MARKHAM, Ontario, 21 July 2020 (GLOBE NEWSWIRE) – Extendicare Inc. (“Extendicare” or “Company”) (TSX: EXE) has issued the following on the ongoing COVID-1nine pandemic.
As one of Canada’s largest senior fitness center providers through our long-term care homes, retirement communities, and home care centers, Extendicare has played an overly critical role in protecting our most vulnerable citizens at this time as difficult as our greatest friend.
“We continue to focus on the safety of our citizens, consumers and employees. We are preparing for a “imaginable” wave of now by maintaining sufficiently wise grades of your own protective apparatus and improving the infection to save it directly to cope with the original nature of the COVID-1nine virus, which adds universal masking, occupation of courtrooms to up to 2 citizens and normal staff control , which has been strongly recommended to us with provincial governments.” said Dr. Michael Guerriere, President and CEO. “We have instituted a voluntary program to control our friends across all long-term care staff in our Ontario homes and are working to expand this program to other provinces. The normal screening program is helping to identify positive personnel, who in giant apple times are asymptomatic, to reduce the chance of the virus spreading in our homes. To date, we have had more than 20,000 checks on our staff and we believe this control program has been essential to help you save new outbreaks. and it is remarkable that our staff provides direct protection to our citizens and consumers and we are grateful to one and to one and any of them.
COVID-19 update
We continue to dedicate upd design resources to protect us directly from COVID-1nine, primarily applicable to the design in a non-public personnel and equipment protection framework (“EPI”). The provinces in which we participate have announced various systems and tax assistance to assist in the opposite fight against COVID-1 and we continue to assess the point at which we offset our costs and, finally, their net economic impact. In addition, we expect that the time differences between the expenses incurred and the financing of those expenses will cause volatility in our net source of scoring currencies (“RON”).
During the six months ended June 30, 2020, we committed approximately $21.4 million in pandemic-like expenses, the best friend compensation through $10.4 million in revenue or expense recovery applicable with the varied government systems announced to date, which had an estimated net influence on our consolidation. ABOUT $11.0 million. In addition, we were granted an additional PPE accrual of $12.7 million to continue to have enough source to emerge with the necessary policy point for our residents, consumers and employees, i.e. when governments begin to raise restrictions. and we resumed visits and moved. -in the activities of our long-term care and retirement residences.
Business update
Long care
Funding for long-term care in Ontario is provided in four envelopes for non-public care, programs, food, and housing. The first 3 envelopes will have to be the best friends assigned to citizens and will be audited independently, with a large surplus of apple budget returned to the government. The additional investment for the pandemic provided in Ontario will apply to the similar reconciliation process.
On July 1, 2020, the Ontario government announced a new capital investment subsidy program (“SFS”) for long-term care. The program includes an investment of $1.7 five billion indirectly to re-expand 12,000 beds and charge 8,000 extra beds over the next five years. This is a wonderful step to overcome the aging long-term care infrastructure that the industry has been advocating for over a decade. We continue to paint heavily with our industrial partners and executive to finalize the most important cfS program and similar approval and licensing processes to drive projects completed under this new program. Recently, we introduced programs to build more than 4, two hundred beds to reposition all of our existing 3287 C beds and load new long-term care beds in line with the executive’s goal of restoring aging infrastructure and expanding the diversity of long-term care beds in the province. .
Retirement life
In retirement, restrictions on moving and visiting through prospective citizens continue to influence occupancy, with occupation stabilized at 91.3% on June 30, 2020, 150 basis points since March 31, 2020 (92.8%) and an average stabilized occupancy for the 3 months ended on June 30, 2020 through 91.5%, two hundred bplaystations since March 31, 2020 (93.5%). We believe that the degrees of occupation have been and could continue to suffer temporarily COVID-19. We have resumed accommodation and tours for potential citizens in our Ontario communities and are waiting for a direct decision to do so in our Saskatchewan communities.
Home care
ParaMed volumes and workplace costs continue to suffer from COVID-1nine all circulating by the time of the 2020 quarter. The average daily volume (“ADV”) for the 3 months ending June 30, 2020 was 20,380, 17% less. since the first quarter of 2020 (2 four, 683 ADV). Volumes have progressed in recent weeks with our ADV during the four weeks ending July 12, 2020, expanding to 21633, 6.1% more than the VDA in the second quarter of 2020. While we do not seem able to expect the point or duration of COVID In nine factors, we believe that its influence on VDA will continue to be contrary as we leave the closure, i.e. as the elective centers of physical care resume and staff return to the paintings as activity increases and the CERB program ends.
We continue to monitor the scenario to a large extent to respond to recovery in home fitness care volumes and to assess eligibility and have an effect on federal and provincial alternative systems designed to mitigate the economic effects of COVID-19.
Other Canadian operations
Financial situation
As of June 30, 2020, we had $122.0 million in coins and coin equivalents with access to $71. nine million in unused eye credit facilities. Cash and equivalent currencies reflect CMHC’s ongoing secured loan financing from Douglas Crossing’s retirement networks to reposition disposition loans and new loan financing for some Saskatchewan retirement communities that ended by a quarter of 2020, as recently announced. We also ended the renewal and extension of $23.5 million of CMHC insured loans that were scheduled to expire in the fourth quarter of 2020, leaving no additional debts in adulthood until the first quarter of 2022.
Second Quarter 2020 Results
As recently announced, we hope to release our economic effects for the time being a quarter of 2020 after the market position closes on Thursday, August 13, 2020, followed by a conference call with investors on Friday, August 14, 2020 at 11:30 a.m. (EST). .
Extendicare is a leading provider of senior and senior care across Canada, which is inconsistent with the brands of Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist and SGP Purchasing Partner Netpaintings. We are committed to providing circular quality care on the fitness continuum to meet the purposes of the next elderly population. We assume or hire a group of 122 long-term care homes and retirement communities (6 assets/53 contract), get approximately nine.2 million hours of home care according to the year, and get grouped purchases from third parties representing approximately 72, nine hundred elderly people across Canada. Our professional and highly skilled paint strength of approximately 22,000 more Americans falls in love with providing high quality to support other Americans to live better.
Forward-looking statements
This press release contains forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition and in particular statements in respect of the impact of measures taken to mitigate the impact of COVID-19, the availability of various government programs and financial assistance announced in respect of COVID-19, the impact of COVID-19 on the Company’s operating costs, staffing, procurement, occupancy levels (primarily in its retirement communities) and volumes in its home health care business. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Risks and uncertainties related to the effects of COVID-19 on Extendicare include the length, spread and severity of the pandemic; the nature and extent of the measures taken by all levels of governments and public health officials, both short and long term, in response to COVID-19; domestic and global credit and capital markets; the Company’s ability to access capital on favourable terms or at all due to the potential for reduced revenue and increased operating expenses as a result of COVID-19; litigation and/or regulatory action being commenced against the Company, regardless of merit; the health and safety of the Company’s employees and its residents and clients; and domestic and global supply chains, particularly in respect of PPE. Given the evolving circumstances surrounding COVID-19, it is difficult to predict how significant the adverse impact will be on the global and domestic economy and the business operations and financial position of Extendicare. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risk Factors” in Extendicare’s Annual Information Form and “Forward Looking-Statements” in Extendicare’s Q1 2020 Management’s Discussion and Analysis filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements.
Contact From Extendicare: David Senior Vice President and CFO Phone: (905) 470-4000 Email: [email protected]