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Extendicare Inc Common Shares Canada - EXETF | ValueForum Member Stock Ratings

Last rating update for EXETF was made by a ValueForum member on Jun. 28 2013, 10:45 AM ET. Factoring this and past ratings, on average EXETF is rated 1.00 on a scale of Strong Buy (1.00) to Strong Sell (5.00) by 1 different member(s) of ValueForum.com. Full rating pages available to members only (click here) contain additional rating information including commentary by the 1 member(s) who entered the ratings. These ratings are posted by site users; this content is not intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by ValueForum.com

EXTENDICARE INC COMMON SHARES CANADA (OTC: EXETF)
Last Trade
3:01 p.m. - 6.01
Change
 UNCH ( 0.0%)
Shares Traded
3
Day's Volume
512
Book Value
NA
Price/Book
NA
Beta
0.5844
Day's Range
6.01 - 6.01
Prev Close
6.01
Open
6.01
52 Wk Range
3.48 - 7.06
EPS
0.6
PE
10.02
Monthly Div/Shr
0.0312
Ex-Div
09/29/21
Yield
6.23%
Shares Out.
89.56M
Market Cap.
538.27M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in EXETF

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MARKHAM, Ontario, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and six months ended June 30, 2021. Results are presented in Canadian dollars unless otherwise noted. Second Quarter Highlights Continuing growth in vaccination levels among residents and staff, providing enhanced protection across our network.No current outbreaks in our long-term care (LTC) homes or retirement communities.LTC occupancy up 250 bps
Sat, 24 Jul 2021
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MARKHAM, Ontario, July 15, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced that it has declared a cash dividend of C$0.04 per common share of the Company (the “Common Share”) for the month of July 2021, which is payable on August 16, 2021 to shareholders of record at the close of business on July 30, 2021. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada). About Extendicare Extendicare is a lead
Tue, 06 Jul 2021
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Extendicare Announces Timing of 2021 Second Quarter Results and Conference Call
MARKHAM, Ontario, July 06, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced today that it plans to release its financial results for the second quarter of 2021 after market close on Thursday, August 5, 2021. A conference call hosted by Michael Guerriere, President and Chief Executive Officer and David Bacon, Senior Vice President and Chief Financial Officer, will be held on Friday, August 6, 2021, at 11:30 a.m. (ET) to discuss the results. To partic
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Tue, 15 Jun 2021
12:00:00 +0000
Extendicare Announces June 2021 Dividend of C$0.04 per Share
MARKHAM, Ontario, June 15, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced that it has declared a cash dividend of C$0.04 per common share of the Company (the “Common Share”) for the month of June 2021, which is payable on July 15, 2021 to shareholders of record at the close of business on June 30, 2021. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada). About Extendicare Extendicare is a leadin
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Thu, 27 May 2021
19:01:00 +0000
Extendicare Announces Voting Results from the 2021 Annual and Special Meeting of Shareholders
MARKHAM, Ontario, May 27, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today announced the results of matters voted on at its annual and special meeting of shareholders held on May 27, 2021 (the “Meeting”), which included the election as directors of the Company of all of the nominees listed in its management information and proxy circular dated April 15, 2021 (the “Information Circular”). The voting results for each of the matters considered at the Meeting are presented below. The total number of common shares represented by shareholders present in person or by proxy at the Meeting was 35,201,485, representing 39.30% of the Company’s outstanding common shares. 1. Election of Directors On a vote by ballot, the election of the following nine nominees as directors of the Company to hold office until the next annual meeting of the Company, or until their respective successors are elected or appointed, was approved. The results of the vote on this matter are set out below. NomineeVotes For%Votes Withheld%Norma Beauchamp33,597,86199.38209,1850.62Dr. Michael Guerriere33,581,51299.33225,5340.67Sandra L. Hanington33,588,53899.35218,5080.65Alan R. Hibben26,265,74877.697,541,29822.31Brent Houlden33,547,85199.23259,1950.77Donna E. Kingelin33,603,79399.40203,2530.60Samir Manji33,565,54099.29241,5060.71Al Mawani33,548,47699.24258,5700.76Alan D. Torrie33,557,94899.26249,0980.74 2. Appointment of Auditors On a vote by ballot, the appointment of KPMG LLP as the auditors of the Company to hold office until the close of the next annual meeting of the Company at such remuneration as shall be fixed by the board of directors of the Company (the “Board”) was approved. The results of the vote on this matter are set out below. Votes For%Votes Withheld%34,731,66698.67469,8191.33 3. Reconfirmation and the Amended and Restated Shareholder Rights Plan On a vote by ballot, the ordinary resolution for the reconfirmation of the Company’s amended and restated shareholder rights plan agreement was approved. The results of the vote on this matter are set out below. Votes For%Votes Against%33,588,65399.35218,3930.65 4. Approach to Executive Compensation On a vote by ballot, a non-binding advisory resolution to accept the Company’s approach to executive compensation disclosed in the Company’s Information Circular was approved. The results of the vote on this matter are set out below. Votes For%Votes Against%33,292,15098.48514,3961.52 ABOUT EXTENDICARE Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 120 long-term care homes and retirement communities (69 owned/51 contract services), provide approximately 8.3 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 81,100 senior residents across Canada. Extendicare proudly employs more than 23,000 qualified, highly trained and dedicated individuals who are passionate about providing high quality care and services to help people live better. For further information, contact: Jillian FountainVice President, Investor Relations Phone: (905) 470-5534; Fax: (905) 470-4003Email: jfountain@extendicare.comVisit Extendicare’s Website at www.extendicare.com
Thu, 13 May 2021
13:30:00 +0000
Extendicare, Inc. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / May 13, 2021 / Extendicare, Inc. (OTC PINK:EXETF) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 13, 2021 at 11:30 AM Eastern Time.
