Five Star Quality Care (FVE) Misses Q1 EPS by 5c, Revs Beat

Five Star Quality Care (NASDAQ: FVE) reported Q1 EPS of ($0.14), $0.05 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $350.69 million versus the consensus estimate of $345.94 million.

• Senior living revenue for the first quarter of 2017 increased 0.1% to $280.5 million from $280.1 million for the same period in 2016. The increase in senior living revenueis a result of an increase in average monthly rates to residents who pay privately for services and an increase in the number of leased communities, partially offset by a decrease in occupancy. In addition, revenues from ancillary services, such as rehabilitation and wellness services, contributed approximately $1.0 million of additional senior living revenue compared to the same period in 2016. Management fee revenue for the first quarter of 2017 increased 27.1% to $3.6 million from $2.8 million for the same period in 2016. Growth in management fees was primarily due to an increase in the number of managed communities compared to the same period in 2016 and the previously disclosed modifications to Five Star\'s management and pooling arrangements with Senior Housing Properties Trust, or SNH, that became effective on July 1, 2016.
• Net loss for the first quarter of 2017 was $6.8 million, or $0.14 per diluted share, compared to net loss of $2.6 million, or $0.06 per diluted share, for the same period in 2016.
• Earnings from continuing operations before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of 2017 was $3.6 million compared to $8.8 million for the same period in 2016. EBITDA, excluding certain items noted in the supplemental information provided below, or Adjusted EBITDA, was $3.8 million and $9.1 million for the first quarters of 2017 and 2016, respectively. A reconciliation of loss from continuing operations determined in accordance with U.S. generally accepted accounting principles, or GAAP, to EBITDA and Adjusted EBITDA for the first quarters of 2017 and 2016 appears later in this press release.

For earnings history and earnings-related data on Five Star Quality Care (FVE) click here.

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