NEWTON, Mass. (AP) -- Five Star Quality Care Inc. said Monday that its net income climbed in the first quarter, but occupancy rates at its nursing homes and retirement communities decreased. Its shares fell more than 16 percent in late afternoon trading.
The nursing home and assisted-living facility operator said occupancy declined during the first quarter and fell further in April. Its total occupancy rate fell to 85.4 percent from 85.9 percent. President and CEO Bruce Mackey said the company was disappointed with the results.
The company said its net income grew to $1.9 million, or 4 cents per share, for the period ended March 31 from $369,000, or a penny per share, a year ago. Five Star said it earned 5 cents per share from continuing operations in the latest quarter.
Its revenue rose 10 percent to $360.1 million from $327.2 million
Analysts expected earnings of 6 cents per share on $357.3 million in revenue, according to FactSet.
Shares of Five Star Quality Care skidded 99 cents, or 16.6 percent, to $4.98 in afternoon trading. They have traded in a 52-week range of $2.98 to $6.87.