Wed, 12 May 2021
21:47:00 +0000
Extendicare Announces 2021 First Quarter Results
MARKHAM, Ontario, May 12, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three months ended March 31, 2021. Results are presented in Canadian dollars unless otherwise noted. “The first quarter of this year marked a turning point in the pandemic for long-term care (LTC) with the success of the vaccination program for residents and staff. Despite the arrival of a third wave of COVID-19 across the country, outbreaks and cases have dropped dramatically in our homes. Nevertheless, the presence of numerous virus variants means that we must remain vigilant by maintaining higher staffing levels, enhanced infection control and regular testing until the threat of the pandemic has passed,” said President and Chief Executive Officer, Dr. Michael Guerriere. “We worked tirelessly to keep our residents and team members safe during the first and second waves of COVID-19. Additional staff, enhanced infection control procedures and routine testing to isolate positive cases have been effective in helping to curb the virus. Tragically, the virus overwhelmed our defenses in some homes that experienced severe outbreaks where many of our residents and frontline staff became infected. We continue to mourn residents and one of our team members who were lost to this virus. We remain steadfast on driving improvements in the LTC sector in their memory. We are committed to working with provincial governments and our partners across the health system to advance much-needed initiatives to build a better future for our residents and team members,” added Guerriere. Investing in Staff and New Homes During the last year, Extendicare added more than 1,000 new frontline caregivers to its LTC homes. This positions us well to enhance our quality of care supported by the Ontario government’s Long-Term Care Staffing Plan that targets four hours of care per resident day. We are also making progress in training and hiring 600 new caregivers this year at ParaMed through internal training programs that were launched last year. We are moving quickly to advance our long-term plan to replace aging infrastructure with modern, safer living spaces. Of the 22 LTC redevelopment projects we have proposed to the Ontario government, nine have received allocations of beds so far. We broke ground on our new 192-bed Kingston, Ontario LTC home in April, and construction on our Sudbury new build continues. Four additional projects are targeted to begin construction before the end of next year. “After so many years of advocating for replacement of aging facilities, it is gratifying to see these projects move forward,” said Dr. Guerriere. “In total, the nine projects under way represent a $500 million investment by Extendicare in newer, safer homes for LTC residents in Ontario. Combined with the marked expansion of caregivers in LTC and homecare, we are building capacity to help people live better today and into the future. We deeply appreciate the new programs and the leadership demonstrated by the Government of Ontario that make these improvements possible.” Protecting our Residents, Clients and Caregivers The third wave of COVID-19 has put considerable strain on health systems across Canada. Emergency measures enacted by Canada’s federal and provincial governments to combat the spread of COVID-19 remain in place or have been reinstated in most regions. We continue to work closely with all levels of government, health authorities, our industry partners and advocacy groups to help ensure our collective response to the crisis is focused on the protection and care of our residents, clients and caregivers. As a result of successful vaccination efforts, case numbers in Extendicare homes and communities have dropped substantially: As of May 11, 2021 there are only two active resident cases of COVID-19 across our 69 LTC homes and retirement communities;Vaccination efforts are continuing and approximately 90% of our LTC residents and 86% of our retirement residents have been fully vaccinated; andExtendicare’s extensive education and awareness campaign for staff, along with the provision of paid time off and reimbursement of travel expenses for vaccination, have resulted in approximately 74% of our LTC staff and 67% of our retirement staff having received at least their first dose. In addition to ongoing vaccination efforts, we continue to maintain enhanced infection prevention measures to reduce transmission risk, especially in light of new variants of concern. We continue our regular staff testing program to test all LTC staff, further enhanced with the introduction of rapid testing capabilities that provide results in 15 minutes and higher testing frequencies in areas with high levels of community transmission. Rapid testing is also used to screen all visitors to our homes, enabling our teams to turn away asymptomatic carriers before the virus can be transmitted. The extensive outbreaks we experienced as part of the second wave early in the first quarter necessitated increased COVID-19 related spending, totalling $46.2 million in Q1 2021. These costs were partially offset by provincial funding, which for the three months ended March 31, 2021 totalled $43.9 million. We incurred $11.9 million in temporary pandemic pay increases for eligible front-line staff in Q1 2021 offset by funding from Ontario and Alberta. Since the beginning of the pandemic, we have incurred an aggregate $120.7 million in COVID-19 related expenses, partially offset by government programs totalling $88.3 million, resulting in a cumulative reduction of Adjusted EBITDA of $32.4 million. The amount and timing of COVID-19 funding has not always aligned with the incurrence of the costs causing significant volatility in our results which we expect to continue until the pandemic subsides. Q1 2021 Financial Highlights (all comparisons with Q1 2020) Revenue up 18.6% or $50.6 million to $322.4 million; driven by COVID-19 funding of $55.4 million, LTC funding enhancements and growth in other operations, partially offset by a 1.3% decline in home health care average daily volumes (ADV), timing of LTC flow-through funding, and lower preferred accommodation revenue in LTC operations.Net operating income (NOI)(1) up $9.9 million to $40.3 million; reflecting the Canada Emergency Wage Subsidy (CEWS) payments received by ParaMed of $9.7 million, home health care back-office efficiencies and growth in other operations, partially offset by increased net COVID-19 costs of $1.1 million, increased costs of resident care, lower preferred accommodation revenue in LTC operations and lower home health care ADV.Adjusted EBITDA(1) up $7.6 million to $27.7 million; reflecting the improvement in NOI noted above, partially offset by increased wages, insurance and claims reserves, and increased COVID-19 administrative costs of $0.9 million.Earnings from continuing operations up $7.1 million to $8.3 million; primarily driven by improvements in NOI and lower finance costs, partially offset by increased estimated COVID-19 costs in excess of funding, higher administrative costs.AFFO(1) of $19.5 million ($0.22 per basic share), up $7.9 million; reflecting the increase in earnings from continuing operations and lower maintenance