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

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS THAT 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 ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

• THIS PRESS RELEASE STATES THAT WE EXPECT TO BEGIN MANAGING THE REMAINING TWO COMMUNITIES OWNED BY SNH AND CURRENTLY LEASED BY SUNRISE BEFORE YEAR END 2012 AND AFTER ALL APPROPRIATE REGULATORY APPROVALS ARE OBTAINED. THE TRANSFER OF OPERATING CONTROL OF THESE TWO COMMUNITIES IS SUBJECT TO REGULATORY APPROVALS IN THE STATE WHERE EACH COMMUNITY IS LOCATED. 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 REFERS TO OUR FOCUSING OPERATIONS ON THE PRIVATE PAY INDEPENDENT AND ASSISTED LIVING BUSINESS. OUR ABILITY TO SUCCESSFULLY OPERATE INDEPENDENT AND ASSISTED LIVING BUSINESSES DEPENDS ON A NUMBER OF FACTORS, INCLUDING OUR RESIDENTS’ CONTINUED ABILITY TO PAY FOR SERVICES WITH PRIVATE RESOURCES, OUR ABILITY TO MAINTAIN AND INCREASE OCCUPANCY AND RATES FOR THESE SERVICES, OUR ABILITY TO SUCCESSFULLY ADD ADDITIONAL INDEPENDENT AND ASSISTED LIVING UNITS BY ACQUISITION OR OTHERWISE, GOVERNMENT REGULATION IMPACTING THESE BUSINESSES AND OTHER MATTERS. AS SUCH, THERE CAN BE NO ASSURANCE THAT WE WILL BE ABLE TO SUCCESSFULLY INCREASE OR MAINTAIN OUR FOCUS ON THESE OPERATIONS.
• 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.
• THIS PRESS RELEASE STATES THAT OUR EXPECTED EFFECTIVE NET CASH RECEIPTS RESULTING FROM THE SALE OF OUR PHARMACY BUSINESS ARE $37.8 MILLION, BEFORE TAXES AND TRANSACTION COSTS. THESE NET CASH RECEIPTS INCLUDE ACCOUNTS RECEIVABLE THAT WE RETAINED. FURTHER, THE PURCHASE AGREEMENT INCLUDES CUSTOMARY INDEMNIFICATION OBLIGATIONS AND REQUIRED US TO ESCROW A PORTION OF THE PURCHASE PRICE IN CONNECTION WITH THE INDEMNIFICATION OBLIGATIONS. IF WE ARE UNABLE TO COLLECT ACCOUNTS RECEIVABLE THAT WE HAVE RETAINED OR ARE REQUIRED TO PAY AMOUNTS (INCLUDING WITH ESCROWED PROCEEDS) TO SATISFY INDEMNIFICATION OBLIGATIONS IN THE FUTURE, THE ACTUAL NET CASH RECEIPTS WE MAY REALIZE FROM THE SALE, AND ANY CORRESPONDING CAPITAL GAIN, MAY BE REDUCED.
• THIS PRESS RELEASE STATES THAT WE HAVE ENTERED INTO AN AGREEMENT TO SELL TWO SNFs THAT WE OWN LOCATED IN MICHIGAN. THIS SALE IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS. SOME OF THESE CONDITIONS MAY NOT BE MET, THE SALE MAY NOT OCCUR OR THE SALE MAY BE DELAYED.

RESULTS THAT DIFFER FROM THOSE STATED OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS MAY ALSO BE CAUSED BY VARIOUS CHANGES IN OUR BUSINESS OR MARKET CONDITIONS, AS DESCRIBED MORE FULLY IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2011, UNDER “WARNING CONCERNING FORWARD LOOKING STATEMENTS,” AND “RISK FACTORS” AND UNDER “WARNING CONCERNING FORWARD LOOKING STATEMENTS” AND ELSEWHERE IN OUR QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2012. COPIES OF THAT ANNUAL REPORT AND QUARTERLY REPORT ARE AVAILABLE AT THE WEBSITE OF THE U.S. SECURITIES AND EXCHANGE COMMISSION: WWW.SEC.GOV.

