2014

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

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

  • Revenues were $55.6 million, up 4.6% compared to $53.1 million in the year-ago period.
  • Adjusted 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).
  • AdCare generated $2.5 million in cash flow from operations. 
  • Board 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

  • Revenues were up 14.8% to $222.9 million from $194.1 million in the year-ago period.
  • Adjusted 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).
  • AdCare'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 – sequential

11.8%

11.7%

13.5%

0.6%

53.9%

5.0%

0.4%

(1.0%)

0.1%

14.8%

% growth – y/y

n/a

n/a

n/a

42.6%

53.9%

34.0%

20.4%

5.1%

4.6%

14.8%












Cost of Services

$34,367

$36,122

$44,105

$46,106

$160,700

$47,203

$47,046

$45,677

$45,687

$185,162

% of patient care revenue

83.6%

78.5%

84.5%

87.6%

83.7%

85.4%

84.7%

83.1%

83.1%

84.1%












Adjusted EBITDAR

$3,517

$6,279

$4,994

$2,579

$17,369

$3,932

$4,749

$5,403

$5,307

$19,391

% of total revenue

8.4%

13.5%

9.5%

4.9%

8.9%

7.0%

8.5%

9.7%

9.6%

8.7%

 

"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

  • A $799,000 goodwill impairment charge related to a facility acquired in 2012
  • An $829,000 non-cash derivative gain
  • $91,000 in non-recurring expense related to the Company's reincorporation in Georgia
  • $102,000 in non-recurring expense related to the audit committee's investigation
  • $202,000 related to the Company's annual shareholder meeting

Q4 2012

  • A $0.4 million non-cash derivative loss
  • A $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:

  • Revenue 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.
  • Year-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.

  • Date and time: Friday, March 28, 2014 at 10 a.m. ET
  • Dial-in number: 1-877-941- 1427 (domestic) or 1-480-629-9664 (international)
  • Replay 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.
  • Webcast link: www.adcarehealth.com or http://public.viavid.com/index.php?id=108329
  • Slides: 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:

  • They 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;
  • They 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
  • They 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 December 31,


Twelve Months Ended 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 amortization)
















45,687



46,106



185,612



160,700


General and administrative expenses



5,016



4,800



19,032



17,005


Audit committee investigation expense



102



-



2,386



-


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 continuation costs



-



5



154



43


     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 of debt



(77)



-



(109)



500


Loss on impairment



(799)



-



(799)



-


(Loss) gain on disposal of assets



-



-



(10)



2


Other (expense) income



(321)



134



(306)



(124)



 Total other expense, net 



(3,348)



(4,685)



(11,668)



(16,012)
















Loss from Continuing Operations Before Income Taxes



(2,879)



(6,187)



(10,973)



(13,289)

Income tax (expense) benefit



(118)



35



(142)



(97)

Loss from Continuing Operations



(2,997)



(6,152)



(11,115)



(13,386)
















(Loss) Income from Discontinued Operations, Net of Tax



(258)



6,009



(2,248)



5,846

Net Loss



(3,255)



(143)



(13,363)



(7,540)
















Net Loss Attributable to Noncontrolling Interests



168



236



796



656

Net (Loss) Income Attributable to AdCare Health Systems, Inc.



(3,087)



94



(12,567)



(6,884)
















Preferred stock dividend



(646)



(156)



(1,564)



(156)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders


$

(3,733)


$

(62)


$

(14,131)


$

(7,040)
















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 $4,989 and $3,729


23,598


26,832

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 sale


5,945


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 debt


$       12,027


$         6,941

Current portion of convertible debt, net of discounts


11,389


10,948

Revolving credit facilities and lines of credit


2,738


1,498

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 for sale


6,034


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 $23,750 and $11,250 at December 31, 2013 and 2012, respectively


20,442


9,159

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 and outstanding at December 31, 2013 and 2012, respectively