capex. Business Updates The following is a summary of the Company’s revenue, NOI and NOI margins by business segment for the three months ended March 31, 2021 and 2020, respectively. Three months ended March 31(unaudited) 2021 2020(millions of dollars, unless otherwise noted)RevenueNOIMargin RevenueNOIMarginLong-term care205.116.37.9% 160.218.411.5%Retirement living12.23.428.3% 12.03.730.8%Home health care97.716.016.3% 93.14.34.6%Other7.44.661.7% 6.43.960.9% 322.440.312.5% 271.830.411.2%Note: Totals may not sum due to rounding. Long-Term Care COVID-19 continued to impact our LTC operations in Q1 2021, as admissions restrictions led to lower occupancy levels. Increased costs to protect our staff and residents resulted in lower NOI and NOI margin compared to the same period last year. Average occupancy dropped to 82.9% in Q1 2021, from 97.0% in Q1 2020 and 87.7% in Q4 2020, mainly driven by reduced admissions as a result of COVID-19. Despite lower occupancy levels, our revenue base was largely preserved through basic occupancy protection funding from the Government of Ontario, which has been extended until August 31, 2021. Each of the western provinces in which we operate have introduced additional funding to offset the impact of COVID-19, some of which includes funding to address occupancy shortfalls. NOI and NOI margin in Q1 2021 were $16.3 million and 7.9%, respectively, down from $18.4 million and 11.5% respectively in Q1 2020. NOI and NOI margin decreased in the quarter largely as a result of the impact of COVID-19, resulting in increased costs of resident care and lower preferred accommodation revenue. Increased costs associated with COVID-19 and pandemic pay programs, estimated at $47.4 million, were $0.8 million in excess of COVID-19 related funding of $46.6 million. Home Health Care Our home health care volumes continued to recover in Q1 2021, despite the Wave 2 lockdowns early in the quarter. Since the peak impact of the pandemic on home health care volumes in Q2 2020, we have seen a gradual recovery in our ADV levels. ADV was 1.7% higher than in Q4 2020, but down 1.3% from the same prior year quarter. ADV has continued to improve in April, with ADV for the four weeks ended May 2, 2021 up 2.7% over Q1 levels. In Q1 2021, revenue increased to $97.7 million, up 4.9% from Q1 2020, driven by COVID-19 and pandemic pay funding of $8.8 million, partially offset by $3.0 million in Q1 2020 revenue from our expired B.C. home health care contracts. NOI and NOI margin increased to $16.0 million and 16.3%, respectively, in Q1 2021, up from $4.3 million and 4.6%, respectively, in Q1 2020. The improvement in NOI reflects CEWS payments received by ParaMed of $9.7 million in Q1 2021 and lower back-office costs, offset by lower ADV and net costs of $0.2 million associated with COVID-19. We are seeing the benefits of our completed cloud-based scheduling and clinical management system, particularly with improved efficiency in our back-office operations and growing virtual care services. Excluding the impact of CEWS, COVID-19 related funding and expenses and Q4 2020 one-time charges, NOI margins in Q1 2021 were 7.3%, up from 5.8% in Q4 2020 and 4.6% in Q1 2020. We expect that as the impact of COVID-19 abates, our workforce capacity improves and volumes recover, these benefits will become more prominent. Retirement Living Our retirement living operations continue to deliver solid financial results despite the negative impacts of the pandemic on occupancy levels and costs. In Q1 2021, revenue increased marginally, while NOI dipped slightly as a result of the ongoing challenges of the pandemic on occupancy levels and operating costs, in addition to increased costs of labour and utilities. Restrictions on in-person tours and move-in protocols resulted in lower average occupancy in both the stabilized and lease-up communities, down 60 bps and 20 bps, respectively, compared to Q4 2020. For the month of April 2021, we saw a modest uptick in average occupancy by 20 bps to 84.3% from 84.1% in Q1 2021, due to growth from lease-up communities. Despite the impact of the pandemic, average occupancy of our stabilized communities has remained above 90% throughout, and ended the quarter at 91.0%, up 30 bps from the end of 2020. Other Operations Our other operations continued to perform well in Q1 2021, as revenue increased to $7.4 million, up 15.0% from the same quarter last year, largely driven by customer growth in our SGP Purchasing Partner Network (SGP). NOI also increased in the quarter, up 16.4% to $4.6 million, as our growing SGP client base and lower travel and business promotion costs offset increased staff costs. The number of third-party residents served by SGP increased to approximately 81,100 at the end of Q1 2021, up 11.3% from the end of Q1 2020 and 2.8% from the end of 2020. Financial Position As at March 31, 2021, Extendicare had cash and cash equivalents on hand of $141.3 million and access to a further $71.3 million in undrawn demand credit facilities. In addition, on May 11, 2021, the Company entered into commitment letters for an aggregate of $95.9 million in committed construction financing for our Sudbury and Kingston LTC redevelopment projects. As a result, we are well positioned with strong liquidity and no scheduled debt maturities until Q1 2022. Select Financial Information The following is a summary of the Company’s consolidated financial information for the three months ended March 31, 2021 and 2020. (unaudited)Three months endedMarch 31 (2)(thousands of dollars unless otherwise noted)2021 2020 Revenue322,381 271,818 Operating expenses282,117 241,435 NOI (1)40,264 30,383 NOI margin (1)12.5%11.2%Administrative costs12,541 10,252 Adjusted EBITDA (1)27,723 20,131 Adjusted EBITDA margin (1)8.6%7.4%Earnings from continuing operations8,323 1,237 per basic share ($)0.09 0.01 per diluted share ($)0.09 0.01 Earnings from discontinued operations, net of tax– 4,669 Net earnings8,323 5,906 per basic share ($)0.09 0.07 per diluted share ($)0.09 0.07 AFFO (1)19,545 11,630 per basic share ($)0.22 0.13 per diluted share ($)0.21 0.13 Current income tax expense included in FFO2,827 2,073 FFO effective tax rate15.4%18.4%Maintenance capex1,033 1,755 Cash dividends declared per share0.12 0.12 Payout ratio (1)55%92%Weighted average number of shares (thousands) Basic89,929 89,644 Diluted100,520 100,023 (1) Non-GAAP Measures: Extendicare assesses and measures operating results and financial position based on performance measures referred to as “net operating income”, “NOI”, “NOI margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO”, “AFFO per share”, and “payout ratio”. In addition, the Company assesses its return on investment in development activities using the non-GAAP financial measure “NOI Yield”. These are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These non-GAAP measures are presented in this document because either: (i) management believes that they are a relevant measure of the ability of Extendicare to make cash distributions; or (ii) certain ongoing rights and obligations of Extendicare may be calculated using these measures. Such non-GAAP measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. They are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Detailed descriptions of these terms can be found in Extendicare’s disclosure documents, including its Management’s Discussion and Analysis, filed with the securities regulatory authorities; these documents are available at www.sedar.com and on Extendicare’s website at www.extendicare.com.