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

The conference call telephone number is [phone]. Participants calling from outside the United States and Canada should dial [phone]. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time, August 8, 2012. To hear the replay, dial [phone]. The replay pass code is 252610.

A live audio webcast of the conference call will also be available in a listen only mode on the Company’s website at www.fivestarseniorliving.com. Participants wanting to access the webcast should visit the Company’s website about five minutes before the call. The archived webcast will be available for replay on the Company’s website for about one week after the call. The recording and retransmission in any way of the Company’s second quarter 2012 conference call is strictly prohibited without the prior written consent of the Company. The Company’s website is not incorporated as part of this press release.

About Five Star Quality Care, Inc.:

Five Star Quality Care, Inc. is a senior living and healthcare services company. As of June 30, 2012, we operated 247 senior living communities with 27,497 living units located in 30 states, including 31 communities (2,954 living units) that we own and operate, 191 communities (20,805 living units) that we lease and operate, and 25 communities (3,738 living units) that we manage. These communities include independent living, assisted living and skilled nursing communities. We also operate two leased rehabilitation hospitals. We are headquartered in Newton, Massachusetts.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE BASED UPON OUR CURRENT INTENT, BELIEFS OR EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

• CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR CREDIT FACILITIES IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.
• ACTUAL ANNUAL COSTS UNDER OUR CREDIT FACILITIES WILL BE HIGHER THAN LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND EXPENSES ASSOCIATED WITH THE FACILITIES.
• THE AMOUNT OF AVAILABLE BORROWINGS UNDER OUR CREDIT FACILITIES IS SUBJECT TO OUR HAVING QUALIFIED COLLATERAL, WHICH IS PRIMARILY BASED ON THE VALUE OF THE PROPERTIES SECURING THE $150.0 MILLION CREDIT FACILITY AND THE VALUE OF OUR ACCOUNTS RECEIVABLES AND INVENTORY SECURING THE $35.0 MILLION CREDIT FACILITY. ACCORDINGLY, THE AVAILABILITY OF BORROWINGS UNDER THESE CREDIT FACILITIES AT ANY TIME MAY BE LESS THAN $150.0 MILLION AND $35.0 MILLION, RESPECTIVELY.
• THIS PRESS RELEASE STATES THAT WE EXPECT TO BEGIN MANAGING THE 10 COMMUNITIES OWNED BY SNH AND CURRENTLY MANAGED BY SUNRISE BEFORE YEAR END 2012 AND AFTER ALL APPROPRIATE REGULATORY APPROVALS ARE OBTAINED. THE TRANSFER OF OPERATING CONTROL OF EACH OF THE 10 COMMUNITIES IS SUBJECT TO REGULATORY APPROVALS IN THE STATE WHERE EACH COMMUNITY IS LOCATED AS WELL AS CERTAIN APPROVALS FROM THIRD PARTY PAYORS AT CERTAIN COMMUNITIES. WE CANNOT CONTROL THE RESULTS OR TIMING OF THESE APPROVAL PROCESSES. ACCORDINGLY, SOME OF THESE APPROVALS MAY BE DELAYED OR NOT OCCUR AND OUR BEGINNING TO MANAGE THESE COMMUNITIES MAY BE DELAYED OR MAY NOT OCCUR.
• THIS PRESS RELEASE STATES THAT WE HAVE ENTERED AN AGREEMENT TO SELL OUR PHARMACY BUSINESS TO OMNICARE FOR CURRENTLY EXPECTED EFFECTIVE NET CASH RECEIPTS OF $39.9 MILLION, BEFORE THIRD PARTY TRANSACTION COSTS, AND WE EXPECT THIS SALE TO CLOSE DURING THE SECOND HALF OF 2012. THE AGREEMENT FOR, AND TIMING OF, THIS SALE IS SUBJECT TO VARIOUS CLOSING CONDITIONS, INCLUDING OMNICARE’S OBTAINING LICENSING TO OPERATE THE PHARMACY BUSINESS. SOME OF THESE CONDITIONS MAY NOT BE MET, THE SALE MAY NOT OCCUR OR THE SALE MAY BE DELAYED. ALSO, AS A RESULT OF ANY FAILURE OF CERTAIN CONDITIONS, THE FINAL SALE PRICE MAY BE REDUCED. FOR EXAMPLE, THE FINAL SALE PRICE MAY BE REDUCED BY AS MUCH AS $2.45 MILLION IF CERTAIN THIRD PARTY CONSENTS ARE NOT OBTAINED; ANY REDUCTION OF THE SALE PRICE WOULD REDUCE THE AMOUNT OF OUR EXPECTED CASH PROCEEDS AND GAIN ON THIS SALE.
• THIS PRESS RELEASE STATES THAT WE HAD $23.6 MILLION OF CASH AND CASH EQUIVALENTS AT JUNE 30, 2012, AND $145.6 MILLION OF AVAILABILITY UNDER OUR CREDIT FACILITIES, WHICH MAY IMPLY THAT WE HAVE ABUNDANT CASH LIQUIDITY. HOWEVER, OUR OPERATIONS AND BUSINESS REQUIRE SIGNIFICANT AMOUNTS OF WORKING CASH AND REQUIRE US TO MAKE SIGNIFICANT CAPITAL EXPENDITURES TO MAINTAIN OUR COMPETITIVENESS. ACCORDINGLY, WE MAY NOT HAVE SUFFICIENT CASH LIQUIDITY.
• RESIDENTS AND PATIENTS WHO PAY FOR OUR SERVICES WITH THEIR PRIVATE RESOURCES MAY BECOME UNABLE TO AFFORD OUR SERVICES WHICH COULD RESULT IN DECREASED OCCUPANCY AND REVENUES AT OUR SENIOR LIVING COMMUNITIES AND REHABILITATION HOSPITALS AND INCREASED RELIANCE ON GOVERNMENT AND OTHER PAYERS.

FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.

Supplemental Information, page 1 of 8
FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(in thousands, except share data)
(unaudited)
		Three months ended June 30,								Six months ended June 30,
		2012				2011				2012				2011
Revenues:
Senior living revenue		$	278,076			$	265,387			$	554,296			$	528,041
Rehabilitation hospital revenue			26,386				26,337				53,173				51,962
Institutional pharmacy revenue			17,232				19,573				35,853				38,910
Management fee revenue			1,302				25				2,390				25
Reimbursed costs incurred on behalf of managed communities			26,098				562				49,503				562
Total revenues			349,094				311,884				695,215				619,500
Operating expenses:
Senior living wages and benefits			136,618				133,079				274,992				262,840
Other senior living operating expenses			66,242				61,473				133,204				124,453
Costs incurred on behalf of managed communities			26,098				562				49,503				562
Rehabilitation hospital expenses			23,872				23,445				47,991				47,498
Institutional pharmacy expenses			17,258				18,642				36,008				37,531
Rent expense			50,297				47,841				100,524				95,340
General and administrative			15,389				14,154				30,844				27,824
Depreciation and amortization			6,709				4,616				13,025				8,921
Total operating expenses			342,483				303,812				686,091				604,969
Operating income			6,611				8,072				9,124				14,531
Interest and other income			246				331				463				649
Interest and other expense			(1,605	)			(870	)			(3,031	)			(1,371	)
Acquisition related costs			-				(1,202	)			-				(1,304	)
Equity in income of Affiliates Insurance Company			76				46				121				83
Gain on settlement			3,365				-				3,365				-
Gain on early extinguishment of debt			45				-				45				1
Gain (loss) on sale of available for sale securities reclassified from other comprehensive income			-				51				(1	)			127
Income from continuing operations before income taxes			8,738				6,428				10,086				12,716
Provision for income taxes			(3,807	)			(441	)			(4,409	)			(820	)
Income from continuing operations			4,931				5,987				5,677				11,896
Loss from discontinued operations			(293	)			(791	)			(670	)			(2,567	)
Net income		$	4,638			$	5,196			$	5,007			$	9,329
Weighted average shares outstanding - basic			47,914				37,179				47,906				36,602
Weighted average shares outstanding - diluted			49,953				40,046				47,906				39,481
Basic income per share from:
Continuing operations		$	0.10			$	0.16			$	0.12			$	0.33
Discontinued operations			(0.01	)			(0.02	)			(0.01	)			(0.07	)
Net income per share - basic		$	0.09			$	0.14			$	0.11			$	0.26
Diluted income per share from:
Continuing operations		$	0.10			$	0.16			$	0.12			$	0.32
Discontinued operations			(0.01	)			(0.02	)			(0.01	)			(0.07	)
Net income per share - diluted		$	0.09			$	0.14			$	0.11			$	0.25

