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Diversicare Healthcare Services has completed its acquisition by DAC Acquisition LLC, following stockholder approval on November 18, 2021. Over 99% of shares voted in favor of the merger. As a result of the transaction, stockholders will receive $10.10 per share, and Diversicare will become a privately held entity, delisting from the OTCQX. The current management team will continue to oversee operations. Brentwood Capital Advisors is the financial advisor, with legal counsel from Bass Berry & Sims PLC.
Diversicare Healthcare Services (OTCQX: DVCR) reported a net loss of $2.9 million or $0.43 per share for Q3 2021, a decline from a $3.2 million net income in Q3 2020. Patient revenues fell to $115.7 million, down $2.3 million year-over-year, with EBITDA decreasing by $6.4 million to $0.3 million. The company's occupancy rate improved to 70.7%. A merger agreement with DAC Acquisition LLC is set for a vote on November 18, 2021, where shareholders could receive $10.10 per share. The company continues to handle COVID-19 related expenses totaling $7.2 million in the quarter.
Diversicare Healthcare Services (DVCR) announced a definitive merger agreement with DAC Acquisition LLC, valuing the company at
Diversicare Healthcare Services (OTCQX: DVCR) has received a letter from MCS Plan and Ephram Lahasky expressing interest in acquiring the Company for $10.10 per share. The Board of Directors is reviewing the proposal with its financial advisors and will assess the best interests of shareholders. No definitive timeline for the review has been established, and the Company has not made a decision on the proposal. The Board aims to announce updates as they become available.
Diversicare Healthcare Services (OTCQX: DVCR) reported its second-quarter results for 2021, showing a net income increase to $2.9 million or $0.43 per share, up from $1.8 million or $0.28 per share in Q2 2020. EBITDA rose to $6.7 million, with patient revenues at $111.3 million, a $7.0 million decrease from the previous year. COVID-19 related expenses totaled $6.4 million, impacting operating expenses at 82.3% of revenue. Despite challenges, the company recognized $8.5 million from Provider Relief Funds to offset losses. A conference call is scheduled for August 10, 2021.
Diversicare Healthcare Services (OTCQX:DVCR) will report its Q2 financial results for the period ending June 30, 2021, on August 10, 2021, post-market close. A conference call will follow at 5:00 p.m. ET to discuss the results and share insights related to COVID-19 impacts in their centers. Diversicare operates 61 skilled nursing facilities across eight states, providing essential post-acute care services.
Diversicare Healthcare Services, Inc. (OTCQX: DVCR) reported a net income of $2.1 million for Q1 2021, compared to a loss of $0.5 million in Q1 2020. EBITDA increased by $2.7 million to $5.8 million, while patient revenues dipped by $6.6 million to $113.4 million. The company incurred $12.0 million in COVID-19 related expenses and recognized $10.5 million from Provider Relief Funds. Despite reduced occupancy rates, Medicaid revenues increased due to temporary rate hikes. The CEO emphasized the industry’s challenges and commitment to restoring pre-pandemic service levels.
Diversicare Healthcare Services (OTCQX:DVCR) will report its first-quarter financial results for the period ending March 31, 2021, on May 11, 2021, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results and the company's experiences with COVID-19 in its facilities. Diversicare operates 61 skilled nursing and long-term care centers across eight states, mainly in the Southeast, Midwest, and Southwest, offering 7,250 skilled nursing beds.
Diversicare Healthcare Services (OTCQX: DVCR) reported a net income of $2.0 million in Q4 2020, reversing a loss of $1.4 million in Q4 2019. EBITDA surged to $4.8 million, up $2.1 million year-over-year, with annual EBITDA at $20.1 million. The company faced pandemic-related challenges, incurring $32.3 million in additional expenses. Patient revenues decreased by $1.4 million to $119.5 million, attributed to reduced occupancy. The company secured $47.2 million in Provider Relief Funds, utilizing $19.8 million to offset losses. A conference call is scheduled for March 11, 2021.
Diversicare Healthcare Services, Inc. (OTCQX:DVCR) will report its fourth-quarter financial results for the period ending December 31, 2020, on March 11, 2021, after market close. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the results and COVID-19 experiences across its facilities. Diversicare operates 61 skilled nursing homes with 7,250 beds across eight states in the U.S. More details and participation information are available on their website.
