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Medical Facilities Corporation Announces Third Quarter 2021 Results and Increase to Quarterly Dividend TORONTO , Nov. 11 , 2021 / CNW / - Medical Facilities Corporation ( " Medical Facilities , " " MFC , " or the " Corporation " ) ( TSX : DR ) , reported its financial results today for the three - month and nine - month periods ended September 30 , 2021. Medical Facilities also announces a 15 % increase to its quarterly dividend and the intention to initiate a Normal Course Issuer Bid ( " NCIB " ) to purchase up to 5 % of its common shares . All amounts are expressed in U.S. dollars unless indicated otherwise . Q3 2021 Highlights ( For continuing operations 1 compared to Q3 2020 ) • Total revenue and other income increased 0.2 % to $ 99.0 million ; • Income from operations was $ 16.6 million and EBITDA 2 was $ 23.3 million , representing decreases of 5.8 % and 4.9 % , respectively ; • The decreases to income from operations and EBITDA were mainly due to higher share - based compensation plan costs resulting from the strong appreciation of the Corporation's common shares . " While our case volumes have not fully returned to pre - pandemic levels , we are pleased with our solid financial results over the first nine months of 2021 , " said Robert O. Horrar , President and CEO of Medical Facilities . " Not only have we successfully weathered the pandemic to date , but we also continued to improve our financial flexibility , having reduced our debt significantly over the past two years . And , with our strong cash flow performance , we are pleased to announce a 15 % increase to our quarterly dividend . This increase is consistent with our objective of paying a dividend that is both competitive and sustainable . " Financial Results Financial Results from Continuing Operations For the three months ended September 30 For the nine months ended September 30 ( thousands of U.S. dollars , except per share amounts and where 2021 % change 2020 2021 % change 2020 otherwise noted ) Facility service revenue 96,388 Government stimulus income 2,652 0.1 % 96,322 6.5 % 2,491 287,956 Total revenue and other income 99,040 0.2 % 98,813 7,357 295,313 12.2 % 256,743 ( 68.9 % ) 5.3 % 23,636 280,379 Consolidated operating expenses 82,485 1.5 % 81,241 243,457 4.0 % 234,186 Income from operations 16,555 ( 5.8 % ) 17,572 51,856 12.3 % 46,193 Finance costs ( net interest 1,468 ( 33.8 % ) 2,216 4,625 1.3 % 4,567 expense ) Finance costs ( changes in values of derivative instruments and 14,259 586.8 % 2,076 18,716 641.2 % 2,525 gain / loss on foreign currency ) Shares of equity loss ( income ) in ( 5 ) associates Income tax expense ( recovery ) ( 2,594 ) Net income3 3,427 ( 100.7 % ) 672 ( 193.1 % ) 2,786 ( 65.1 % ) 9,822 137 ( 91.5 % ) 1,606 2,788 25,590 ( 51.0 % ) 5,689 ( 19.5 % ) 31,806 Earnings ( loss ) per share Basic ( $ 0.11 ) Diluted ( $ 0.11 ) ( 210.0 % ) $ 0.10 ( 210.0 % ) $ 0.10 $ 0.17 $ 0.17 ( 58.5 % ) $ 0.41 ( 58.5 % ) $ 0.41 Reconciliation of Net Income to EBITDA and Adjusted EBITDA² ( thousands of U.S. dollars , except where otherwise noted ) 2021 Net income 3,427 Income tax expense ( recovery ) Share of equity loss ( income ) in ( 2,594 ) ( 5 ) associates Finance costs 15,727 For the three months ended September 30 % change 2021 ( 65.1 % ) 9,822 25,590 ( 193.1 % ) 2,786 2,788 ( 100.7 % ) 672 137 266.4 % 4,292 23,341 For the nine months ended September 30 2020 % change 2020 ( 19.5 % ) 31,806 ( 51.0 % ) 5,689 ( 91.5 % ) 1,606 229.1 % 7,092