Star Quality Care Revenue Up 3.2% in Q1 2011, Occupancy Rates Down Slightly

Five Star Quality Care (NYSE: FVE) announced that total revenues for the first quarter of 2011 increased 3.2% to $308.3 million, up from $298.8 million for the same period last year.

Income from continuing operations for the first quarter of 2011 was $5.6 million compared to $4.6 million for the same period in the previous year.  Income per share from continuing operations for the first quarter of 2011 was $0.16 and $0.15 per basic and diluted share, respectively, compared to $0.13 per basic and diluted share for the same period in the previous year.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of 2011 was $10.5 million compared to $9.0 million for the same period in the previous year.

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Occupancy rates for senior living was 85.5% during the first quarter, down 0.7% from last year in the same period.  Senior living average daily rate for the first quarter of 2011 increased by 3.5% to $152.05 from $146.97 for the same period in the previous year.

The percentage of senior living revenue derived from residents’ private resources for the first quarter of 2011 decreased to 71.2% from 72.8% for the same period in the previous year.  For those senior living communities that were operated continuously since January 1, 2010 (comparable communities), occupancy for the first quarter of 2011 was 85.4% compared to 86.2% for the same period in the previous year.

The average daily rate at comparable communities for the first quarter of 2011 increased by 3.7% to $152.36 from $146.97 in the same period the previous year.

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