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Five Star Quality Care, Inc. Reports First Quarter 2012 Results

Five Star Quality Care, Inc. (NYSE: FVE) today announced its financial results for the quarter ended March 31, 2012.

First Quarter 2012 Financial Highlights:

  • Total revenues for the first quarter of 2012 increased 12.5% to $346.1 million from $307.6 million for the same period in the previous year.
  • Income from continuing operations for the first quarter of 2012 was $746,000 compared to $5.9 million for the same period in the previous year.
  • Income per share from continuing operations for the first quarter of 2012 was $0.02 per basic and diluted share, compared to $0.16 and $0.15 per share, basic and diluted, respectively, for the same period in the previous year.
  • Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of 2012 was $8.9 million compared to $10.8 million for the same period in the previous year. A reconciliation of income from continuing operations determined in accordance with U.S. generally accepted accounting principles, or GAAP, to EBITDA and EBITDA excluding certain items for the quarters ended March 31, 2012 and 2011 appears later in this press release.

First Quarter 2012 Operating Highlights:

  • Senior living occupancy at our owned and leased senior living communities for the first quarter of 2012 was 85.9% compared to 85.6% for the same period in the previous year.
  • Senior living average daily rate, or ADR, at our owned and leased senior living communities for the first quarter of 2012 decreased by 3.8% to $146.50 from $152.27 for the same period in the previous year. This decrease is primarily due to the CMS Medicare rate reduction which went into effect October 1, 2011.
  • The percentage of senior living revenues derived from residents’ private resources at our owned and leased senior living communities for the first quarter of 2012 increased to 74.5% from 71.2% for the same period in the previous year.
  • For those owned and leased senior living communities that we operated continuously since January 1, 2011, or comparable communities, occupancy for the first quarter of 2012 and 2011 was 85.6%.
  • The ADR at comparable communities for the first quarter of 2012 decreased by 1.1% to $150.64 from $152.27 for the same period in the previous year. This decrease is primarily due to the CMS Medicare rate reduction which went into effect October 1, 2011.

Conference Call:

On April 30, 2012 at 10:00 a.m. Eastern Time, we will host a conference call to discuss the first quarter financial results. Following management’s presentation, there will be a question and answer period.

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