Business
Extendicare Announces 2024 Fourth Quarter and Full Year Results and Dividend Increase
MARKHAM, Ontario, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare”...
About this update from Extendicare Inc.
[{"type":"text","content":"Extendicare Announces 2024 Fourth Quarter and Full Year Results and Dividend Increase\n\n\n\n MARKHAM, Ontario, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and twelve months ended December 31, 2024.\n \n\n\n Fourth Quarter 2024 Highlights\n \n\n\n\n Adjusted EBITDA\n \n (\n \n\n 1)\n \n excluding out-of-period items increased by $10.1 million or 43.5% to $33.4 million driven by improvements in all three business segments.\n \n\n Home health care average daily volume (“ADV”) increased to 30,993, an increase of 10.1% from Q4 2023.\n \n\n SGP third-party and joint venture serviced beds increased 7.4% from Q4 2023 to 146,300 beds, driven by continued organic growth.\n \n\n As previously announced, the Company entered into an agreement with Revera Inc. and certain of its affiliates (“Revera”) to acquire nine Class C LTC homes located in Ontario and Manitoba and a parcel of land for approximately $60.3 million (the “LTC Acquisition”).\n \n\n The Company completed the redemption of the 2025 convertible debentures in December 2024, leveraging its new $275.0 million senior secured credit facility, ending the year with $230.3 million in cash and available credit facilities.\n \n\n Opened Limestone Ridge, a new 192-bed LTC home in Kingston held in the Axium JV, in December 2024 and completed the sale of the vacated Kingston C bed home for proceeds of approximately $3.7 million.\n \n\n Commenced construction of two new LTC projects, a 128-bed home in Port Stanley and a 192-bed home in London, to replace 230 Class C beds in existing Extendicare homes in the same cities.\n \n\n\n\n\n Subsequent to Q4\n \n\n\n\n Entered into an agreement to sell three LTC projects under construction in St. Catharines, Port Stanley and London, Ontario to the Axium JV, subject to customary closing conditions, including receipt of regulatory approvals, with closing anticipated in Q2 2025.\n \n\n Opened Crossing Bridge, a new 256-bed LTC home in Stittsville held in the Axium JV.\n \n\n Announced an increase of 5.0% to its dividend to 4.2 cents per month.\n \n\n\n\n “The steps we have taken over the past two years to implement our strategic transformation are evident in our strong fourth quarter and ful...