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AdCare Health Systems Reports Continued Progress for Fourth Quarter and Full Year 2013

 AdCare Health Systems Reports Continued Progress for Fourth Quarter and Full                                   Year 2013  Revenue Increases 14.8% for Full Year 2013 and 4.6% for the Fourth Quarter;  Full Year EBITDAR Increases 11.9% to $19.4 Million  PR Newswire  ATLANTA, March 27, 2014  ATLANTA, March 27, 2014 /PRNewswire/ --AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA) a leading long-term care provider, reported results for the fourth quarter and full year ended December 31, 2013.  Fourth Quarter 2013 Financial Highlights    oRevenues were $55.6 million, up 4.6% compared to $53.1 million in the     year-ago period.   oAdjusted EBITDAR was $5.3 million, up 105.7% compared to $2.6 million in     the prior-year fourth quarter (see "Use of Non-GAAP Financial     Information," below for more information).   oAdCare generated $2.5 million in cash flow from operations.   oBoard of Directors declared a quarterly cash dividend payment of $0.68 per     share on the Company's 10.875% Series A Preferred Stock which was paid on     December 31, 2013 to holders of record at the close of business on     December 20, 2013.  Full Year 2013 Financial Highlights    oRevenues were up 14.8% to $222.9 million from $194.1 million in the     year-ago period.   oAdjusted EBITDAR was $19.4 million, an increase of 11.9% compared to $17.4     million in the prior year (see "Use of Non-GAAP Financial Information,"     below for more information).   oAdCare's full-year financial results included a non-cash derivative gain     of $3.0 million compared to a $1.7 million loss in the prior year (see,     "About the Derivative Liability," below for more information) along with     approximately $2.4 million in expenses related to the audit committee     review and inquiry.  Key Financial Metrics ($ in thousands)             Q1 2012 Q2 2012 Q3 2012 Q4 2012 FY 2012  Q1 2013 Q2 2013 Q3 2013 Q4 2013 FY 2013 Revenue    $41,647 $46,514 $52,786 $53,129 $194,077 $55,802 $56,010 $55,477 $55,558 $222,847 % growth – 11.8%   11.7%   13.5%   0.6%    53.9%    5.0%    0.4%    (1.0%)  0.1%    14.8% sequential % growth – n/a     n/a     n/a     42.6%   53.9%    34.0%   20.4%   5.1%    4.6%    14.8% y/y Cost of    $34,367 $36,122 $44,105 $46,106 $160,700 $47,203 $47,046 $45,677 $45,687 $185,162 Services % of patient    83.6%   78.5%   84.5%   87.6%   83.7%    85.4%   84.7%   83.1%   83.1%   84.1% care revenue Adjusted   $3,517  $6,279  $4,994  $2,579  $17,369  $3,932  $4,749  $5,403  $5,307  $19,391 EBITDAR % of total 8.4%    13.5%   9.5%    4.9%    8.9%     7.0%    8.5%    9.7%    9.6%    8.7% revenue    "We posted steady revenue growth in 2013 as we continue to build momentum from our efforts to expand our portfolio and certain enhancement programs within all of our facilities," said Boyd Gentry, AdCare's president and chief executive officer. "We continue to make incremental, measurable progress in our efforts to improve operations and overall efficiency, as evidenced by a 105.7% year-over-year improvement in quarterly Adjusted EBITDAR. Our focus is on growing occupancy rates, and doing so with the optimal mix of patients. We will achieve this goal by working closely with regional hospitals and deploying new programs that meet the changing needs of these hospitals. This strategy fully supports our existing model, with facilities clustered in key markets enabling us to use regionalized support staff to improve efficiencies. The end result of this strategy should be an optimization of our existing infrastructure, and greater visibility into our future revenues."  Q4 and 2013 Full Year Summary of Financial Results Revenues in the fourth quarter of 2013 were $55.6 million, up 4.6% from $53.1 million in the prior year quarter. Revenue for the full year 2013 increased by 14.8% to $222.9 million from $194.1 million in 2012.  The net loss attributable to AdCare common shareholders in the fourth quarter of 2013 totaled $3.7 million or $(0.24) per basic and diluted share, compared to a net loss of $0.1 million, or $(0.01) per basic and diluted share, in the same year-ago quarter. Several non-recurring and non-operational expenses impacted the net loss for both periods, including:  Q4 2013    oA $799,000 goodwill impairment charge related to a facility acquired in     2012   oAn $829,000 non-cash derivative gain   o$91,000 in non-recurring expense related to the Company's reincorporation     in Georgia   o$102,000 in non-recurring expense related to the audit committee's     investigation   o$202,000 related to the Company's annual shareholder meeting  Q4 2012    oA $0.4 million non-cash derivative loss   oA $6.7 million net gain on sale of four Ohio assisted living facilities  For the full year 2013, the net loss attributable to AdCare common stockholders was $14.1 million or ($0.94) per basic and diluted share, versus a net loss of $7.0 million or $(0.50) per basic and diluted share in 2012.  "Quarterly cost of services declined to 83.1% of revenues in the fourth quarter of 2013 compared to 87.6% of revenues in the prior year quarter due to our cost containment efforts," commented Ron Fleming, AdCare's chief financial officer. "In addition, the costs related to the audit committee review, as well as the fluctuations from the derivative, are now behind us, resulting in a simpler financial profile going forward."  Quarterly Adjusted EBITDAR from continuing operations in the fourth quarter of 2013 totaled $5.3 million, a more than two-fold increase compared to $2.6 million in the fourth quarter of 2012. Adjusted EBITDAR from continuing operations for the full year 2013 totaled $19.4 million compared to $17.4 million for the full year 2012 (see "Use of Non-GAAP Financial Information," below for the definition of Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations, each, non-GAAP financial measures, as well as an important discussion about the use of these measures and their reconciliation to GAAP net loss, the most directly comparable GAAP financial measure).  Outlook Management provided its outlook for fiscal 2014. This guidance is based on current expectations, and is subject to change. Currently, management expects:    oRevenue of $225 million to $250 million, representing 3% to 12% growth     compared to fiscal 2013. This is inclusive of the impact of lower revenues     due to the Company exiting non-core facilities which AdCare manages but     does not own.   oYear-over-year improvement in gross profit, operating income, and EBITDAR     in actual dollars and as a percent of sales.  Conference Call and Webcast AdCare will hold a conference call to discuss its fourth quarter and 2013 full year financial results on Friday, March 28, 2014 at 10 a.m. Eastern time. Management will host the presentation, followed by a question and answer period.    oDate and time: Friday, March 28, 2014 at 10 a.m. ET   oDial-in number: 1-877-941- 1427 (domestic) or 1-480-629-9664     (international)   oReplay number: Dial 1-877-870-5176 (domestic) or 1-858-384-5517     (international). Please use passcode 4649187 to access the replay. The     replay will be available until April 28, 2014.   oWebcast link: www.adcarehealth.com or     http://public.viavid.com/index.php?id=108329   oSlides: Management will provide slides to accompany the prepared comments.     Slides will be available on the webcast, or can be downloaded in the     investor relations section of AdCare's website at www.adcarehealth.com.  About the Derivative Liability The derivative liability is the result of the Company issuing subordinated convertible promissory notes in 2010 that include an anti-dilution provision referred to as a "ratchet" provision. The derivative liability is a non-cash item. The notes are convertible into shares of common stock of the Company at a current conversion price of $3.73 that is subject to future reductions if the Company issues equity instruments at a lower price (the "ratchet" provision). Because there is no minimum conversion price, an indeterminate number of shares may be issued in the future. Accordingly, the Company determined an embedded derivative existed that was required to be bifurcated from the subordinated convertible promissory notes and accounted for separately as a derivative liability recorded at fair value. Pursuant to US GAAP, the Company estimated the fair value of the derivative liability using the Black-Scholes Merton option-pricing model with changes in fair value being reported in the condensed consolidated statement of operations.  These notes , which had an original maturity date of October 26, 2013, were extended to August 29, 2014 and the anti-dilution provision was eliminated so there will not be a derivative gain or loss recorded after Q4 13. At maturity, the Company will be required to redeem the notes for cash (unless they are earlier converted into common stock at the option of the holder). If the notes are converted, to common stock, the debt will be extinguished, the current fair market value of the common stock will be reflected as common stock and additional paid-in capital, and there may be a resulting gain or loss on the debt extinguishment.  About AdCare Health Systems AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a recognized provider of senior living and health care facility management. AdCare owns and manages, long-term care facilities and retirement communities, and since the Company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.  Important Cautions Regarding Forward-Looking Statements Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to: (i) statements regarding drivers of operational growth; (ii) statements regarding expense reductions and expense run-rate; (iii) statements regarding improvements in the admissions process; (iv) statements regarding financial and operational improvements; and (v) statements regarding the Company's current plans to issue equity instruments. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.  In addition, each facility mentioned in this press release is operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.  References to the consolidated Company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.  Use of Non-GAAP Financial Information Beginning with the reporting of results for the first quarter of 2011, the Company began to report the measures of Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations. These are measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company defines: (i) "Adjusted EBITDA from continuing operations " as net income (loss) from continuing operations before interest expense, income tax expense; depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain and other non-routine adjustments; and (ii) "Adjusted EBITDAR from continuing operations" as net income (loss) from continuing operations before interest expense; income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss and other non-routine adjustments.  Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations should not be considered in isolation or as a substitute for net income, income from operations or cash flows provided by, or used in, operations as determined in accordance with GAAP. Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations are used by management to focus on operating performance and management without mixing in items of income and expense that relate to the financing and capitalization of the business, fixed rent or lease payments of facilities, derivative loss or gain, and certain acquisition related charges and other non-routine adjustments.  The Company believes these measures are useful to investors in evaluating the Company's performance, results of operations and financial position for the following reasons:    oThey are helpful in identifying trends in the Company's day-to-day     performance because the items excluded have little or no significance to     the Company's day-to-day operations;   oThey provide an assessment of controllable expenses and afford management     the ability to make decisions which are expected to facilitate meeting     current financial goals as well as achieve optimal financial performance;     and   oThey provide data that assists management to determine whether or not     adjustments to current spending decisions are needed.  AdCare believes that the use of the measures provides a meaningful and consistent comparison of the Company's underlying business between periods by eliminating certain items required by GAAP, which have little or no significance in the Company's day-to-day operations.    ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in 000's, except per share data) (Unaudited)                                   Three Months Ended    Twelve Months Ended                                   December 31,          December 31,                                     2013       2012       2013        2012 Revenues:  Patient care revenues            $ 54,990   $ 52,611   $ 220,750   $ 191,921  Management revenues                568        519        2,097       2,156      Total revenues                 55,558     53,129     222,847     194,077 Expenses:  Cost of services (exclusive of  facility rent, depreciation and    45,687     46,106     185,612     160,700  amortization)  General and administrative         5,016      4,800      19,032      17,005  expenses  Audit committee investigation      102        -          2,386       -  expense  Facility rent expense              1,772      1,790      7,028       7,068  Depreciation and amortization      2,513      1,930      7,940       6,538  Salary retirement and              -          5          154         43  continuation costs   Total expenses                55,089     54,631     222,152     191,354 Income (loss) from Operations       469        (1,502)    695         2,723 Other Income (Expense):  Interest expense, net              (3,025)    (3,618)    (12,888)    (12,687)  Acquisition costs, net of gains    45         (802)      (562)       (1,962)  Derivative gain (loss)             829        (399)      3,006       (1,741)  (Loss) gain on extinguishment      (77)       -          (109)       500  of debt  Loss on impairment                 (799)      -          (799)       -  (Loss) gain on disposal of         -          -          (10)        2  assets  Other (expense) income             (321)      134        (306)       (124)      Total other expense, net     (3,348)    (4,685)    (11,668)    (16,012) Loss from Continuing Operations     (2,879)    (6,187)    (10,973)    (13,289) Before Income Taxes Income tax (expense) benefit        (118)      35         (142)       (97) Loss from Continuing Operations     (2,997)    (6,152)    (11,115)    (13,386) (Loss) Income from Discontinued     (258)      6,009      (2,248)     5,846 Operations, Net of Tax Net Loss                            (3,255)    (143)      (13,363)    (7,540) Net Loss Attributable to            168        236        796         656 Noncontrolling Interests Net (Loss) Income Attributable      (3,087)    94         (12,567)    (6,884) to AdCare Health Systems, Inc. Preferred stock dividend            (646)      (156)      (1,564)     (156) Net Loss Attributable to AdCare Health Systems, Inc. Common       $ (3,733)  $ (62)     $ (14,131)  $ (7,040) Stockholders Net (loss) income per Common Share attributable to AdCare Health Systems, Inc. Common Stockholders -  Basic:  Continuing Operations            $ (0.22)   $ (0.43)   $ (0.79)    $ (0.92)  Discontinued Operations            (0.02)     0.42       (0.15)      0.42                                   $ (0.24)   $ (0.01)   $ (0.94)    $ (0.50) Net (loss) income per Common Share attributable to AdCare Health Systems, Inc. Common Stockholders -  Diluted:  Continuing Operations            $ (0.22)   $ (0.43)   $ (0.79)    $ (0.92)  Discontinued Operations            (0.02)     0.42       (0.15)      0.42                                   $ (0.24)   $ (0.01)   $ (0.94)    $ (0.50) Weighted Average Common Shares Outstanding:  Basic                              15,746     14,215     15,044      14,033  Diluted                            15,746     14,215     15,044      14,033    ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in 000's)                                                December 31,                                                2013            2012 ASSETS                                         (unaudited) Current Assets: Cash and cash equivalents                      $    19,374  $    15,937 Restricted cash and investments                3,801           1,742 Accounts receivable, net of allowance of       23,598          26,832 $4,989 and $3,729 Prepaid expenses and other                     483             489 Assets of disposal group held for sale         400             6,159 Assets of disposal group held for use          —               778 Assets of variable interest entity held for    5,945           — sale Total current assets                           53,601          51,937 Restricted cash and investments                11,606          7,215 Property and equipment, net                    143,368         151,007 Intangible assets—bed licenses                 2,471           2,471 Intangible assets—lease rights, net            4,889           6,123 Goodwill                                       4,224           5,023 Lease deposits                                 1,715           1,720 Deferred loan costs, net                       4,542           6,137 Other assets                                   12              3,611 Total assets                                   $   226,428   $   235,244 LIABILITIES AND EQUITY Current Liabilities: Current portion of notes payable and other     $    12,027  $     6,941 debt Current portion of convertible debt, net of    11,389          10,948 discounts Revolving credit facilities and lines of       2,738           1,498 credit Accounts payable                               23,783          20,299 Accrued expenses                               13,264          13,729 Liabilities of disposal group held for sale    —               3,662 Liabilities of variable interest entity held   6,034           — for sale Total current liabilities                      69,235          57,077 Notes payable and other debt, net of current portion: Senior debt, net of discounts                  107,858         112,160 Bonds, net of discounts                        6,996           16,088 Revolving credit facilities                    5,765           7,706 Convertible debt, net of discounts             7,500           12,009 Other debt                                     —               864 Derivative liability                           —               3,630 Other liabilities                              1,589           1,394 Deferred tax liability                         191             104 Total liabilities                              199,134         211,032 Commitments and contingencies Preferred stock, no par value; 5,000 and 1,000 shares authorized; 950 and 450 shares issued and outstanding, redemption amount      20,442          9,159 $23,750 and $11,250 at December 31, 2013 and 2012, respectively Stockholders' equity: Common stock and additional paid-in capital, no par value; 55,000 and 29,000 shares authorized; 16,016 and 14,659 shares issued    48,370          41,644 and outstanding at December 31, 2013 and 2012, respectively Accumulated deficit                            (39,884)        (25,753) Total stockholders' equity                     8,486           15,891 Noncontrolling interest in subsidiaries        (1,634)         (838) Total equity                                   