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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