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In a release, the Company noted second quarter 2009 financial highlights:
- Total revenues for the second quarter of 2009 increased 9.9 percent to $297.1 million from $270.5 million for the same period last year.
- Net income for the second quarter of 2009 was $8.6 million compared to net income of $3.5 million for the same period last year.
- Net income per share from continuing operations for the second quarter of 2009 was $0.28 and $0.26, basic and diluted, respectively, compared to net income per share from continuing operations of $0.14 and $0.13, basic and diluted, respectively, for the same period last year.
- Net income from continuing operations for the second quarter of 2009 included several items that, in aggregate, resulted in a positive impact of $6.5 million, or $0.20 and $0.17 per basic and diluted share, respectively. These items included a $6.1 million gain due to early extinguishment of debt; a $239,000 unrealized gain on our UBS put right related to auction rate securities; and a $195,000 unrealized gain on our holdings of auction rate securities. Net income from continuing operations for the second quarter of 2008 included a $1.1 million unrealized loss, or $0.03 per basic and diluted share, respectively, on our holdings of auction rate securities.
- Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the second quarter of 2009 was $14.8 million compared to EBITDA of $8.7 million for the same period last year. As discussed above, EBITDA for the second quarter of 2009 had items that, in aggregate, resulted in a positive impact of $6.5 million. EBITDA for the second quarter of 2008 included a $1.1 million unrealized loss on our holdings of auction rate securities.
Second Quarter 2009 Operating Highlights (Senior Living Communities):
- Senior living occupancy for the second quarter of 2009 was 86.0 percent compared with 88.6 percent for the same period last year.
- Senior living average daily rate for the second quarter of 2009 increased by 0.5 percent to $146.42 from $145.73 in the same period last year.
- The percentage of senior living revenue derived from private and other resources for the second quarter of 2009 increased to 68.8 percent from 68.1 percent for the same period last year.
- For those senior living communities that we have operated continuously since April 1, 2008 (comparable communities), occupancy for the second quarter of 2009 was 86.9 percent compared with 88.6 percent for the same period last year.
- The average daily rate at comparable communities for the second quarter of 2009 increased by 3.2 percent, to $150.43, from $145.73 in the same period last year.
Second Quarter 2009 Highlights:
In April and May 2009, we purchased and retired an additional $12.8 million par value of our outstanding Convertible Senior Notes for $6.3 million, plus accrued interest. We financed this purchase principally from cash generated by our operations and borrowings. As a result of this transaction, we recorded a $6.1 million gain, net of related unamortized costs, on early extinguishment of debt.
First Half 2009 Financial Highlights:
- Total revenues for the six months ended June 30, increased 11.9 percent to $591.5 million from $528.5 million for the same period last year.
- Net income for the six months ended June 30, was $34.0 million compared to net income of $5.1 million for the same period last year.
- Net income per share from continuing operations for the six months ended June 30, was $1.06 and $0.92, basic and diluted, respectively, compared to $0.27 and $0.26, basic and diluted, respectively, for the same period last year.
- Net income from continuing operations for the six months ended June 30, included several items that, in aggregate, resulted in a positive impact of $28.7 million, or $0.89 and $0.75 per basic and diluted share. These items included a $31.2 million gain due to early extinguishment of debt and a $3.7 million unrealized gain on our holdings of auction rate securities, offset by a $3.3 million unrealized loss on our UBS put right related to auction rate securities and a $2.9 million loss due to the impairment of our investments in certain marketable securities held by our captive insurance companies. Net income from continuing operations for the first half of 2008 included a $4.4 million unrealized loss, or $0.14 and $0.11 per basic and diluted share, respectively, on our holdings of auction rate securities.
- EBITDA for the six months ended June 30, was $44.5 million compared to EBITDA of $16.4 million for the same period last year. As discussed above, EBITDA for the first half of 2009, had items that, in aggregate, resulted in a positive impact of $28.7 million. EBITDA for the second half of 2008 included a $4.4 million unrealized loss on our holdings of auction rate securities.
Five Star Quality Care, Inc. is a senior living and healthcare services company. Five Star owns or leases and operates 207 senior living communities with 22,027 living units located in 30 states. These communities include independent living, assisted living and skilled nursing communities. Five Star also operates five institutional pharmacies and two rehabilitation hospitals. Five Star is headquartered in Newton, Massachusetts.
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