Supplemental Information, page 2 of 8
FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands)
(unaudited)
		June 30, 2012			December 31, 2011
Assets
Current assets:
Cash and cash equivalents		$	23,635		$	28,374
Accounts receivable, net of allowance			63,130			64,265
Investments in available for sale securities			14,993			9,114
Restricted cash			6,507			4,838
Prepaid expenses and other current assets			22,073			26,250
Assets of discontinued operations			8,401			8,675
Total current assets			138,739			141,516
Property and equipment, net			337,836			335,256
Restricted cash			6,313			4,092
Restricted investments in available for sale securities			11,299			13,115
Goodwill, equity investment and other long term assets			87,498			89,498
Total assets		$	581,685		$	583,477
Liabilities and Shareholders' Equity
Current liabilities:
Revolving credit facility, secured, principally by real estate		$	37,500		$	-
Revolving credit facility, secured, principally by accounts receivable			-			-
Bridge loan from Senior Housing Properties Trust			-			38,000
Other current liabilities			158,235			151,331
Total current liabilities			195,735			189,331
Mortgage notes payable			38,175			38,714
Convertible senior notes			24,872			37,282
Other long term liabilities			36,934			37,956
Shareholders’ equity			285,969			280,194
Total liabilities and shareholders' equity		$	581,685		$	583,477

Supplemental Information, page 3 of 8
FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
		Three months ended June 30,								Six months ended June 30,
		2012				2011				2012				2011
Cash flows from operating activities:
Net income		$	4,638			$	5,196			$	5,007			$	9,329
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			6,709				4,614				13,025				8,921
Gain on early extinguishment of debt			(45	)			(1	)			(45	)			(1	)
Loss from discontinued operations			293				793				670				2,567
Loss (gain) on sale of available for sale securities			-				(51	)			1				(127	)
Equity in income of Affiliates Insurance Company			(76	)			(46	)			(121	)			(83	)
Stock-based compensation			273				271				490				464
Provision for losses on receivables			1,243				1,578				2,651				4,266
Changes in assets and liabilities:
Accounts receivable			733				(150	)			(1,516	)			(2,451	)
Prepaid expenses and other assets			4,629				2,785				4,747				172
Accounts payable and accrued expenses			1,650				(7,388	)			2,904				(789	)
Accrued compensation and benefits			756				1,497				5,684				9,099
Due to related persons			2,489				(406	)			(2,703	)			(424	)
Other current and long term liabilities			127				1,919				(46	)			502
Cash provided by operating activities			23,419				10,611				30,748				31,445
Net cash provided by (used in) discontinued operations			(585	)			(970	)			(316	)			(2,365	)
Cash flows from investing activities:
Acquisition of property and equipment			(15,483	)			(14,963	)			(28,478	)			(30,052	)
Acquisition of senior living communities, net of working capital assumed			-				(40,486	)			-				(53,486	)
Payments from restricted cash and investment accounts, net			(754	)			(934	)			(3,890	)			(2,419	)
Purchase of available for sale securities			(4,554	)			-				(4,554	)			-
Proceeds from disposition of property and equipment held for sale			7,775				4,485				14,093				15,322
Proceeds from sale of available for sale securities			-				1,108				772				1,281
Cash used in investing activities			(13,016	)			(50,790	)			(22,057	)			(69,354	)
Cash flows from financing activities:
Net proceeds from issuance of common stock			-				54,350				-				54,350
Proceeds from borrowings on credit facilities			47,500				7,000				47,500				12,000
Repayments of borrowings on credit facilities			(10,000	)			(12,000	)			(10,000	)			(12,000	)
Proceeds from borrowing on the bridge loan from Senior Housing Properties Trust							41,000				-				41,000
Repayments of borrowing on the bridge loan from Senior Housing Properties Trust			(38,000	)			(32,000	)			(38,000	)			(32,000	)
Purchase and retirement of convertible senior notes			(12,038	)			-				(12,038	)			(604	)
Repayments of mortgage notes payable			(290	)			(51	)			(576	)			(84	)
Cash (used in) provided by financing activities			(12,828	)			58,299				(13,114	)			62,662
Change in cash and cash equivalents during the period			(3,010	)			17,150				(4,739	)			22,388
Cash and cash equivalents at beginning of period			26,645				26,008				28,374				20,770
Cash and cash equivalents at end of period		$	23,635			$	43,158			$	23,635			$	43,158
Supplemental cash flow information:
Cash paid for interest		$	1,749			$	119			$	2,751			$	1,195
Cash paid for income taxes		$	1,113			$	139			$	1,235			$	1,042
Non-cash activities:
Issuance of common stock		$	114			$	298			$	114			$	298
Real estate acquisition		$	-			$	(19,952	)		$	-			$	(19,952	)
Assumption of mortgage notes payable		$	-			$	19,952			$	-			$	19,952

