Diversicare Announces 2017 Fourth Quarter Results

Diversicare Healthcare Services (NASDAQ:DVCR), a premier provider of long-term care services, today announced its results for the fourth quarter ended December 31, 2017. The Company’s revenue grew to $144.4 million, an increase of 6.9% year-over-year.

As quoted in the press release:

• Net Revenue increased 6.9% to $144.4 million in the fourth quarter of 2017 from $135.0 million in the fourth quarter of 2016, primarily due to the 22 centers acquired during the fourth quarter of 2016.
• Net loss increased to $5.9 million in the fourth quarter of 2017 compared to net income of $1.4 million in the fourth quarter of 2016.
• The Tax Cuts and Jobs Act enacted on December 22, 2017 resulted in a non-cash Income Tax expense of $5.5 million in the fourth quarter of 2017 to reflect the reevaluation of the Company’s net deferred tax assets based on the U.S. Federal Tax Rate of 21.0%.

Click here to read the full press release.