6,852           15,053 Total liabilities and equity                   $   226,428   $   235,244    ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS TRAILING SIX QUARTERS (Amounts in 000's) (Unaudited)                For Three Months Ended                9/30/2012  12/31/2012  3/31/2013  6/30/2013  9/30/2013  12/31/2013 Revenues:  Patient    $52,198    $52,611     $55,292    $55,512    $54,956    $54,990 care revenues  Management 588        519         510        498        521        568 revenue  Total  52,786     53,129      55,802     56,010     55,477     55,558 revenues Expenses:  Cost of services (exclusive of facility rent, 44,105     46,106      47,203     47,046     45,677     45,687 depreciation and amortization)  General and            3,957      4,800       4,928      4,505      4,583      5,016 administrative expense  Audit committee      -          -           1,134      848        302        102 investigation expense  Facility   1,775      1,790       1,737      1,758      1,761      1,772 rent expense  Depreciation   1,717      1,930       1,759      1,823      1,844      2,513 and amortization  Salary retirement and 38         5           -          149        5          - continuation costs  Total  51,592     54,631      56,761     56,129     54,172     55,089 expenses Income (Loss) from           1,195      (1,502)     (959)      (119)      1,304      469 Operations Other Income (Expense):  Interest   (3,561)    (3,618)     (3,302)    (3,221)    (3,341)    (3,025) expense, net  Acquisition    (342)      (802)       (97)       (477)      (33)       45 costs, net of gains  Derivative (2,105)    (399)       2,136      (1,947)    1,989      829 (loss) gain  Gain (loss) on      500        -           (2)        (25)       (6)        (77) extinguishment of debt  Loss on    -          -           -          -          -          (799) impairment  Loss on disposal of    -          -           -          (4)        (6)        - assets  Other (expense)      (229)      134         -          -          15         (321) income Total other    (5,737)    (4,685)     (1,264)    (5,675)    (1,381)    (3,348) expense, net Loss from Continuing Operations     (4,542)    (6,187)     (2,223)    (5,794)    (77)       (2,879) Before Income Taxes Income tax (expense)      (112)      35          (78)       0          53.58      (118) benefit Loss from Continuing     (4,654)    (6,152)     (2,301)    (5,794)    (23)       (2,997) Operations Income (Loss) from Discontinued   14         6,009       (449)      (1,151)    (390)      (258) Operations, Net of Tax Net Loss       (4,641)    (143)       (2,750)    (6,945)    (413)      (3,255) Net Loss Attributable to             134        236         192        241        195        168 Noncontrolling Interest Net (Loss) Income Attributable   ($4,507)   $94         ($2,557)   ($6,704)   ($218)     ($3,087) to AdCare Health Systems, Inc. Preferred      -          (156)       (306)      (306)      (306)      (646) stock dividend Net Loss Attributable to AdCare Health         ($4,506)   ($62)       ($2,863)   ($7,010)   ($524)     ($3,733) Systems, Inc. Common Stockholders    ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED EBITDAR FROM CONTINUING OPERATIONS (Amounts in 000's) (Unaudited)                 For Three Months Ended                 9/30/2012  12/31/2012  3/31/2013  6/30/2013  9/30/2013  12/31/2013 Net Loss        ($4,641)   ($143)      ($2,750)   ($6,945)   ($413)     ($3,255)  Impact of discontinued    (14)       (6,009)     449        1,151      390        258 operations Net Loss from continuing      (4,654)    (6,152)     (2,301)    (5,794)    (23)       (2,997) operations  Interest    3,561      3,618       3,302      3,221      3,341      3,025 expense, net  Income tax expense         112        (35)        78         0          (54)       118 (benefit)  Amortization of 269        356         260        291        186        360 stock based compensation  Depreciation    1,717      1,930       1,759      1,823      1,844      2,513 and amortization  Acquisition costs, net of   342        802         97         477        33         (45) gains  Derivative  2,105      399         (2,136)    1,947      (1,989)    (829) (gain) loss  (Gain) loss on              (500)      -           2          25         6          77 extinguishment of debt  Loss on impairment -    -          -           -          -          -          799 Goodwill  (Gain) loss on disposal of  -          -           -          4          6          - assets  Audit committee       -          -           1,134      848        302        102 investigation expense  Reincorporation -          -           -          -          -          91 - Georgia  Other expense         229        (134)       -          -          (15)       321 (income)  Salary retirement and  38         5           -          149        5          - continuation costs Adjusted EBITDA from continuing 3,219      789         2,195      2,991      3,642      3,535 operations  Facility    1,775      1,790       1,737      1,758      1,761      1,772 rent expense Adjusted EBITDAR from    $4,994     $2,579      $3,932     $4,749     $5,403     $5,307 continuing operations    ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTARY SCHEDULES (Unaudited)             2012                                     2013 End of      Q1    Q2    Q3    Q4    12 Mo.  