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

FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data)
(unaudited)
			Three months ended September 30,									Nine months ended September 30,
			2012				2011					2012				2011
Revenues:
Senior living revenue			$	277,568			$	275,605				$	831,864			$	803,647
Rehabilitation hospital revenue				26,328				26,273					79,501				78,235
Management fee revenue				1,277				359					3,666				383
Reimbursed costs incurred on behalf of managed communities				27,247				8,324					76,750				8,887
Total revenues				332,420				310,561					991,781				891,152
Operating expenses:
Senior living wages and benefits				137,816				136,135					412,808				398,975
Other senior living operating expenses				66,858				68,669					200,062				193,123
Costs incurred on behalf of managed communities				27,247				8,324					76,750				8,887
Rehabilitation hospital expenses				23,734				23,300					71,725				70,798
Rent expense				50,523				50,138					151,043				145,474
General and administrative				14,602				14,418					45,445				42,242
Depreciation and amortization				6,324				5,497					18,631				13,705
Total operating expenses				327,104				306,481					976,464				873,204
Operating income				5,316				4,080					15,317				17,948
Interest and other income				199				355					638				975
Interest and other expense				(1,762	)			(1,034	)				(4,793	)			(2,405	)
Acquisition related costs				(100	)			(226	)				(100	)			(1,530	)
Gain on settlement				-				-					3,365				-
Gain on early extinguishment of debt				-				-					45				1
Equity in earnings of Affiliates Insurance Company				115				28					236				111
Gain on sale of available for sale securities reclassified from other comprehensive income				63				529					62				656
Income from continuing operations before income taxes				3,831				3,732					14,770				15,756
Provision for income taxes				(426	)			(186	)				(4,835	)			(1,006	)
Income from continuing operations				3,405				3,546					9,935				14,750
Income (loss) from discontinued operations				13,034				(4,074	)				11,511				(5,950	)
Net income (loss)			$	16,439			$	(528	)			$	21,446			$	8,800
Weighted average shares outstanding - basic				47,927				47,557					47,913				40,294
Weighted average shares outstanding - diluted				50,388				47,557					47,913				43,169
Basic income (loss) per share from:
Continuing operations			$	0.07			$	0.08				$	0.21			$	0.37
Discontinued operations				0.27				(0.09	)				0.24				(0.15	)
Net income (loss) per share - basic			$	0.34			$	(0.01	)			$	0.45			$	0.22
Diluted income (loss) per share from:
Continuing operations			$	0.07			$	0.08				$	0.21			$	0.36
Discontinued operations				0.26				(0.09	)				0.24				(0.14	)
Net income (loss) per share - diluted			$	0.33			$	(0.01	)			$	0.45			$	0.22

FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(in thousands)
(unaudited)
			September 30, 2012				December 31, 2011
Assets
Current assets:
Cash and cash equivalents			$	14,295			$	28,374
Accounts receivable, net of allowance				54,880				56,509
Investments in available for sale securities				14,942				9,114
Restricted cash				5,904				4,838
Prepaid expenses and other current assets				25,441				20,395
Assets of discontinued operations				13,003				29,022
Total current assets				128,465				148,252
Property and equipment, net				336,889				332,185
Restricted cash				9,262				4,092
Restricted investments in available for sale securities				11,904				13,115
Goodwill, equity investment and other long term assets				76,986				85,833
Total assets			$	563,506			$	583,477
Liabilities and Shareholders' Equity
Current liabilities:
Bridge loan from Senior Housing Properties Trust			$	-			$	38,000
Other current liabilities				157,904				151,331
Total current liabilities				157,904				189,331
Mortgage notes payable				37,900				38,714
Convertible senior notes				24,872				37,282
Other long term liabilities				40,103				37,956
Shareholders’ equity				302,727				280,194
Total liabilities and shareholders' equity			$	563,506			$	583,477

