Five Star Quality Care, Inc's profits
This is the third day in a row that I am writing about the insane profits by nursing home chains. I am all for them making a profit if good quality care is also delivered but I don't understand how they can complain about needing tort reform to make a profit. It just isn't true. Below are some highlights from the first quarter for Five Star Quality, Inc.:
-- Total revenues for the first quarter of 2009 increased 14.0% to $295.2 million from $258.9 million for the same period last year.
-- Net income for the first quarter of 2009 was $25.4 million compared to net income of $1.6 million for the same period last year.
-- Net income per share from continuing operations for the first quarter of 2009 was $0.78 and $0.67, basic and diluted, respectively, compared to net income per share from continuing operations of $0.14, basic and diluted, for the same period last year.
-- Net income from continuing operations for the first quarter of 2008 included a $3.3 million unrealized loss, or $0.10 and $0.08 per basic and diluted share, respectively, on our holdings of auction rate securities.
-- Senior living occupancy for the first quarter of 2009 was 86.5% compared with 89.6% for the same period last year.
-- Senior living average daily rate for the first quarter of 2009 increased by 3.1% to $146.69 from $142.30 in the same period last year.
-- The percentage of senior living revenue derived from private and other sources for the first quarter of 2009 increased to 69.1% from 66.1% for the same period last year.
-- For those senior living communities that we have operated continuously since January 1, 2008 (comparable communities), occupancy for the first quarter of 2009 was 87.5% compared with 89.7% for the same period last year.
-- The average daily rate at comparable communities for the first quarter of 2009 increased by 4.9%, to $149.46, from $142.43 in the same period last year.
About Five Star Quality Care, Inc.:
Five Star Quality Care, Inc. is a senior living and healthcare services company. Five Star owns or leases and operates 210 senior living communities with 22,260 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.