Q1    Q2      Q3    Q4    12 Mo. Period Data                                 YTD                                     YTD Number of Facilities SNF  Owned    17      18      21      24      24       24      24      24      24      24  Leased   9       9       9       9       9        9       9       9       9       9  Managed  10      10      10      10      10       10      10      10      10      10 ALF  Owned    2       2       2       2       2        2       2       2       2       2 IL  Managed  1       1       1       1       1        1       1       1       1       1 Total       39      40      43      46      46       46      46      46      46      46 Number of Operational Beds SNF  Owned    1,870   1,947   2,311   2,579   2,579    2,579   2,579   2,579   2,579   2,579  Leased   1,090   1,090   1,090   1,090   1,090    1,090   1,090   1,090   1,090   1,090  Managed  813     813     813     813     813      813     813     813     813     813 ALF  Owned    112     112     112     112     112      112     112     112     112     112 IL  Managed  83      83      83      83      83       83      83      83      83      83 Total at    3,968   4,045   4,409   4,677   4,677    4,677   4,677   4,677   4,677   4,677 Period End Total Weighted    2,638   3,097   3,453   3,513   3,177    3,781   3,781   3,781   3,781   3,781 Average (d) SNF + ALF % 64.5%   65.4%   69.0%   71.2%   71.2%    71.2%   71.2%   71.2%   71.2%   71.2% Owned SNF + ALF % 35.5%   34.6%   31.0%   28.8%   28.8%    28.8%   28.8%   28.8%   28.8%   28.8% Leased Revenue Mix % (b)  Skilled  31.4%   30.2%   27.0%   30.7%   29.7%    32.6%   31.7%   29.0%   29.0%   30.6% (c)  Medicaid 53.3%   54.0%   57.0%   53.4%   54.5%    52.1%   53.3%   53.8%   53.4%   53.1%  Private  15.3%   15.7%   16.0%   15.9%   15.8%    15.4%   15.0%   17.2%   17.6%   16.3% + Other Total       100.0%  100.0%  100.0%  100.0%  100.0%   100.0%  100.0%  100.0%  100.0%  100.0% Patient Days (b)  Skilled  29,814  31,601  32,169  37,150  130,734  40,794  40,360  35,828  35,516  152,498 (c)  Medicaid 140,265 154,704 177,601 173,813 646,383  178,768 185,292 188,268 184,626 736,954  Private  31,104  34,115  39,102  40,133  144,454  41,082  39,934  43,431  46,887  171,334 + Other Total       201,183 220,420 248,872 251,096 921,571  260,644 265,586 267,527 267,029 1,060,786 Patient Day Mix % (a)  Skilled  15.5%   14.9%   13.4%   15.3%   14.7%    16.2%   15.7%   13.8%   13.8%   14.9% (c)  Medicaid 71.9%   72.3%   73.2%   71.1%   72.1%    70.3%   71.5%   72.0%   71.0%   71.2%  Private  12.6%   12.8%   13.4%   13.6%   13.2%    13.5%   12.8%   14.1%   15.2%   13.9% + Other Total       100.0%  100.0%  100.0%  100.0%  100.0%   100.0%  100.0%  100.0%  100.0%  100.0% Revenue Rates Per Patient Day (a)  Skilled  $432.82 $439.89 $437.38 $434.83 $436.22  $441.70 $436.07 $444.92 $448.81 $442.62 (c)  Medicaid $157.12 $161.35 $168.17 $162.11 $162.52  $161.59 $160.18 $157.66 $159.51 $159.71  Private  $174.23 $172.33 $167.69 $174.73 $172.12  $176.48 $175.86 $176.17 $176.92 $176.38 + Other Weighted Average     $210.09 $213.88 $214.26 $214.10 $213.22  $216.58 $213.46 $209.61 $210.52 $212.52 Total Average Daily Census (b)  Skilled  328     347     350     404     357      453     444     389     386     418 (c)  Medicaid 1,541   1,700   1,930   1,889   1,766    1,986   2,033   2,046   2,007   2,019  Private  342     375     425     436     395      456     442     472     510     469 + Other Total Average     2,211   2,422   2,705   2,729   2,518    2,896   2,919   2,908   2,902   2,906 Daily Census Occupancy   83.8%   78.2%   78.4%   77.7%   79.3%    76.6%   77.2%   76.9%   76.8%   76.9% (b) (in thousands) Total       $41,647 $46,514 $52,786 $53,129 $194,077 $55,802 $56,010 $55,477 $55,558 $222,847 Revenue (b) Adjusted    $3,517  $6,279  $4,994  $2,579  $17,369  $3,932  $4,750  $5,403  $5,307  $19,391 EBITDAR (b) Adjusted    $1,758  $4,534  $3,219  $789    $10,301  $2,195  $2,991  $3,642  $3,535  $12,363 EBITDA (b) (a) Skilled nursing only - excludes managed facilities (b) AdCare consolidated incorporating discontinued operations (c) Skilled is defined as Medicare A + Managed Care RUGS    SOURCE AdCare Health Systems, Inc.  Website: http://www.adcarehealth.com Contact: Company Contacts, Boyd Gentry, CEO, AdCare Health Systems, Inc., Tel (678) 869-5116, info@adcarehealth.com; or Investor Relations, Brett Maas, Managing Partner, Hayden IR, Tel (646) 536-7331, brett@haydenir.com  
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