Supplemental Information, page 4 of 8
FIVE STAR QUALITY CARE, INC.
SENIOR LIVING COMMUNITY OPERATING DATA (1)
(dollars in thousands, except average daily rate)
			Three months ended					Six months ended
			June 30,					June 30,
			2012			2011		2012			2011
Number of owned and leased communities (end of period)			222			217			222			217
Number of owned and leased living units (end of period)			23,759			23,122			23,759			23,122
Number of living units % growth			2.8%						2.8%
Occupancy			85.6%			85.2%			85.7%			85.4%
Average daily rate (ADR)		$	147.89		$	150.93		$	147.19		$	151.60
ADR % change			-2.0%						-2.9%
Percent breakdown of senior living revenues:
Medicaid			12.9%			12.6%			12.7%			12.7%
Medicare			12.9%			15.4%			13.0%			15.7%
Private and other sources			74.2%			72.0%			74.3%			71.6%
Total			100.0%			100.0%			100.0%			100.0%
Senior living revenues		$	278,076		$	265,387		$	554,296		$	528,041
Senior living revenues % growth			4.8%						5.0%
Senior living wages and benefits		$	136,618		$	133,079		$	274,992		$	262,840
Senior living wages and benefits as a % of senior living revenues			49.1%			50.1%			49.6%			49.8%
Other senior living operating expenses		$	66,242		$	61,473		$	133,204		$	124,453
Other senior living operating expenses as a % of senior living revenues			23.8%			23.2%			24.0%			23.6%
Community expenses (2) % growth			4.3%						5.4%
(1) Excludes data for managed communities and discontinued senior living operations.
(2) Community expenses consist of senior living wages and benefits and other senior living operating expenses as shown on our condensed consolidated statement of income.