(2) Comparative figures have been re-presented to reflect discontinued operations. Extendicare’s disclosure documents, including its Management’s Discussion and Analysis, may be found on SEDAR’s website at www.sedar.com under the Company’s issuer profile and on the Company’s website at www.extendicare.com under the “Investors/Financial Reports” section. May Dividend Declared The Board of Directors of Extendicare today declared a cash dividend of $0.04 per share for the month of May 2021, which is payable on June 15, 2021, to shareholders of record at the close of business on May 31, 2021. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada). Conference Call and Webcast On May 13, 2021, at 11:30 a.m. (ET), Extendicare will hold a conference call to discuss its 2021 first quarter results. The call will be webcast live and archived online at www.extendicare.com under the “Investors/Events & Presentations” section. Alternatively, the call-in number is 1-800-319-4610 or 416-915-3239. A replay of the call will be available approximately two hours after completion of the live call until midnight on May 28, 2021. To access the rebroadcast dial 1-800-319-6413 followed by the passcode 6652#. About Extendicare Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 120 long-term care homes and retirement communities (69 owned/51 contract services), provide approximately 8.3 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 81,100 senior residents across Canada. Extendicare proudly employs more than 23,000 qualified, highly trained and dedicated individuals who are passionate about providing high quality care and services to help people live better. Forward-looking Statements This press release contains forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition, including anticipated timelines, costs and financial returns in respect of development projects, and in particular statements in respect of the impact of measures taken to mitigate the impact of COVID-19, the availability of various government programs and financial assistance announced in respect of COVID-19, the impact of COVID-19 on the Company’s operating costs, staffing, procurement, occupancy levels and volumes in its home health care business, the impact on the capital and credit markets and the Company’s ability to access the credit markets as a result of COVID-19, increased litigation and regulatory exposure and the outcome of any litigation and regulatory proceedings. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Risks and uncertainties related to the effects of COVID-19 on Extendicare include the length, spread and severity of the pandemic; the nature and extent of the measures taken by all levels of governments and public health officials, both short and long term, in response to COVID-19; domestic and global credit and capital markets; the Company’s ability to access capital on favourable terms or at all due to the potential for reduced revenue and increased operating expenses as a result of COVID-19; the availability of insurance on favourable terms; litigation and/or regulatory proceedings against or involving the Company, regardless of merit; the health and safety of the Company’s employees and its residents and clients; and domestic and global supply chains, particularly in respect of personal protective equipment. Given the evolving circumstances surrounding COVID-19, it is difficult to predict how significant the adverse impact will be on the global and domestic economy and the business operations and financial position of Extendicare. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risk Factors” in Extendicare’s Annual Information Form and “Forward Looking-Statements” in Extendicare’s Q1 2021 Management’s Discussion and Analysis filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Extendicare contact:David Bacon, Senior Vice President and Chief Financial OfficerPhone: (905) 470-4000; Fax: (905) 470-4003Email: david.bacon@extendicare.comwww.extendicare.com
Sat, 24 Apr 2021
08:21:09 +0000
Extendicare Inc. (TSE:EXE) Stock Goes Ex-Dividend In Just Four Days
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Extendicare...
Thu, 15 Apr 2021
12:00:00 +0000
Extendicare Announces April 2021 Dividend of C$0.04 per Share
MARKHAM, Ontario, April 15, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced that it has declared a cash dividend of C$0.04 per common share of the Company (the “Common Share”) for the month of April 2021, which is payable on May 17, 2021 to shareholders of record at the close of business on April 30, 2021. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada). About Extendicare Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 121 long-term care homes and retirement communities (69 owned/52 contract services), provide approximately 8.4 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 79,900 senior residents across Canada. Our qualified and highly trained workforce of over 23,000 individuals is passionate about providing high quality services to help people live better. Forward-looking Statements Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Extendicare contact:Jillian E. FountainVice President, Investor RelationsPhone: (905) 470-5534; Fax: (905) 470-4003Email: jfountain@extendicare.comwww.extendicare.com
Tue, 13 Apr 2021
12:00:00 +0000
Extendicare Announces Timing of 2021 First Quarter Results and Conference Call
MARKHAM, Ontario, April 13, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced today that it plans to release its financial results for the first quarter of 2021 after market close on Wednesday, May 12, 2021. A conference call hosted by Michael Guerriere, President and Chief Executive Officer and David Bacon, Senior Vice President and Chief Financial Officer, will be held on Thursday, May 13, 2021, at 11:30 a.m. (ET) to discuss the results. To participate in the conference call on May 13, 2021, please dial 1-800-319-4610 or 416-915-3239. The conference call and accompanying slide presentation will also be accessible via webcast at www.extendicare.com under the “Our Investors/Events & Presentations” section. A replay of the call will be available approximately two hours after completion of the live call until midnight on May 28, 2021. To access the rebroadcast dial 1-800-319-6413 followed by the passcode 6652#. About Extendicare Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 121 long-term care homes and retirement communities (69 owned/52 contract services), provide approximately 8.4 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 79,900 senior residents across Canada. Our qualified and highly trained workforce of approximately 23,000 individuals is passionate about providing high quality services to help people live better. Extendicare contact:Jillian FountainVice President, Investor RelationsPhone: (905) 470-5534; Fax: (905) 470-4003Email: jfountain@extendicare.comwww.extendicare.com
Mon, 29 Mar 2021
10:04:15 +0000
Should Extendicare (TSE:EXE) Be Disappointed With Their 39% Profit?