48,370


41,644

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 care revenues

$52,198


$52,611


$55,292


$55,512


$54,956


$54,990

    Management revenue

588


519


510


498


521


568

        Total revenues

52,786


53,129


55,802


56,010


55,477


55,558

Expenses:












    Cost of services (exclusive of facility rent, depreciation and amortization)

44,105


46,106


47,203


47,046


45,677


45,687

    General and administrative expense

3,957


4,800


4,928


4,505


4,583


5,016

    Audit committee investigation expense

-


-


1,134


848


302


102

    Facility rent expense

1,775


1,790


1,737


1,758


1,761


1,772

    Depreciation and amortization

1,717


1,930


1,759


1,823


1,844


2,513

    Salary retirement and continuation costs

38


5


-


149


5


-

        Total expenses

51,592


54,631


56,761


56,129


54,172


55,089













Income (Loss) from Operations

1,195


(1,502)


(959)


(119)


1,304


469













Other Income (Expense):












    Interest expense, net

(3,561)


(3,618)


(3,302)


(3,221)


(3,341)


(3,025)

    Acquisition costs, net of gains

(342)


(802)


(97)


(477)


(33)


45

    Derivative (loss) gain

(2,105)


(399)


2,136


(1,947)


1,989


829

    Gain (loss) on extinguishment of debt

500


-


(2)


(25)


(6)


(77)

    Loss on impairment

-


-


-


-


-


(799)

    Loss on disposal of assets

-


-


-


(4)


(6)


-

    Other (expense) income

(229)


134


-


-


15


(321)

Total other expense, net

(5,737)


(4,685)


(1,264)


(5,675)


(1,381)


(3,348)













Loss from Continuing Operations Before Income Taxes

(4,542)


(6,187)


(2,223)


(5,794)


(77)


(2,879)

Income tax (expense) benefit

(112)


35


(78)


0


53.58


(118)

Loss from Continuing Operations

(4,654)


(6,152)


(2,301)


(5,794)


(23)


(2,997)

Income (Loss) from Discontinued Operations, Net of Tax

14


6,009


(449)


(1,151)


(390)


(258)

Net Loss

(4,641)


(143)


(2,750)


(6,945)


(413)


(3,255)

Net Loss Attributable to Noncontrolling Interest

134


236


192


241


195


168

Net (Loss) Income Attributable to AdCare Health Systems, Inc.

($4,507)


$94


($2,557)


($6,704)


($218)


($3,087)

Preferred stock dividend

-


(156)


(306)


(306)


(306)


(646)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders

($4,506)


($62)


($2,863)


($7,010)


($524)


($3,733)

 

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 operations

(14)


(6,009)


449


1,151


390


258

Net Loss from continuing operations

(4,654)


(6,152)


(2,301)


(5,794)


(23)


(2,997)

    Interest expense, net

3,561


3,618


3,302


3,221


3,341


3,025

    Income tax expense (benefit) 

112


(35)


78


0


(54)


118

    Amortization of stock based compensation

269


356


260


291


186


360

    Depreciation and amortization

1,717


1,930


1,759


1,823


1,844


2,513

    Acquisition costs, net of gains

342


802


97


477


33


(45)

    Derivative (gain) loss

2,105


399


(2,136)


1,947


(1,989)


(829)

    (Gain) loss on extinguishment of debt

(500)


-


2


25


6


77

    Loss on impairment - Goodwill

-


-


-


-


-


799

    (Gain) loss on disposal of assets

-


-


-


4


6


-

    Audit committee investigation expense

-


-


1,134


848


302


102

    Reincorporation - Georgia

-


-


-


-


-


91

    Other expense (income) 

229


(134)


-


-


(15)


321

    Salary retirement and continuation costs

38


5


-


149


5


-

Adjusted EBITDA from continuing operations

3,219


789


2,195


2,991


3,642


3,535

    Facility rent expense

1,775


1,790


1,737


1,758


1,761


1,772

Adjusted EBITDAR from continuing operations

$4,994


$2,579


$3,932


$4,749


$5,403


$5,307

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

SUPPLEMENTARY SCHEDULES

 (Unaudited)