FIVE STAR QUALITY CARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
			Three months ended September 30,									Nine months ended September 30,
			2012				2011					2012				2011
Cash flows from operating activities:
Net income (loss)			$	16,439			$	(528	)			$	21,446			$	8,800
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization				6,324				5,497					18,631				13,705
Gain on early extinguishment of debt				-				-					(45	)			(1	)
(Gain) loss from discontinued operations				(13,034	)			4,074					(11,511	)			5,950
Gain on sale of available for sale securities				(63	)			(529	)				(62	)			(656	)
Equity in earnings of Affiliates Insurance Company				(115	)			(28	)				(236	)			(111	)
Stock-based compensation				159				87					649				949
Provision for losses on receivables				1,470				1,143					3,949				5,178
Changes in assets and liabilities:
Accounts receivable				(520	)			1,441					(2,320	)			(2,118	)
Prepaid expenses and other assets				(1,240	)			(3,031	)				2,408				(2,735	)
Accounts payable and accrued expenses				(2,198	)			7,665					906				7,028
Accrued compensation and benefits				3,650				(2,643	)				9,143				6,096
Due to related persons				(3,165	)			(1,111	)				(5,868	)			(1,535	)
Other current and long term liabilities				6,200				4,598					6,145				5,407
Cash provided by operating activities				13,907				16,635					43,235				45,957
Net cash (used in) provided by discontinued operations				(9,259	)			514					(8,317	)			652
Cash flows from investing activities:
Acquisition of property and equipment				(11,933	)			(14,786	)				(40,251	)			(44,562	)
Acquisition of senior living communities, net of working capital assumed				-				(53,426	)				-				(107,165	)
Payments from restricted cash and investment accounts, net				(2,346	)			(698	)				(6,236	)			(3,117	)
Purchase of available for sale securities				(522	)			-					(5,076	)			-
Proceeds from sale of pharmacy				34,298				-					34,298				-
Proceeds from disposition of property and equipment held for sale				4,156				10,554					18,249				25,877
Proceeds from sale of available for sale securities				156				1,223					928				2,504
Cash provided by (used in) investing activities				23,809				(57,133	)				1,912				(126,463	)
Cash flows from financing activities:
Net proceeds from issuance of common stock				-				-					-				53,953
Proceeds from borrowings on credit facilities				-				-					47,500				12,000
Repayments of borrowings on credit facilities				(37,500	)			-					(47,500	)			(12,000	)
Proceeds from borrowing on the bridge loan from Senior Housing Properties Trust				-				39,000					-				80,000
Repayments of borrowing on the bridge loan from Senior Housing Properties Trust				-				-					(38,000	)			(32,000	)
Purchase and retirement of convertible senior notes				-				-					(12,038	)			(623	)
Repayments of mortgage notes payable				(297	)			(228	)				(871	)			(300	)
Cash (used in) provided by financing activities				(37,797	)			38,772					(50,909	)			101,030
Change in cash and cash equivalents during the period				(9,340	)			(1,212	)				(14,079	)			21,176
Cash and cash equivalents at beginning of period				23,635				43,158					28,374				20,770
Cash and cash equivalents at end of period			$	14,295			$	41,946				$	14,295			$	41,946
Cash paid for interest			$	960			$	259				$	3,711			$	1,454
Cash paid for income taxes			$	317			$	215				$	1,552			$	1,257
Non-cash activities:
Issuance of common stock			$	-			$	-				$	114			$	298
Real estate acquisition			$	-			$	(20,337	)			$	-			$	(40,289	)
Assumption of mortgage notes payable			$	-			$	20,337				$	-			$	40,289

FIVE STAR QUALITY CARE, INC.
SENIOR LIVING COMMUNITY FINANCIAL DATA (1)
(dollars in thousands, except average daily rate)
			Three months ended						Nine months ended
			September 30,						September 30,
			2012			2011			2012			2011
Senior living communities owned and leased: (2)
Number of communities				222			222			222			222
Number of units				23,764			23,764			23,764			23,764
Occupancy				85.7%			86.0%			85.7%			85.6%
ADR			$	145.56		$	147.46		$	146.64		$	150.15
Senior living revenue:
Independent and assisted living community revenue			$	124,387		$	119,082		$	369,864		$	334,919
Continuing care retirement communities revenue				96,810			99,285			291,197			298,056
Skilled nursing facility revenue				53,060			54,745			160,919			163,580
Other (3)				3,311			2,493			9,884			7,092
Total senior living revenue			$	277,568		$	275,605		$	831,864		$	803,647
Senior living wages and benefits:
Independent and assisted living community wages and benefits			$	53,803		$	52,144		$	161,321		$	147,951
Continuing care retirement communities wages and benefits				47,889			48,358			144,109			143,116
Skilled nursing facility wages and benefits				33,998			34,579			102,611			103,780
Other (3)				2,126			1,054			4,767			4,128
Total senior living wages and benefits			$	137,816		$	136,135		$	412,808		$	398,975
Senior living other operating expenses:
Independent and assisted living community other operating expenses			$	29,651		$	29,019		$	88,332		$	78,540
Continuing care retirement communities other operating expenses				23,829			25,283			71,101			73,351
Skilled nursing facility other operating expenses				13,056			13,816			39,116			39,954
Other (3)				322			551			1,513			1,278
Total other senior living operating expenses			$	66,858		$	68,669		$	200,062		$	193,123
Percent breakdown of independent and assisted living community revenues:
Private and other sources				98.8%			98.9%			98.9%			98.9%
Medicaid				1.2%			1.1%			1.1%			1.1%
Total				100.0%			100.0%			100.0%			100.0%
Percent breakdown of continuing care retirement community revenues:
Private and other sources				71.1%			68.7%			70.8%			68.1%
Medicare				22.3%			24.8%			22.6%			25.8%
Medicaid				6.6%			6.5%			6.6%			6.1%
Total				100.0%			100.0%			100.0%			100.0%
Percent breakdown of skilled nursing facility revenues:
Private and other sources				25.9%			24.7%			25.3%			24.4%
Medicare				24.2%			27.9%			24.6%			27.8%
Medicaid				49.9%			47.4%			50.1%			47.8%
Total				100.0%			100.0%			100.0%			100.0%
Percent breakdown of total senior living revenues:
Private and other sources				75.0%			73.0%			74.5%			72.0%
Medicare				12.6%			14.7%			12.8%			15.4%
Medicaid				12.4%			12.3%			12.7%			12.6%
Total				100.0%			100.0%			100.0%			100.0%
(1) Excludes data for managed communities and discontinued senior living operations.
(2) Includes independent and assisted living communities, continuing care communities and skilled nursing facilities.
(3) Other senior living 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.