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Mon, 15 Mar 2021
12:00:00 +0000
Extendicare Announces March 2021 Dividend of C$0.04 per Share
MARKHAM, Ontario, March 15, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced that it has declared a cash dividend of C$0.04 per common share of the Company (the “Common Share”) for the month of March 2021, which is payable on April 15, 2021 to shareholders of record at the close of business on March 31, 2021. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada). About Extendicare Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 121 long-term care homes and retirement communities (69 owned/52 contract services), provide approximately 8.4 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 79,900 senior residents across Canada. Our qualified and highly trained workforce of over 23,000 individuals is passionate about providing high quality services to help people live better. Forward-looking Statements Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Extendicare contact:Jillian E. FountainVice President, Investor RelationsPhone: (905) 470-5534; Fax: (905) 470-4003Email: jfountain@extendicare.com www.extendicare.com
Fri, 26 Feb 2021
01:30:00 +0000
Extendicare Announces 2020 Fourth Quarter and Year End Results
MARKHAM, Ontario, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and twelve months ended December 31, 2020. Results are presented in Canadian dollars unless otherwise noted. “The COVID-19 pandemic continues to impact our country, communities and families. The immense toll of this virus on those in our care, and the courageous teams who care for them, has been relentless,” said President and Chief Executive Officer, Dr. Michael Guerriere. “The tragic effects of this pandemic will be with us for many years to come. We offer our heartfelt condolences to those who have lost a loved one during this pandemic.” “Our primary focus continues to be on protecting our residents, clients and staff. My sincere thanks to our dedicated care teams for their selfless commitment to those in our care during the past year, and to the hospitals and health authorities who assisted those homes that were overwhelmed by the virus during the second wave of COVID-19. We are also grateful to provincial governments for their assistance in providing pandemic support. We are particularly appreciative of the commitments made by the Government of Ontario to build a stronger future for the long-term care (LTC) sector with its new capital program to meet the need for new homes, and its plan to increase hours of direct care for LTC residents into the future.” “While hope has arrived by way of vaccinations for our residents and staff, and on-site antigen testing that provides immediate test results for staff and visitors, we will have to maintain our heightened vigilance to control the virus for some time yet. Nevertheless, the progress made in staffing, treatments, on-site testing and widespread vaccination of our residents and staff means we have dramatically reduced the risk to our vulnerable residents.” Progress with Vaccinations and Antigen Testing Program As case numbers of COVID-19 increased across Canada and in the communities that we serve during the fourth quarter, the rate of infections among our residents, clients and staff also increased. We have continued to put resident safety first with strict infection control protocols, increased testing and safety measures in place in all of our locations. As a result of higher case numbers and associated safety measures, COVID-19 costs incurred in Q4 2020 increased from previous quarters. As of February 24, eight of our 69 LTC homes and retirement communities are in outbreak with active cases, with a total of only three residents who have an active infection. We continue to work closely with our Extendicare Assist clients to help them manage outbreaks in their homes. Vaccinations play a vital role in minimizing the impact of COVID-19 and we are actively working to vaccinate residents and staff at our homes. As of February 24, approximately 91% of our LTC residents and 33% of our LTC staff have received the first dose of the vaccine, and approximately 65% of our LTC residents have received their second dose. In respect of our retirement communities, approximately 71% of our residents and 33% of our staff have received the first dose of the vaccine. Vaccination of our home health care staff started this week. We are encouraging our staff to be vaccinated as soon as the vaccine is available and we are compensating them for time and travel expenses required to access the vaccine. Our staff have responded enthusiastically to the program. As increased supply is made available, we expect to see a significant increase in the number of staff vaccinated. While vaccination is crucial to stopping the spread of COVID-19, we continue to commit increased resources to contain and mitigate the spread of the virus, including routine testing of staff in cooperation with local public health authorities, and increased staffing and PPE. To increase the speed and efficiency in identifying both symptomatic and asymptomatic cases of COVID-19 in our homes, we are introducing point-of-care testing across our operations. These tests give us results within 15 minutes and the ability to increase testing frequency where there is higher virus prevalence in the surrounding community. We will maintain our enhanced infection prevention measures to reduce transmission risk and to address the emergence of new variants of concern. To combat the pandemic, in 2020 we have spent approximately $74.5 million in operating and administrative expenses, partially offset by $44.4 million from various provincial government pandemic programs, resulting in a reduction of our Adjusted EBITDA of approximately $30.1 million. We have dispensed a further estimated $43.9 million in pandemic pay, funded by programs announced by the Ontario and Alberta governments, to temporarily increase hourly wages for certain eligible front-line employees. In addition, as at December 31, 2020, we have $15.7 million in PPE inventory to ensure that we continue to have sufficient supply. Subsequent to end of the fourth quarter of 2020, in January 2021, the Ontario Ministry of Long-Term Care announced an additional $398 million in funding for COVID costs, which includes funds to be used to compensate for COVID-19 costs incurred during 2020, as well as costs through to March 31, 2021. In January 2021, Extendicare received $6.6 million related to Q2 2020 and expects to receive additional funding related to Q3 and Q4 2020, the amount and timing of which is uncertain. Our operations continue to be significantly affected by COVID-19, including lower occupancy levels in our LTC homes and retirement communities and costs in excess of funding levels. Home health care volumes continue to increase from a low during the spring of 2020, slowed somewhat as ongoing COVID-19 lockdown measures contribute to shortfalls in our workforce capacity. Government support