2012

2013

End of Period Data

 Q1 

 Q2 

 Q3 

 Q4 

 12 Mo. YTD 

 Q1 

Q2

 Q3 

 Q4 

 12 Mo. 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 Period End

3,968

4,045

4,409

4,677

4,677

4,677

4,677

4,677

4,677

4,677

Total Weighted Average (d)

2,638

3,097

3,453

3,513

3,177

3,781

3,781

3,781

3,781

3,781












SNF + ALF % Owned

64.5%

65.4%

69.0%

71.2%

71.2%

71.2%

71.2%

71.2%

71.2%

71.2%

SNF + ALF % Leased

35.5%

34.6%

31.0%

28.8%

28.8%

28.8%

28.8%

28.8%

28.8%

28.8%












Revenue Mix % (b)











   Skilled (c) 

31.4%

30.2%

27.0%

30.7%

29.7%

32.6%

31.7%

29.0%

29.0%

30.6%

   Medicaid

53.3%

54.0%

57.0%

53.4%

54.5%

52.1%

53.3%

53.8%

53.4%

53.1%

   Private + Other

15.3%

15.7%

16.0%

15.9%

15.8%

15.4%

15.0%

17.2%

17.6%

16.3%

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 (c) 

29,814

31,601

32,169

37,150

130,734

40,794

40,360

35,828

35,516

152,498

   Medicaid

140,265

154,704

177,601

173,813

646,383

178,768

185,292

188,268

184,626

736,954

   Private + Other

31,104

34,115

39,102

40,133

144,454

41,082

39,934

43,431

46,887

171,334

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 (c) 

15.5%

14.9%

13.4%

15.3%

14.7%

16.2%

15.7%

13.8%

13.8%

14.9%

   Medicaid

71.9%

72.3%

73.2%

71.1%

72.1%

70.3%

71.5%

72.0%

71.0%

71.2%

   Private + Other

12.6%

12.8%

13.4%

13.6%

13.2%

13.5%

12.8%

14.1%

15.2%

13.9%

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 (c) 

$432.82

$439.89

$437.38

$434.83

$436.22

$441.70

$436.07

$444.92

$448.81

$442.62

   Medicaid

$157.12

$161.35

$168.17

$162.11

$162.52

$161.59

$160.18

$157.66

$159.51

$159.71

   Private + Other

$174.23

$172.33

$167.69

$174.73

$172.12

$176.48

$175.86

$176.17

$176.92

$176.38

Weighted Average Total

$210.09

$213.88

$214.26

$214.10

$213.22

$216.58

$213.46

$209.61

$210.52

$212.52












Average Daily Census (b)











   Skilled (c) 

328

347

350

404

357

453

444

389

386

418

   Medicaid

1,541

1,700

1,930

1,889

1,766

1,986

2,033

2,046

2,007

2,019

   Private + Other

342

375

425

436

395

456

442

472

510

469

Total Average Daily Census

2,211

2,422

2,705

2,729

2,518

2,896

2,919

2,908

2,902

2,906












Occupancy (b)

83.8%

78.2%

78.4%

77.7%

79.3%

76.6%

77.2%

76.9%

76.8%

76.9%












(in thousands)











Total Revenue (b)

$41,647

$46,514

$52,786

$53,129

$194,077

$55,802

$56,010

$55,477

$55,558

$222,847

Adjusted EBITDAR (b)

$3,517

$6,279

$4,994

$2,579

$17,369

$3,932

$4,750

$5,403

$5,307

$19,391

Adjusted EBITDA (b)

$1,758

$4,534

$3,219

$789

$10,301

$2,195

$2,991

$3,642

$3,535

$12,363












(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.



RELATED LINKS
http://www.adcarehealth.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.