Business
Healthcare Services Group, Inc. Reports Q4 2020 Results
BENSALEM, PA--(BUSINESS WIRE)-- Healthcare Services Group, Inc. (NASDAQ:HCSG) (the “Company”) reported for the three months ended December 31, 2020 revenue
About this update from Healthcare Services Group, Inc.
[{"type":"text","content":" BENSALEM, PA--(BUSINESS WIRE)--\nHealthcare Services Group, Inc. (NASDAQ:HCSG) (the “Company”) reported for the three months ended December 31, 2020 revenue of $423.2 million, net income of $27.7 million, or $0.37 per basic and diluted common share, and cash flow from operations of $75.7 million. The Company’s Board of Directors declared a quarterly cash dividend of $0.20625 per common share, the 70th consecutive increase since the initiation of dividend payments in 2003. Additionally, the Company expects to repurchase up to 1.0 million shares of its common stock, pursuant to its previous authorization, over the next 12 months.\n\nTed Wahl, Chief Executive Officer, stated, “As I reflect on this past year, I’m filled with gratitude for how industry leaders, clients and frontline healthcare workers, especially our HCSG heroes, have led and served through one of the most trying periods for our industry and country. I’d also like to thank you, fellow shareholders, for your ongoing support, trust and confidence in HCSG and our team during these unprecedented times.”\n\nMr. Wahl continued, “Our strong Q4 results are a testament to the passion and perseverance of our team members and our ability to execute in even the most challenging environment. In short, we were able to control the elements of our business that are within our control exceedingly well. We will remain laser focused on delivering strong operational and financial results in the year ahead.”\n\nMr. Wahl concluded, “With the vaccine rollout currently underway, we're hopeful that the worst of the clinical nightmare is behind us. That said, we know 2021 will still have its share of pandemic-related challenges, as the industry gradually shifts from crisis mode to a state of recovery. And while COVID remains a near-term headwind on revenue, our commitment to internal investment and returning capital to shareholders underscores our positive, longer term growth outlook and creates value for all stakeholders.”\n\nFourth Quarter Results\n\nRevenue for the quarter was $423.2 million, with housekeeping & laundry and dining & nutrition segment revenues of $219.9 million and $203.3 million, respectively. Revenue included $5.1 million of COVID supplemental billings, primarily related to employee pay premiums passed through to customers.\n\nDirect cost of services was reported at $352...