Diversicare Completes Sale of Three Skilled Nursing Facilities in Kentucky
December 03 2018 - 4:20PM
Diversicare Healthcare Services, Inc. (NASDAQ: DVCR), a premier
provider of post-acute care services, today announced that
effective December 1, 2018 the Company completed the sale of three
skilled nursing facilities in Kentucky. Diversicare of Fulton, a
60-bed center, Diversicare of Glasgow, a 94-bed center and
Diversicare of Clinton, an 88-bed center, were collectively sold
for a purchase price of $18.7 million. Per the terms of the
Company’s Mortgage Line and Revolving Credit facility, the net
proceeds were used entirely to pay off associated indebtedness.
About Diversicare Healthcare Services,
Inc.
As of December 1, 2018, Diversicare provides
long-term care services to patients in 72 skilled nursing and
senior housing centers containing 8,214 licensed nursing beds. For
additional information about the Company, visit Diversicare's web
site: www.DVCR.com.
FORWARD-LOOKING STATEMENTS
The “forward-looking statements” contained in
this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are predictive in nature and are frequently identified
by the use of terms such as “may,” “will,” “should,” “expect,”
“believe,” “estimate,” “intend,” and similar words indicating
possible future expectations, events or actions. These
forward-looking statements reflect our current views with respect
to future events and present our estimates and assumptions only as
of the date of this release. Actual results could differ materially
from those contemplated by the forward-looking statements made in
this release. In addition to any assumptions and other factors
referred to specifically in connection with such statements, other
factors, many of which are beyond our ability to control or
predict, could cause our actual results to differ materially from
the results expressed or implied in any forward-looking statements
including, but not limited to, our ability to successfully
integrate the operations of our newly acquired centers, as well as
successfully operate all of our centers, our ability to increase
census at our renovated centers, changes in governmental
reimbursement, government regulation, the impact of the recently
adopted federal health care reform or any future health care
reform, any increases in the cost of borrowing under our credit
agreements, our ability to comply with covenants contained in those
credit agreements, our ability to renew or extend our leases at or
prior to the end of the existing lease terms, the outcome of
professional liability lawsuits and claims, our ability to control
ultimate professional liability costs, the accuracy of our estimate
of our anticipated professional liability expense, the impact of
future licensing surveys, the outcome of proceedings alleging
violations of state or Federal False Claims Acts, laws and
regulations governing quality of care or other laws and regulations
applicable to our business including HIPAA and laws governing
reimbursement from government payors, the costs of investing in our
business initiatives and development, our ability to control costs,
changes to our valuation of deferred tax assets, changes in
occupancy rates in our centers, changing economic and competitive
conditions, changes in anticipated revenue and cost growth, changes
in the anticipated results of operations, the effect of changes in
accounting policies as well as others. The Company has provided
additional information in its Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, as well as in its other
filings with the Securities and Exchange Commission, which readers
are encouraged to review for further disclosure of other factors.
These assumptions may not materialize to the extent assumed, and
risks and uncertainties may cause actual results to be different
from anticipated results. These risks and uncertainties also may
result in changes to the Company’s business plans and prospects.
Diversicare Healthcare Services, Inc. is not responsible for
updating the information contained in this press release beyond the
published date, or for changes made to this document by wire
services or Internet services.
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Company Contact: |
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Investor Relations: |
James R. McKnight,
Jr. |
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Kerry
Massey |
Chief Executive
Officer |
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Chief
Financial Officer |
615-771-7575 |
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615-771-7575 |
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