provided to help protect our residents, clients and staff has been substantial and most appreciated. The amount and timing of these payments does not always align with the additional expenses incurred. As a result, we expect to see ongoing significant volatility in our operating and financial results until the effects of COVID-19 are behind us. Continued Investment in People and Facilities Extendicare is committed to making investments to address the shortage of health care workers that has challenged our industry for years and has been exacerbated more recently by the pandemic. Our in-house training programs and college partnerships announced in Q3 2020 continue to be successful in creating a new supply of skilled caregivers. Under a program launched last year, ParaMed is covering college tuition and providing paid on-the-job training, followed by offers of full-time employment to new entrants to the home health care sector. In 2020, we graduated approximately 300 new caregivers through the program, and we expect the capacity to increase to more than 600 students per year as we expand the program in 2021. Given the age of many existing homes and the chronic shortage of LTC beds across the country, the need for continuing investment in building new facilities is critically important. We commenced construction on our first LTC redevelopment project in Sudbury in November 2020 and plan to start construction on a new home in Kingston this spring. We anticipate having six LTC redevelopment projects underway by the end of 2022, representing a total investment of more than $400 million. We have another 16 applications being reviewed by the Government of Ontario to replace the remainder of our aging facilities in that province and to add additional bed capacity. Factors Impacting Comparability of Financial Results for 2020 For purposes of the Financial Highlights and Business Update sections, revenue, NOI and NOI margins exclude the year-over-year decline in revenue resulting from the expiration of ParaMed’s B.C. home health care contracts in Q1 2020, the incremental funding related to Bill-148 received by ParaMed in Q2 2019, and the increase in NOI from the Canada Emergency Wage Subsidy (CEWS) program received by ParaMed of $91.2 million ($40.4 million in Q4 2020, recorded as an offset to operating expenses of the home health care segment), as discussed under the Home Health Care business update below. In addition, the recognition of pandemic-related costs and the timing of the recognition and receipt of related government funding and subsidies has resulted in volatility in our quarterly results which is expected to continue throughout the remainder of the pandemic. Financial Highlights Q4 2020 (all comparisons with Q4 2019) Revenue up 10.9% or $30.1 million to $307.7 million; driven by COVID-19 funding of $32.0 million, LTC funding enhancements and growth in the retirement living and other operations segments, partially offset by a 5.4% decline in home health care average daily volumes (ADV), timing of LTC flow-through funding, and lower preferred accommodation revenue in the LTC operations.Net operating income (NOI)(1) of $15.4 million, down 53.0% or $17.4 million; reflecting COVID-19 costs in excess of funding of $9.6 million, increased costs of resident care and lower preferred accommodation revenue in the LTC operations, and lower ADV and increased employee-related costs, including one-time costs, in the home health care operations, partially offset by growth in the retirement living and other operations segments.Adjusted EBITDA(1) up $17.5 million to $41.0 million; reflecting the underlying decline in NOI noted above and increased administrative costs in part due to increased insurance costs and COVID-19 costs of $0.7 million, offset by $40.4 million of CEWS in the ParaMed home health care operations.Earnings from continuing operations up $11.1 million to $15.6 million; primarily driven by CEWS, as noted above for ParaMed ($29.7 million net of tax), largely offset by estimated COVID-19 costs in excess of funding ($7.6 million net of tax), increased administrative costs, other expense of $2.5 million and the decline in NOI of the home health care and LTC operations.AFFO(1) of $21.8 million ($0.24 per basic share), up $10.4 million; reflecting the increase in earnings from continuing operations (including the $22.1 million net of tax, or $0.25 per basic share, impact of CEWS and estimated costs of COVID-19 in excess of funding).Earnings from discontinued operations includes earnings of $2.0 million in respect of former U.S. operations. Year Ended 2020 (all comparisons with year ended 2019) Excluding the factors impacting comparability noted above, results for the twelve months ended December 31, 2020 reflect growth in the retirement living and other operations segments, partially offset by COVID-19 costs in excess of funding, a 9.8% decline in ADV and increased operating costs in the home health care operations, higher costs of resident care in LTC operations and increased administrative costs. Revenue up 7.1% or $76.2 million to $1,155.3 million, driven primarily by COVID-19 funding of $88.3 million.NOI(1) of $90.9 million, down 30.9% or $40.7 million, driven primarily by net COVID-19 costs of $26.6 million.Adjusted EBITDA(1) up $40.8 million to $133.1 million; reflecting the underlying decline in NOI and increased administrative costs, offset by CEWS.Earnings from continuing operations up $27.8 million to $42.6 million; primarily driven by CEWS ($67.0 million net of tax), largely offset by estimated COVID-19 costs in excess of funding ($22.1 million net of tax), higher administrative costs, increased other expense of $2.9 million, and the decline in NOI of home health care and LTC operations.AFFO(1) of $79.2 million ($0.88 per basic share), up $26.6 million; reflecting the increase in earnings from continuing operations (including the $44.9 million net of tax, or $0.50 per basic share, impact of CEWS and estimated costs of COVID-19 in excess of funding).Earnings from discontinued operations down $2.2 million to $11.6 million; primarily reflecting releases of the Company’s captive’s reserves of $9.5 million compared to $11.6 million in the prior year.Dividends declared of $43.0 million in 2020, representing approximately 54% of AFFO. Business Updates The following is a summary of the Company’s revenue, NOI and NOI margins by business segment for the three and twelve months ended December 31, 2020 and 2019. (unaudited)Three months ended December 31 Twelve months ended December 31(millions of dollars, unless otherwise noted)2020 2019 2020 2019 Revenue Long-term care192.1 166.7 715.6 643.8 Retirement living12.0 11.4 47.8 41.3 Home health care96.4 93.4 365.2 370.1 Other7.2 6.2 26.8 23.9 Total revenue307.7 277.6 1,155.3 1,079.1 NOI and NOI margin (1) Long-term care9.2 4.8%20.512.3% 51.87.2%77.412.0%Retirement living3.3 27.6%3.026.4% 13.828.8%11.427.7%Home health care(1.7)-1.8%5.86.2% 8.72.4%29.58.0%Other4.6 63.2%3.455.7% 16.762.2%13.355.5%Total NOI and NOI margin (1)15.4 