Supplemental Information, page 5 of 8
FIVE STAR QUALITY CARE, INC.
COMPARABLE SENIOR LIVING COMMUNITY OPERATING DATA (1)
(dollars in thousands, except average daily rate)
		Three months ended						Six months ended
		June 30, (2)						June 30, (3)
		2012			2011			2012			2011
Number of owned and leased communities (end of period)			209			209			209			209
Number of owned and leased living units (end of period)			22,170			22,170			22,170			22,170
Occupancy			85.2%			85.2%			85.4%			85.4%
Average daily rate (ADR)		$	152.05		$	151.55		$	151.34		$	151.91
ADR % change			0.3%						-0.4%
Percent breakdown of senior living revenues:
Medicaid			13.5%			12.7%			13.2%			12.8%
Medicare			13.5%			15.6%			13.6%			15.8%
Private and other sources			73.0%			71.7%			73.2%			71.4%
Total			100.0%			100.0%			100.0%			100.0%
Senior living revenues		$	265,480		$	263,095		$	529,087		$	525,749
Senior living revenues % growth			0.9%						0.6%
Senior living wages and benefits		$	132,498		$	132,215		$	266,641		$	261,976
Senior living wages and benefits as a % of senior living revenues			49.9%			50.3%			50.4%			49.8%
Other senior living operating expenses		$	63,030		$	60,940		$	126,827		$	123,920
Other senior living operating expenses as a % of senior living revenues			23.7%			23.2%			24.0%			23.6%
Community expenses (4) % growth			1.2%						2.0%
(1) Excludes data for managed communities and discontinued senior living operations.
(2) Communities that we have operated continuously since April 1, 2011.
(3) Communities that we have operated continuously since January 1, 2011.
(4) Community expenses consist of senior living wages and benefits and other senior living operating expenses as shown on our condensed consolidated statement of income.

Supplemental Information, page 6 of 8
FIVE STAR QUALITY CARE, INC.
SENIOR LIVING COMMUNITY FINANCIAL DATA (1)
(in thousands)
			Three months ended					Six months ended
			June 30,					June 30,
			2012			2011		2012			2011
Independent and assisted living community revenue		$	223,326		$	211,576		$	446,437		$	419,207
Skilled nursing facility revenue			54,750			53,811			107,859			108,834
Total senior living revenue		$	278,076		$	265,387		$	554,296		$	528,041
Independent and assisted living community wages and benefits		$	102,467		$	98,393		$	206,379		$	193,638
Skilled nursing facility wages and benefits			34,151			34,686			68,613			69,202
Total senior living wages and benefits		$	136,618		$	133,079		$	274,992		$	262,840
Independent and assisted living community operating expenses		$	53,005		$	48,650		$	107,144		$	98,317
Skilled nursing facility operating expenses			13,237			12,823			26,060			26,136
Total other senior living operating expenses		$	66,242		$	61,473		$	133,204		$	124,453
(1) Excludes data for managed communities and discontinued senior living operations.
COMPARABLE SENIOR LIVING COMMUNITY FINANCIAL DATA (1)
			Three months ended					Six months ended
			June 30, (2)					June 30, (3)
			2012			2011		2012			2011
Independent and assisted living community revenue		$	210,730		$	209,284		$	421,228		$	416,915
Skilled nursing facility revenue			54,750			53,811			107,859			108,834
Total senior living revenue		$	265,480		$	263,095		$	529,087		$	525,749
Independent and assisted living community wages and benefits		$	98,347		$	97,529		$	198,028		$	192,774
Skilled nursing facility wages and benefits			34,151			34,686			68,613			69,202
Total senior living wages and benefits		$	132,498		$	132,215		$	266,641		$	261,976
Independent and assisted living community operating expenses		$	49,793		$	48,117		$	100,767		$	97,784
Skilled nursing facility operating expenses			13,237			12,823			26,060			26,136
Total other senior living operating expenses		$	63,030		$	60,940		$	126,827		$	123,920
(1) Excludes data for managed communities and discontinued senior living operations.
(2) Communities that we have operated continuously since April 1, 2011.
(3) Communities that we have operated continuously since January 1, 2011.

