Sabra Health Care REIT, Inc (SBRAP) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $18.82 million, or $ 0.25 a share in the quarter, against a net loss of $15.71 million, or $0.28 a share in the last year period.
Revenue during the quarter went up marginally by 0.15 percent to $62.65 million from $62.56 million in the previous year period.
Total expenses were $45.99 million for the quarter, down 37.13 percent or $27.16 million from year-ago period. Operating margin for the quarter period stood at positive 26.60 percent as compared to a negative 16.92 percent for the previous year period.
Operating income for the quarter was $16.66 million, compared with an operating loss of $10.58 million in the previous year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.15 to $2.19.
Commenting on the first quarter results and recent investments, Rick Matros, Chief executive officer and Chairman, said, “Operational performance continues to produce good results. Sabra’s Skilled Nursing/Transitional Care portfolio excluding Genesis continues to buck the trends. Our Senior Housing portfolio posted a solid performance. The proposed rule from CMS on a potential new payment system, upon review, is a positive for the space from our perspective. Our pipeline continues to be robust and we look forward to the impact our proprietary development pipeline will have as we expect to have approximately $117 million of those assets coming into our portfolio in the second half of this year. Of course, we are tremendously excited about the merger announced yesterday with CCP and expect a smooth transition as both management teams have a very good relationship with the same goals.”
Operating cash flow improves significantly
Sabra Health Care REIT, Inc has generated cash of $31.44 million from operating activities during the quarter, up 27.15 percent or $6.71 million, when compared with the last year period. The company has spent $0.96 million cash to meet investing activities during the quarter as against cash inflow of $1.96 million in the last year period.
The company has spent $43.35 million cash to carry out financing activities during the quarter as against cash outgo of $25.12 million in the last year period.
Cash and cash equivalents stood at $12.81 million as on Mar. 31, 2017, up 40.30 percent or $3.68 million from $9.13 million on Mar. 31, 2016.
Receivables remain almost stable
Net receivables stood at $96.49 million as on Mar. 31, 2017.
Total assets declined 7.97 percent or $194.03 million to $2,240.13 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,235.77 million as on Mar. 31, 2017, down 13.38 percent or $190.88 million from year-ago.
Return on assets moved up 79 basis points to 0.84 percent in the quarter. Return on equity was at 1.62 percent in the quarter against a negative 1.81 percent in the last year period.
Debt comes down
Total debt was at $1,202.38 million as on Mar. 31, 2017, down 13.99 percent or $195.63 million from year-ago. Shareholders equity was almost stable over the past one year at $1,004.35 million on Mar. 31, 2017. As a result, debt to equity ratio went down 19 basis points to 1.20 percent in the quarter.
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