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Diversicare Healthcare Services swings to first-quarter profit on a YOY basis

Source: IRIS (09 July 2017)

Diversicare Healthcare Services, Inc (AVCA) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.33 million, or $ 0.21 a share in the quarter, against a net loss of $0.11 million, or $0.02 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $0.42 million, or $0.06 a share compared with $0.29 million or $0.05 a share, a year ago.  

Revenue during the quarter surged 44.47 percent to $141.50 million from $97.94 million in the previous year period. Gross margin for the quarter expanded 206 basis points over the previous year period to 21.79 percent. Total expenses were 97.91 percent of quarterly revenues, down from 98.70 percent for the same period last year. This has led to an improvement of 79 basis points in operating margin to 2.09 percent.

Operating income for the quarter was $2.96 million, compared with $1.27 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $5.53 million compared with $3.51 million in the prior year period. At the same time, adjusted EBITDA margin improved 32 basis points in the quarter to 3.91 percent from 3.59 percent in the last year period.

Commenting on the results, Kelly Gill, Diversicare’s Chief executive officer, stated, “I am pleased to see the results of the successful integration of the newly acquired Golden Living centers onto our platform. The operational and financial performance of these centers have proven to be a positive and accretive addition to our portfolio.

Working capital increases sharply
Diversicare Healthcare Services, Inc has recorded an increase in the working capital over the last year. It stood at $17.93 million as at Mar. 31, 2017, up 78.43 percent or $7.88 million from $10.05 million on Mar. 31, 2016. Current ratio was at 1.31 as on Mar. 31, 2017, up from 1.22 on Mar. 31, 2016.

Days sales outstanding went down to 36 days for the quarter compared with 41 days for the same period last year.

At the same time, days payable outstanding went down to 10 days for the quarter from 12 for the same period last year.

Debt increases substantially
Diversicare Healthcare Services, Inc has witnessed an increase in total debt over the last one year. It stood at $
83.36 million as on Mar. 31, 2017, up 31.78 percent or $20.10 million from $63.26 million on Mar. 31, 2016. Total debt was 50.12 percent of total assets as on Mar. 31, 2017, compared with 46.07 percent on Mar. 31, 2016. Debt to equity ratio was at 6.59 as on Mar. 31, 2017, up from 4.96 as on Mar. 31, 2016. Interest coverage ratio improved to 2 for the quarter from 0.90 for the same period last year. 
 
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