Five Star Quality Care, Inc. (NYSE:FVE) reported a 36% decrease in net income for the second quarter 2011, with $5.2 million, down from from $8.2 million in 2Q 2010, due in part to a loss of income from discontinued operations.
However, it experienced a 3.4% increase in total revenues to $312.6 million in the second quarter 2011 from last year’s $302.3 million, as its senior living and hospital rehabilitation revenues both saw increases from the previous year.
Income from continuing operations for the 2Q 2011 was also down slightly from last year at $6.3 million, and $0.17 per share, compared to $8 million and $0.22 per basic share from 2Q 2010.
In the second quarter, Five Star acquired three senior living communities with a total of 313 units for $66 million (excluding closing costs), and also commenced leasing five senior living communities, and managing 10 more, from Senior Housing Properties Trust for a combined total of 1,420 units.
View the earnings report here.
Written by Alyssa Gerace