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Five Star Quality Care's CEO Discusses Q3 2011 Results - Earnings Call Transcript

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission regarding this reporting period.

Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our filings with the SEC. Investors are cautioned not to place undue reliance upon any forward-looking statements.

And now, I’d like to turn the call over to Bruce Mackey.

Bruce J. Mackey Jr.

Great. Thank you, Tim, and thank you everyone for joining us today. For the three months ended September 30, 2011, we reported our 10th consecutive quarter of profitability from net income from continuing operations of $0.08 per basic and diluted share.

Results for the quarter were positively impacted by $0.01 per share from a gain on available for sale of securities offset by acquisition costs. Taking that into account, our adjusted income from continuing operations was $0.07 per basic and diluted share. This compares with $0.17 per basic and $0.16 per diluted share that we reported for the same period a year ago.

I would note that we haven’t had a full quarter’s worth of activity included in our results from recent acquisition, some of which closed on the last day of the third quarter. And we also experience increases in certain operating expenses, mainly in health insurance, marketing and other costs associated with bringing new properties online. All of which Paul will discuss later on the call.

Five Star is continuing to be profitable despite the turmoil in the healthcare industry in overall market. Over the trailing four quarters, our diluted net income from continuing operations was $0.57 per share.

2011 has been a year of significant growth for Five Star and we expect that to continue in the fourth quarter. Since the beginning of the year, we have announced the addition of 37 primarily private pay communities with over 5,000 units. In total, as of September 30, Five Star owns, leases or manages 236 communities with over 25,000 units.

Stock quotes in this article: FVE 

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