AdCare Health Systems Postpones Fourth Quarter and Year End 2012 Earnings Release and Conference Call
ATLANTA, March 26, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), a leading long-term care provider, today announced that it is postponing the release of its financial results for the fourth quarter and year end 2012 and its previously announced conference call to discuss such results originally scheduled for March 27, 2013. The Company also announced that it will file a Form 12b-25 (Notification of Late Filing) with the Securities and Exchange Commission with respect to its annual report on Form 10-K for the year ended December 31, 2012. The Form 12b-25 allows a company an additional 15 calendar days (or until April 16, 2013) to file its Form 10-K which otherwise would be due on April 1, 2013.
As disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 13, 2013, the Company intends to restate its financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, due to errors in such financial statements. In light of these errors, the Audit Committee of the Company's Board of Directors has undertaken a further review of, and inquiry with respect to, certain accounting and financial issues related thereto thereto and has engaged counsel to assist with such matters.
The Company is postponing its earnings release and conference call, and seeking an extension to file its Form 10-K, because additional time is needed for the Audit Committee to complete its review and inquiry and for the audit of the Company's financial statements to be completed.
The Company is working diligently so that it may be in a position to restate its financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, as well as to file its Form 10-K, by April 16, 2013. The Company will make a further announcement in a subsequent press release to reschedule the date and time of the fourth quarter and year end 2012 conference call.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) is a recognized provider of senior living and health care facility management. The Company 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 the Company, visit www.adcarehealth.com.
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipates," "continues," "expects," "forecasts," "outlook," "believes," "estimates," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for any fiscal period and other corporate developments will depend upon a number of regulatory, economic, competitive and other influences, including those factors discussed in the "Risk Factors" section and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
SOURCE AdCare Health Systems, Inc.