of 2013 was 85.9% compared to 86.2% for the same period in 2012.
The average monthly rate at our owned and leased senior living communities for the third quarter of 2013 increased by 1.5% to $4,411 from $4,345 for the same period in 2012.
The percentage of revenues derived from residents’ private resources at our owned and leased senior living communities for the third quarter of 2013 increased 50 basis points to 77.1% from 76.6% for the same period in 2012.
Year to Date Financial Highlights:
Total revenues from continuing operations for the nine months ended September 30, 2013 increased 9.9% to $972.0 million from $884.8 million for the same period in 2012. Our senior living revenues and management fee revenues from continuing operations for the nine months ended September 30, 2013 increased 1.0% to $815.8 million from $808.0 million for the same period in 2012.
EBITDA from continuing operations for the nine months ended September 30, 2013 was $30.3 million compared to $38.0 million for the same period in 2012. EBITDA from continuing operations excluding certain items was $31.0 million and $34.6 million for the nine months ended September 30, 2013 and 2012, respectively. A reconciliation of income from continuing operations before income taxes determined in accordance with GAAP to EBITDA from continuing operations and EBITDA from continuing operations excluding certain items for the nine months ended September 30, 2013 and 2012 appears later in this press release.
Income from continuing operations before income taxes for the nine months ended September 30, 2013 was $7.2 million compared to $15.6 million for the same period in 2012. Income from continuing operations before income taxes for the nine months ended September 30, 2013 included a loss on early extinguishment of debt of $599,000. Income from continuing operations before income taxes for the nine months ended September 30, 2012
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