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Global Healthcare Announces 2nd Quarter 2020 Results

Written by Customer Service on . Posted in Public Companies.

Niwot, Colorado., Nov. 19, 2020 (GLOBE NEWSWIRE) — Global Healthcare REIT, Inc. (OTC: GBCS) (“Global” or the “Company”) announced financial results for the second quarter ended June 30, 2020.
SECOND QUARTER 2020 HIGHLIGHTSRecord revenue for the second quarter of $5,130,465 (2019 $1,614,424) a growth rate of 217% year-over -year and up 33% from the previous quarter;Net Income of $1,120,696 for the second quarter (2019 a loss of $170,124);Earnings Per Share for the second quarter of $.04 per share basic and diluted;Net increase in Cash of $2,276,638 to a cash balance of $3,269,151 including restricted cash for the second quarter;Realized first full quarter of operations at our 86 bed Quapaw Higher Call Nursing Center acquisition that the Company paid $1.3 Million and acquisition costs of $13,267;The Quapaw Higher Call Nursing facility is performing well ahead of projections;Purchased $402,000 of 13% mezzanine debt notes owed by Goodwill Hunting, LLC.Lance Baller, Global’s President and CEO, said, “During the second quarter, we built upon our prior successful efforts to effectively navigate through the pandemic with operational improvements. It is an instance where being smaller and more agile allowed our staff to serve our residents in new and innovative ways. The Company continues to move to a hybrid model of operated and leased properties to minimize downside risk. Our operated facilities performed well in the quarter, well ahead of the national averages. As the Company moves forward with its recently enhanced business model, the results have been effective. We look forward to our rebranded Oklahoma City facility reopening after extensive renovations late in the first quarter of 2021 to further enhance our success. This facility will have a niche highly skilled nursing segment for that community while still offering our standard skilled nursing services. Also, the Company will be implementing the necessary steps to rebrand the Company with a corporate name that aligns it better with its current business model. The Company has chosen Selectis Health, Inc. and will seek the necessary majority shareholder approval to complete this change. The Company has been working on strengthening its management for more timely financial reporting and more efficient operations which will support our growth. We will also shortly begin rolling out our rebranding effort with the launch of a new corporate website under the web address www.selectis.com. This rollout will also entail the completion of individual websites and digital marketing tools for each of our facilities.” SUMMARY OF SECOND QUARTER RESULTS
GLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED BALANCE SHEETSGLOBAL HEALTHCARE REIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)For Further Information Contact:Jacob Taylor
jtaylor@gbcsreit.com

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