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 would like to turn the call over to Bruce Mackey.
Great. Thank you, Tim and thank you everyone for joining us today on our 2012 first quarter earnings call. For the quarter ended March 31, 2012 we reported our 13th consecutive quarter of profitability with net income from continuing operations of $0.02 per basic share and diluted share. Included in our results for the quarter were $500,000 of non-recurring legal expenses which Paul will discuss during his prepared remarks.Total company revenues were up 12.5% to $346 million and EBITDA was approximately $9 million. 87% of our total company revenues come from our senior living business and 75% of those revenues are derived from residents, private resources. In the beginning of April we announced that we had closed on a new $150 million revolving credit facility, secured by 15 of our owned communities with 1549 units. Drawings under the facility will be an interest at LIBOR plus a spread of 250 basis points. This is in addition to the current $35 million credit facility we have that matures early next year. The benefit of this new facility is twofold, first, it provides us with much greater financial flexibility and second, it signals to the market and investors the quality of our balance sheet and the value of our owned communities. These 15 communities which were valued by a third party appraiser at $230 million are worth significantly more on a per unit basis than what we pay for them. We own an additional 12 senior living communities with 840 units that are unencumbered by debt. The credit facility is led by Citibank and RBC and has nine participating institutions.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts