Five Star Quality Care (FVE) Misses Q3 EPS by 7c, Revenues Beat

Five Star Quality Care (NASDAQ: FVE) reported Q3 EPS of ($0.43), $0.07 worse than the analyst estimate of ($0.36). Revenue for the quarter came in at $348.91 million versus the consensus estimate of $338.62 million.

• Senior living revenue for the third quarter of 2018 decreased 2.5% to $272.7 million from $279.7 million for the same period in 2017, primarily due to Five Star\'s sale of six senior living communities in December 2017, January 2018, February 2018 and June 2018 to Senior Housing Properties Trust (Nasdaq: SNH), which Five Star is currently managing for SNH, the sale by Five Star and SNH of one skilled nursing facility to a third party in June 2018 that was previously leased to Five Star and a decrease in occupancy, partially offset by an increase in revenues from ancillary services, such as rehabilitation and wellness services. Management fee revenue for the third quarter of 2018 increased 17.4% to $4.0 million, primarily due to an increase in the number of managed communities compared to the same period in 2017.
• Net loss for the third quarter of 2018 was $21.6 million, or $0.43 per diluted share, compared to net loss of $6.6 million, or $0.13 per diluted share, for the same period in 2017. Net loss for the third quarter of 2017 included a $0.8 million, or $0.02 per diluted share, payment that Five Star received from its former liability insurer related to a previously disclosed litigation matter, or the litigation recovery.
• Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the third quarter of 2018 was $(12.4) million compared to $4.1 million for the same period in 2017. EBITDA excluding certain items noted in the supplemental information provided below, or Adjusted EBITDA, was $(12.4) million and $3.3 million for the third quarters of 2018 and 2017, respectively. A reconciliation of net loss determined in accordance with U.S. generally accepted accounting principles, or GAAP, to EBITDA and Adjusted EBITDA for the quarters ended September 30, 2018 and 2017 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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