Five Star Quality Care, Inc. (NYSE Amex: FVE) last week announced its financial results for the quarter ended March 31, 2010 that showed revenues for the first quarter of 2010 increased 5.6% to $310.3 million from $293.8 million for the same period last year. FVE’s net income from continuing operations for the first quarter of 2010 was $4.3 million compared to $25.1 million for the same period last year. Net income for Q1 2010 was down compared to 2009 due to extraordinary items that included a $25.1 million gain on extinguishment of debt and other gains during Q1 2009.
Operating Highlights Include:
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- Senior living occupancy for the first quarter of 2010 was 86.2% compared to 86.7% for the same period last year.
- Senior living average daily rate for the first quarter of 2010 increased by 2.8% to $149.09 from $145.07 in the same period last year and increased by 3.1% from $144.64 in the fourth quarter of 2009.
- The percentage of senior living revenue derived from private and other resources for the first quarter of 2010 increased to 70.0% from 69.4% for the same period last year.
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