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Medical Facilities Corporation Reports First Quarter 2021 Financial Results TORONTO , May 13 , 2021 / CNW / - Medical Facilities Corporation ( " Medical Facilities , " " MFC , " or the " Corporation " ) ( TSX : DR ) , reported its financial results today for the first quarter ended March 31 , 2021. All amounts are expressed in U.S. dollars unless indicated otherwise . Q1 2021 Summary ( For continuing operations 1 compared to Q1 2020 ) • Facility service revenue increased 1.3 % to $ 94.0 million ; • Total revenue and other income , including government stimulus income of $ 4.1 million , increased 5.8 % to $ 98.1 million ; • Income from operations increased 66.4 % to $ 18.4 million ; and , • Adjusted EBITDA² increased 35.4 % to $ 25.1 million . " We are pleased with our first quarter results as case volumes continue to normalize to pre - COVID- 19 levels , " said Robert O. Horrar , President and CEO of Medical Facilities . " As vaccines continue to roll out , we remain optimistic on our outlook for 2021. We have a strong balance sheet and are well- positioned to take advantage of the right growth opportunities . " Financial Results Financial Results from Continuing Operations ( thousands of U.S. dollars , except per share amounts and where otherwise noted ) Facility service revenue Total revenue and other income Government stimulus income Consolidated operating expenses Income from operations Finance costs ( net interest expense ) Finance costs ( changes in values of derivative instruments and gain / loss on foreign currency ) Share of equity loss in associates Income tax expense ( recovery ) Net income3 Earnings per share Basic Diluted For the three months ended 1.3 % 92,762 2021 March 31 % change 2020 93,996 4,133 100.0 % 98,129 5.8 % 92,762 79,770 ( 2.4 % ) 81,727 18,359 66.4 % 11,035 1,542 7.4 % 1,436 4,649 191.4 % ( 5,086 ) 42 ( 90.8 % ) 458 1,819 10,307 578.7 % ( 380 ) ( 29.4 % ) 14,607 $ 0.11 $ 0.11 ( 63.3 % ) $ 0.30 ( 31.3 % ) $ 0.16 For the three months ended Reconciliation of Net Income to EBITDA² and Adjusted EBITDA March 31 ( thousands of U.S. dollars , except where otherwise noted ) Net income 2021 10,307 % change 2020 ( 29.4 % ) 14,607 Income tax expense ( recovery ) 1,819 578.7 % ( 380 ) Share of equity loss in associates 42 ( 90.8 % ) 458 Finance costs ( income ) 6,191 269.6 % ( 3,650 ) Depreciation and amortization 6,773 ( 4.2 % ) 7,073 EBITDA 25,132 38.8 % 18,108 Transaction costs on sale of Unity Medical and Surgical Hospital Adjusted EBITDA ( 100.0 % ) 450 25,132 35.4 % 18,558 For the three months ended Distributable Cash Flow March 31 ( thousands of U.S. dollars , except per share amounts and where otherwise noted ) 2021 % change Cash available for distribution² ( C $ ) 7,899 2020 ( 10.4 % ) 8,820 Distributions ( C $ ) 2,177 2,177 Distributions per common share ( C $ ) 0.07 0.07 Payout ratio 27.6 % 12.2 % 24.6 % During the quarter , MFC paid a quarterly cash dividend of C $ 0.07 per common share ( or C $ 0.28 per share on an annualized basis ) , which represented an annualized yield of 3.85 % on the March