5.0%32.811.8% 90.97.9%131.612.2%Note: Totals may not sum due to rounding. Long-Term Care COVID-19 continued to impact our LTC operations in Q4 2020 as admissions restrictions led to lower occupancy levels. Increased costs to protect our staff and residents resulted in lower NOI and NOI margin compared to the same period last year. Average occupancy dropped to 87.7% in Q4 2020, down from 97.8% in Q4 2019 and 230 bps below Q3 2020, mainly driven by reduced admissions as a result of COVID-19. Despite lower occupancy levels, our revenue base was largely preserved through basic occupancy protection funding from the Government of Ontario, which was extended until March 31, 2021. While this stabilized funding is extremely important to helping us operate our homes during these challenging circumstances, it does not compensate for the loss of preferred accommodation premiums from private and semi-private room vacancies. Each of the western provinces in which we operate have introduced additional funding to offset the impact of COVID-19, some of which includes funding to address occupancy shortfalls. NOI and NOI margin in Q4 2020 were $9.2 million and 4.8% respectively, down from $20.5 million and 12.3% respectively in Q4 2019. NOI and NOI margin decreased in the quarter largely as a result of the impact of COVID-19, resulting in increased costs of resident care and lower preferred accommodation revenue. Increased costs associated with COVID-19 and pandemic pay programs, estimated at $34.3 million, were $8.7 million in excess of COVID-19 related funding of $25.6 million. In addition, results for Q4 2019 included favourable labour accrual adjustments of $1.4 million. Our long-term plan to replace aging infrastructure and add new capacity is advancing successfully, with construction of our Sudbury home beginning in Q4 2020. The Sudbury home will have 256 LTC beds and will replace our 234-bed Extendicare Falconbridge C-class bed home. Our total investment for this home is expected to be $62.3 million. In addition, we are in the final approval stages to proceed with a new 192 bed Kingston home in Q2 2021. We continue to pursue further development opportunities for our LTC operations and anticipate having an additional project under construction by the end of 2021. Home Health Care Our home health care operations continued to be impacted by COVID-19 in Q4 2020, with lower volumes and increased pandemic related costs partly offset by government funding. In Q4 2020, revenue increased to $96.4 million, up 3.2% from Q4 2019, driven by COVID-19 and pandemic pay funding of $6.4 million, which was partially offset by lower ADV, down 5.4% compared to same quarter last year. NOI in Q4 2020 was a loss of $1.7 million, down from positive NOI of $5.8 million in Q4 2019. The decline in NOI of $7.5 million includes one-time costs of $3.7 million associated with implementing a wage harmonization and enhancement program for non-unionized front-line workers and $2.4 million in investments in technology and training aids to support the new in-house and college partnership training programs and continued back-office efficiencies. Excluding these items, NOI declined by $1.4 million, largely attributable to lower volumes, increased workers compensation and benefits costs, and net costs of $0.8 million associated with COVID-19. Our workforce and our operations are directly impacted by fluctuating COVID-19 caseloads and corresponding changes to lockdown measures. Since the peak impact in Q2 2020, we have seen a gradual recovery in our ADV levels. In Q3 2020, ADV levels increased 11.6% from Q2 2020 and in Q4 2020 the trend continued with a 5.2% increase from Q3 2020 ADV levels. The recovery of ADV during Q4 2020 was tempered by seasonal softness around the holiday period, and the implementation of further lockdown measures, particularly school closures, which negatively impact our workforce capacity. Our volumes continue to improve with ADV for the four weeks ended February 14, 2021, increasing by 1.6% over the Q4 2020 average. We are encouraged that referral levels have returned to pre-COVID levels; however, COVID-19 exacerbated shortfalls in our workforce capacity have slowed the recovery of our volumes. Our in-house training programs and college partnerships announced in Q3 2020 continue to be successful in adding a new supply of skilled caregivers. To date, approximately 300 new caregivers have graduated through these programs, and we expect to increase capacity to over 600 in 2021. Although home health care volumes are recovering from their April lows, revenue continues to be lower on a year over year basis enabling ParaMed Inc. to qualify for additional payments under the CEWS program in 2020. ParaMed recognized $40.4 million under the CEWS program in Q4 2020, in respect of claims periods July 5, 2020 to December 19, 2020. The CEWS is recorded as an offset to operating expenses, positively impacting the NOI of the home health care segment for the three and twelve months ended December 31, 2020. As the stream of graduates from our training programs increases and our existing staff continue to return to the workforce, we expect our workforce capacity to improve and drive future growth in ADV levels. While we cannot predict the ultimate impact nor the duration of the pandemic, we are focused on managing our operations through this challenge so we are well positioned to continue to provide high quality care and expand our operations when the pandemic recedes. Retirement Living Our retirement living operations continued to deliver solid financial results as contributions from non same-store operations and lease-up communities more than offset the negative impact of COVID-19 on occupancy and cost levels. In Q4 2020, revenue increased to $12.0 million, up 6.1%, and NOI grew to $3.3 million, up 11.0%, from the same quarter last year, largely driven by the opening of The Barrieview in October 2019 and partially offset by the negative impact of COVID-19 on occupancy levels at our stabilized communities. The reinstatement of restrictions on in-person tours in certain regions in Ontario during Q4 2020 resulted in a decline in stabilized occupancy of 240 bps from the end of Q3 2020 to 90.7% as at December 31, 2020. Subsequent to year end, stabilized occupancy improved by 50 bps to 91.2% as at January 31, 2021. While occupancy levels remain below prior year levels due to the impacts of COVID-19, the stabilized communities have on average remained above 90% throughout the pandemic. We expect to see ongoing volatility in occupancy levels as restrictions on in-person tours are imposed or removed. Other Operations Our other operations continued to perform well in Q4 2020 as revenue increased to $7.2 million, up 16.4% from the same quarter last year, largely driven by growth in our SGP Purchasing Partner Network (SGP). NOI also increased in the quarter, up 32.2% to $4.6 million, as our growing SGP client base and lower travel and business promotion costs offset increased staff costs. The number of third-party