Wed, May 15, 12:38 PM (72 days ago)
Regional Health Properties, Inc. reported a net loss of $962,000 for the quarter ended March 31, 2024, an improvement from the $1,992,000 loss in the same period of 2023. The company's revenues increased by 5.7% to $4,127,000, driven by a 20.5% rise in patient care revenues and a 6.4% increase in rental revenues. Expenses decreased by 5.3% to $4,421,000, mainly due to a reduction in patient care expenses. Cash flow from operations was $597,000, down from $2,597,000 in the previous year, influenced by the timing of accounts payable and accrued expense payments. The company has $50 million in debt and plans to make principal repayments of $1.7 million over the next 12 months. Management is focused on improving liquidity through debt refinancing, cost reductions, and enhancing lease revenue. The company also addressed a non-compliance issue with debt covenants, which has since been resolved.