Extendicare Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenue of CAD 279,488,000 compared to CAD 273,845,000 a year ago. Net operating income was CAD 36,307,000 compared to CAD 33,867,000 a year ago. Adjusted EBITDA was CAD 27,330,000 compared to CAD 24,588,000 a year ago. Earnings from continuing operations were CAD 5,975,000 compared to CAD 9,919,000 a year ago. Net earnings were CAD 11,827,000 compared to loss of CAD 22,994,000 a year ago. AFFO was CAD 17,133,000 compared to CAD 14,448,000 a year ago. Net earnings per basic and diluted share were CAD 0.14 compared to loss of CAD 0.26 a year ago. Maintenance capex (continuing operations) was CAD 3,783,000 compared to CAD 1,858,000 a year ago.

For the six months, the company reported total revenue of CAD 550,912,000 compared to CAD 542,703,000 a year ago. Net operating income was CAD 65,629,000 compared to CAD 65,471,000 a year ago. Adjusted EBITDA was CAD 47,307,000 compared to CAD 46,017,000 a year ago. Earnings from continuing operations were CAD 9,541,000 compared to CAD 14,866,000 a year ago. Net earnings were CAD 16,658,000 compared to loss of CAD 18,047,000 a year ago. AFFO was CAD 31,802,000 compared to CAD 27,136,000 a year ago. Net earnings per basic and diluted share were CAD 0.19 compared to loss of CAD 0.20 a year ago. Maintenance capex (continuing operations) was CAD 4,834,000 compared to CAD 2,765,000 a year ago. Revenue improved by 2.5% for the quarter and 2% year-to-date, driven by funding enhancements in LTC and home health care, continued growth in retirement, including the recent acquisition, and in management consulting and group purchasing divisions, partially offset by volume reductions in home health care operations.

The company anticipates effective tax rate on FFO will be in the range of 16% to 18% for the 2018 year.