residents served by SGP increased to approximately 78,900 at the end of the year, up 21.9% from the end of 2019. The underlying demand for SGP’s services remains strong and at the end of January 2021, the number of residents served by SGP had grown to 79,900. Financial Position At the end of 2020, Extendicare had cash and cash equivalents on hand of $180.0 million and access to a further $71.3 million in undrawn demand credit facilities. During the first half of 2020, we improved our financial flexibility by extending and renewing existing mortgages on LTC homes and finalizing new mortgages on retirement communities. As a result of these changes, we are well positioned with strong liquidity and no scheduled debt maturities until Q1 2022. Select Financial Information The following is a summary of the Company’s consolidated financial information for the three and twelve months ended December 31, 2020 and 2019. (unaudited)Three months endedDecember 31 (2) Twelve months endedDecember 31(2)(thousands of dollars unless otherwise noted)2020 2019 2020 2019 Revenue307,742 290,895 1,158,293 1,131,950 Operating expenses251,938 258,018 976,196 998,500 NOI (1)55,804 32,877 182,097 133,450 NOI margin (1)18.1%11.3% 15.7%11.8%Administrative costs14,758 9,350 48,959 41,151 Adjusted EBITDA (1)41,046 23,527 133,138 92,299 Adjusted EBITDA margin (1)13.3%8.1% 11.5%8.2%Other expense2,486 − 5,266 2,404 Earnings from continuing operations15,594 4,467 42,586 14,799 per basic share ($)0.17 0.05 0.47 0.17 per diluted share ($)0.17 0.05 0.47 0.17 Earnings from discontinued operations, net of tax1,882 5,621 11,603 13,831 Net earnings17,476 10,088 54,189 28,630 per basic share ($)0.19 0.11 0.60 0.32 per diluted share ($)0.19 0.11 0.60 0.32 AFFO (1)21,804 11,365 79,167 52,600 per basic share ($)0.24 0.13 0.88 0.59 per diluted share ($)0.23 0.12 0.83 0.57 Current income tax expense included in FFO7,280 1,075 21,623 8,552 FFO effective tax rate22.9%7.61% 22.5%15.1%Maintenance capex7,573 6,028 13,866 12,312 Cash dividends declared per share0.12 0.12 0.48 0.48 Payout ratio (1)49%94% 54%81%Weighted average number of shares (thousands) Basic89,898 89,467 89,808 89,148 Diluted100,362 99,850 100,275 99,539 (1) Non-GAAP Measures: Extendicare assesses and measures operating results and financial position based on performance measures referred to as “net operating income”, “NOI”, “NOI margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO”, “AFFO per share”, and “payout ratio”. In addition, the Company assesses its return on investment in development activities using the non-GAAP financial measure “NOI Yield”. These are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These non-GAAP measures are presented in this document because either: (i) management believes that they are a relevant measure of the ability of Extendicare to make cash distributions; or (ii) certain ongoing rights and obligations of Extendicare may be calculated using these measures. Such non-GAAP measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. They are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Detailed descriptions of these terms can be found in Extendicare’s disclosure documents, including its Management’s Discussion and Analysis, filed with the securities regulatory authorities; these documents are available at www.sedar.com and on Extendicare’s website at www.extendicare.com.(2) Comparative figures have been re-presented to reflect discontinued operations. Extendicare’s financial reports, including its Management’s Discussion and Analysis are available on its website at www.extendicare.com under the “Investors/Financial Reports” section. Conference Call and Webcast On February 26, 2021, at 11:30 a.m. (ET), Extendicare will hold a conference call to discuss its 2020 fourth quarter and year end results. The call will be webcast live and archived online at www.extendicare.com under the “Investors/Events & Presentations” section. Alternatively, the call-in number is 1-800-319-4610 or 416-915-3239. A replay of the call will be available approximately two hours after completion of the live call until midnight on March 12, 2021. To access the rebroadcast dial 1-800-319-6413 followed by the passcode 6044#. About Extendicare Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 121 long-term care homes and retirement communities (69 owned/52 contract services), provide approximately 8.4 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 79,900 senior residents across Canada. Our qualified and highly trained workforce of over 23,000 individuals is passionate about providing high quality services to help people live better. Forward-looking Statements This press release contains forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition, including anticipated timelines, costs and financial returns in respect of development projects, and in particular statements in respect of the impact of measures taken to mitigate the impact of COVID-19, the availability of various government programs and financial assistance announced in respect of COVID-19, the impact of COVID-19 on the Company’s operating costs, staffing, procurement, occupancy levels and volumes in its home health care business, the impact on the capital and credit markets and the Company’s ability to access the credit markets as a result of COVID-19, increased litigation and regulatory exposure and the outcome of any litigation and regulatory proceedings. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Risks and uncertainties related to the effects of COVID-19 on Extendicare include the length, spread and severity of the pandemic; the nature and extent of the measures taken by all levels of governments and public health officials, both short and long term, in response to COVID-19; domestic and global credit and capital markets; the Company’s ability to access capital on favourable terms or at all due to the potential for reduced revenue and increased operating expenses as a result of COVID-19; the availability of insurance on favourable terms; litigation and/or regulatory proceedings against or involving the Company, regardless of merit; the health and safety of the Company’s employees and its residents and clients; and domestic and global supply chains, particularly in respect of personal protective equipment. Given the evolving circumstances surrounding COVID-19, it is difficult to predict how significant the adverse impact will be on the global and domestic economy and the business operations and financial position of Extendicare. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risk Factors” in Extendicare’s Annual Information Form and “Forward Looking-Statements” in Extendicare’s Q4 2020 Management’s Discussion and Analysis filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Extendicare contact:David BaconSenior Vice President and Chief Financial OfficerPhone: (905) 470-4000; Fax: (905) 470-4003Email: david.bacon@extendicare.comwww.extendicare.com

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Extendicare Inc Common Shares Canada (EXETF)