Supplemental Information, page 7 of 8
FIVE STAR QUALITY CARE, INC.
OTHER OPERATING DATA (1)
(dollars in thousands, except average daily rate)
		Three months ended						Six months ended
		June 30,						June 30,
		2012			2011			2012			2011
Number of senior living communities (2) (end of period):
Assisted and independent living communities, owned			31			27			31			27
Assisted and independent living communities, leased			153			152			153			152
Assisted and independent living communities, managed			25			10			25			10
Total number of assisted and independent living communities			209			189			209			189
Skilled nursing communities, leased			38			38			38			38
Total number of senior living communities			247			227			247			227
Number of senior living units (end of period):
Assisted and independent living communities, owned			2,954			2,413			2,954			2,413
Assisted and independent living communities, leased (3)			17,382			17,286			17,382			17,286
Assisted and independent living communities, managed (4)			3,738			934			3,738			934
Total number of assisted and independent living units			24,074			20,633			24,074			20,633
Skilled nursing communities, leased (5)			3,423			3,423			3,423			3,423
Total number of senior living units			27,497			24,056			27,497			24,056
Senior living revenues:
Assisted and independent living communities		$	219,961		$	209,189		$	439,863		$	414,608
Skilled nursing communities			54,750			53,811			107,859			108,834
Other (6)			3,365			2,387			6,574			4,599
Total senior living revenues		$	278,076		$	265,387		$	554,296		$	528,041
Senior living data (7) :
Assisted and independent living communities occupancy			86.3%			85.8%			86.5%			85.9%
Assisted and independent living communities ADR		$	137.19		$	140.65		$	136.90		$	141.05
Assisted and independent living communities ADR % change			-2.5%						-2.9%
Skilled nursing communities occupancy			80.9%			82.0%			81.2%			82.9%
Skilled nursing communities ADR		$	215.79		$	210.72		$	212.30		$	211.88
Skilled nursing communities ADR % change			2.4%						0.2%
Rehabilitation hospital data:
Rehabilitation hospital units			321			321			321			321
Rehabilitation hospital occupancy			59.8%			61.8%			60.1%			61.3%
(1) Excludes data for institutional pharmacy operations and discontinued senior living operations.
(2) Communities are categorized by the type of living units which constitute a majority of the total living units at the community.
(3) Includes 2,046 skilled nursing units in communities where assisted living and independent living services are the predominant services provided for the three and six months ended June 30, 2012 and 2011.
(4) Includes 71 skilled nursing units in communities where assisted and independent living services are the predominant services provided for the three and six months ended June 30, 2012 and 2011.
(5) Includes 77 assisted living and independent living units in communities where skilled nursing services are the predominant services provided for the three and six months ended June 30, 2012 and 2011.
(6) Other senior living revenues relates primarily to rehabilitation and other specialty service revenues provided at residential facilities and does not include revenues from institutional pharmacy or rehabilitation hospital operations.
(7) Excludes data for managed communities.

Supplemental Information, page 8 of 8
FIVE STAR QUALITY CARE, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
Earnings before interest, taxes, depreciation and amortization, or EBITDA, and EBITDA excluding certain items are not financial measures determined according to U.S. generally accepted accounting principles, or GAAP. We consider EBITDA and EBITDA excluding certain items to be meaningful disclosures because we believe that the presentation of these non-GAAP financial measures may help investors to gain a better understanding of changes in our operating results, and may also help investors who wish to make comparisons between us and other companies on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are used by management to evaluate our financial performance and for comparing our performance over time to the performance of our competitors. EBITDA and EBITDA excluding certain items as presented may not, however, be comparable to amounts calculated by other companies. This information should not be considered as an alternative to income from continuing operations, net income from continuing operations, net income or any other financial operating or performance measure established by GAAP. The reconciliation of income from continuing operations to EBITDA and EBITDA excluding certain items is as follows:
		Three months ended								Six months ended
		June 30,								June 30,
			2012				2011				2012				2011
Income from continuing operations		$	4,931			$	5,987			$	5,677			$	11,896
Add: interest and other expense			1,605				870				3,031				1,371
Add: income tax expense			3,807				441				4,409				820
Add: depreciation and amortization			6,709				4,616				13,025				8,921
Less: interest and other income			(246	)			(331	)			(463	)			(649	)
EBITDA			16,806				11,583				25,679				22,359
Add: acquisition related costs			-				1,202				-				1,304
Less: gain on settlement			(3,365	)			-				(3,365	)			-
Less or Add: gain, or loss, as applicable on sale of investments in available for sale securities			-				(51	)			1				(127	)
EBITDA excluding certain items		$	13,441			$	12,734			$	22,315			$	23,536

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