FIVE STAR QUALITY CARE, INC.
COMPARABLE SENIOR LIVING COMMUNITY FINANCIAL DATA (1)
(dollars in thousands, except average daily rate)
		Three months ended						Nine months ended
		September 30, (2)						September 30, (3)
		2012			2011			2012			2011
Senior living communities owned and leased: (4)
Number of communities			218			218			209			209
Number of units			23,278			23,278			22,175			22,175
Occupancy			85.7%			86.0%			85.4%			85.5%
ADR		$	146.88		$	147.65		$	150.79		$	151.48
Senior living revenue:
Independent and assisted living community revenue		$	121,233		$	118,531		$	332,096		$	322,989
Continuing care retirement communities revenue			96,810			99,285			291,197			298,056
Skilled nursing facility revenue			53,060			54,745			160,919			163,580
Other (5)			3,311			2,493			9,884			7,092
Total senior living revenue		$	274,414		$	275,054		$	794,096		$	791,717
Senior living wages and benefits:
Independent and assisted living community wages and benefits		$	52,874		$	51,830		$	148,823		$	143,700
Continuing care retirement communities wages and benefits			47,889			48,358			144,109			143,116
Skilled nursing facility wages and benefits			33,998			34,579			102,611			103,780
Other (5)			2,126			1,054			4,767			4,128
Total senior living wages and benefits		$	136,887		$	135,821		$	400,310		$	394,724
Senior living other operating expenses:
Independent and assisted living community other operating expenses		$	28,673		$	28,787		$	78,586		$	75,513
Continuing care retirement communities other operating expenses			23,829			25,283			71,101			73,351
Skilled nursing facility other operating expenses			13,056			13,816			39,116			39,954
Other (5)			322			551			1,513			1,278
Total other senior living operating expenses		$	65,880		$	68,437		$	190,316		$	190,096
Percent breakdown of independent and assisted living community revenues:
Private and other sources			98.9%			98.9%			99.0%			98.9%
Medicaid			1.1%			1.1%			1.0%			1.1%
Total			100.0%			100.0%			100.0%			100.0%
Percent breakdown of continuing care retirement community revenues:
Private and other sources			71.1%			68.7%			70.8%			68.1%
Medicare			22.3%			24.8%			22.6%			25.8%
Medicaid			6.6%			6.5%			6.6%			6.1%
Total			100.0%			100.0%			100.0%			100.0%
Percent breakdown of skilled nursing facility revenues:
Private and other sources			25.9%			24.7%			25.3%			24.4%
Medicare			24.2%			27.9%			24.6%			27.8%
Medicaid			49.9%			47.4%			50.1%			47.8%
Total			100.0%			100.0%			100.0%			100.0%
Percent breakdown of total senior living revenues:
Private and other sources			74.7%			72.9%			73.4%			71.7%
Medicare			12.7%			14.7%			13.4%			15.6%
Medicaid			12.6%			12.4%			13.2%			12.7%
Total			100.0%			100.0%			100.0%			100.0%
(1) Excludes data for managed communities and discontinued senior living operations.
(2) Communities that we have operated continuously since July 1, 2011.
(3) Communities that we have operated continuously since January 1, 2011.
(4) Includes independent and assisted living communities, continuing care communities and skilled nursing facilities.
(5) Other senior living 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.

FIVE STAR QUALITY CARE, INC.
SENIOR LIVING OTHER OPERATING DATA (1)
(dollars in thousands, except average daily rate)
		Three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
			2012			2012			2012			2011			2011
Number of senior living communities (end of period)
Senior living communities, owned			31			31			31			31			31
Senior living communities, leased			191			191			191			191			191
Senior living communities, managed			30			25			25			23			14
Total number of senior living communities			252			247			247			245			236
Number of senior living units (end of period):
Senior living communities, owned			2,952			2,952			2,952			2,952			2,952
Senior living communities, leased			20,812			20,812			20,812			20,812			20,812
Senior living communities, managed			4,498			3,738			3,738			3,393			1,415
Total number of senior living units			28,262			27,502			27,502			27,157			25,179
Independent and assisted living communities: (2)
Number of communities			153			153			153			153			153
Number of units			13,005			13,005			13,005			13,005			13,005
Occupancy			88.0%			87.6%			87.7%			88.3%			88.2%
ADR		$	117.24		$	117.90		$	117.21		$	114.90		$	115.87
CCRC communities: (2)
Number of communities			31			31			31			31			31
Number of units (3)			7,336			7,336			7,336			7,336			7,336
Occupancy			84.1%			84.0%			84.8%			84.9%			84.2%
ADR		$	170.57		$	172.83		$	172.20		$	168.63		$	174.73
Skilled nursing facilities: (2)
Number of communities			38			38			38			38			38
Number of units (4)			3,423			3,423			3,423			3,423			3,423
Occupancy			80.2%			80.9%			81.6%			81.4%			81.7%
ADR		$	207.35		$	215.79		$	208.85		$	206.94		$	212.82
Senior living communities owned and leased: (2)
Number of communities			222			222			222			222			222
Number of units			23,764			23,764			23,764			23,764			23,764
Occupancy			85.7%			85.5%			85.9%			86.2%			86.0%
ADR		$	145.56		$	147.89		$	146.50		$	143.73		$	147.46
Managed communities:
Number of communities			30			25			25			23			14
Number of units (5)			4,498			3,738			3,738			3,393			1,415
Occupancy			87.4%			87.6%			87.3%			85.4%			83.0%
ADR		$	132.08		$	133.34		$	132.01		$	120.51		$	114.68
Rehabilitation hospital data:
Rehabilitation hospital units			321			321			321			321			321
Rehabilitation hospital occupancy			60.7%			59.8%			60.4%			61.4%			59.7%
Other ancillary services:
Rehabilitation and wellness inpatient clinics			50			48			47			47			47
Rehabilitation and wellness outpatient clinics			46			44			41			39			30
Home health communities served			6			6			6			6			6
(1) Excludes data for discontinued operations.
(2) Excludes data for managed communities.
(3) Includes 2,020 skilled nursing units in communities where assisted living and independent living services are the predominant services provided.
(4) Includes 87 assisted living and independent living units in communities where skilled nursing services are the predominant services provided.
(5) Includes 71 skilled nursing units in communities where assisted living and independent living services are the predominant services provided.

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 (collectively, Non-GAAP Financial Measures) are not financial measures determined according to U.S. generally accepted accounting principles, or GAAP. We consider these Non-GAAP Financial Measures 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 and to the performance of our competitors. These Non-GAAP Financial Measures 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, cash flows from operating activities or any other financial operating or performance or liquidity measure established by GAAP. The reconciliation of income from continuing operations to these Non-GAAP Financial Measures is as follows:

			Three months ended									Nine months ended
			September 30,				September 30,					September 30,				September 30,
			2012				2011					2012				2011
Income from continuing operations			$	3,405			$	3,546				$	9,935			$	14,750
Add: interest and other expense				1,762				1,034					4,793				2,405
Add: income tax expense				426				186					4,835				1,006
Add: depreciation and amortization				6,324				5,497					18,631				13,705
Less: interest, dividend and other income				(199	)			(355	)				(638	)			(975	)
EBITDA				11,718				9,908					37,556				30,891
Add: acquisition related costs				100				226					100				1,530
Less: gain on sale of investments in available for sale securities				(63	)			(529	)				(62	)			(656	)
Less: gain on early extinguishment of debt				-				-					(45	)			(1	)
Less: gain on settlement				-				-					(3,365	)			-
EBITDA excluding certain items			$	11,755			$	9,605				$	34,184			$	31,764

« First ‹ Previous 1 2 3 4 5 Next › Last »