2014

AdCare Health Systems Reports Third Quarter 2013 Results Company Delivers 13.9% Sequential Increase in Quarterly EBITDAR to $5.4 Million;

Highest EBITDAR in Last Five Quarters

Quarterly Net Loss Narrows Significantly from Year-Ago Period and Sequentially

ATLANTA, Nov. 14, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PA) a leading long-term care provider, reported results for the third quarter and nine months ended September 30, 2013.

Financial Highlights

  • Revenues up 5% to $55.9 million from $53.2 million in the year-ago period
  • Adjusted EBITDAR from continuing operations was $5.4 million (see "Use of Non-GAAP Financial Information," below for more information)
  • AdCare's financial results included a non-cash derivative gain of $2.0 million compared to a non-cash derivative loss of $2.1 million in the third quarter last year (see, "About the Derivative Liability," below for more information)
  • Board of Directors declared a quarterly cash preferred dividend payment of $0.68 per share on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock which was paid on September 30, 2013 to holders of record at the close of business on September 20, 2013
  • Subsequent to the quarter end, completed a public offering of 500,000 shares of its 10.875% Series A Cumulative Redeemable Preferred Stock; $11.2 million net proceeds to be used for general corporate purposes; completed offering eliminates embedded derivative from financial statements

"The third quarter is our seasonally slowest quarter and yet we delivered solid revenue growth from the year ago period for both the third quarter and the first nine months of 2013," said AdCare's president and chief executive officer, Boyd P. Gentry. "Our EBITDAR continues to demonstrate the progress we are making and this quarter we generated the highest EBITDA and EBITDAR in five quarters - since Q2 of 2012. We have more than doubled Adjusted EBITDAR since Q4 of 2012; adjusted EBITDAR from continuing operations reached $5.4 million compared to $2.5 million for the fourth quarter of 2012.  We narrowed our quarterly net loss attributable to AdCare Health stockholders significantly to $0.5 million from $4.5 million in the prior year period and sequentially from $7.0 million. We are on track to reduce our expense run-rate by nearly $1 million annually, primarily from new fixed-price contracts for certain expenses as well as eliminating some redundancy at the corporate level."  

Mr. Gentry added, "Profitability improved sequentially even though revenues decreased slightly due to the seasonality mentioned above.  Additionally, we are laying the groundwork for an enhanced sales and marketing strategy that should begin to yield higher skilled mix in 2014. These anticipated improvements in census and mix, when combined with our continued careful expense control which are gaining traction should drive solid financial improvements in the coming quarters. We believe this progress will become even more evident as the non-recurring costs related to the Audit Committee review and inquiry and the restatement process dissipate. Audit committee investigation expenses decreased by more than $0.5 million sequentially from Q2 to Q3. We are encouraged by the progress we have made and look forward to continued profitable growth."

Q3 and Nine Month 2013 Summary of Financial Results
Revenues in the third quarter of 2013 were $55.9 million, up 5% from $53.2 million in the same year-ago quarter. Revenue for the first nine months of 2013 increased by 18.5% to $168.5 million from $142.2 million in 2012.

Inclusive of a $302,000 charge related to the Audit Committee's review and the Company's restatement process, and a non-cash derivative gain of $2.0 million, net loss attributable to AdCare common stockholders in the third quarter of 2013 totaled $0.5 million or $(0.03) per basic and diluted share. This compares to a net loss of $4.5 million, or $(0.31) per basic and diluted share, in the same year-ago quarter, which included a non-cash derivative loss of $2.1 million. For the first nine months of 2013, the net loss attributable to AdCare common stockholders was $10.4 million or $(0.70) 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 82.5% of revenues in the third quarter of 2013 compared to 83.6% of revenues in the prior year quarter and also declined sequentially from 84.2% of revenues in the second quarter of 2013 due to successful facility optimization efforts," commented Ronald Fleming, AdCare Health's chief financial officer. "In addition, after the end of October, 2013 the non-cash derivative liability no longer impacts our financial statements so going forward we will be able to present results that no longer reflect this quarterly non-cash line item."

Adjusted EBITDAR from continuing operations in the third quarter of 2013 totaled $5.4 million, up 6.3% compared to $5.0 million in the third quarter of 2012 and up 13.9% sequentially compared to the $4.7 million in the second quarter of 2013. Adjusted EBITDAR from continuing operations for the first nine months of 2013 totaled $14.0 million compared to $14.9 million for the first nine months of 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).

Cash and cash equivalents at September 30, 2013 totaled $12.7 million, as compared to $15.9 million at December 31, 2012.

Q3 2013 Total Facility Count
At the end of the third quarter of 2013, the Company, through its subsidiaries, operated or managed 47 facilities comprised of 43 skilled nursing centers, three assisted living residences and one independent living/senior housing facility, with a total of 4,781 beds/units in service. Of these 47 facilities, 26 are owned, nine are leased, 11 are managed for third parties and one is a consolidated variable interest entity. The facilities are located in Alabama, Arkansas, Georgia, Missouri, North Carolina, Ohio, Oklahoma and South Carolina.

Conference Call and Webcast
AdCare will hold a conference call to discuss its third quarter 2013 financial results later today, Thursday, November 14, 2013 at 4:30 p.m. Eastern time. Management will host the presentation, followed by a question and answer period.

  • Date and time: Thursday, November 14, 2013 at 4:30 p.m. ET
  • Dial-in number: 1-877-941-2069 (domestic) or 1-480-629-9713 (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 December 14, 2013.
  • Webcast link: www.adcarehealth.com or http://public.viavid.com/index.php?id=106804.

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 GAAP, the Company estimates 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.PA) 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 September 30,


Nine Months Ended September 30,






2013



2012



2013



2012

Revenues:














Patient care revenues


$

55,344


$

52,633


$

166,986


$

140,522


Management revenues



521



588



1,529



1,637



Total revenues



55,865



53,221



168,515



142,159
















Expenses:














Cost of services (exclusive of facility rent, depreciation















and amortization)



46,102



44,475



141,219



115,645


General and administrative expense



4,583



3,957



14,017



12,204


Audit committee investigation expense



302



-



2,284



-


Facility rent expense



1,761



1,775



5,256



5,278


Depreciation and amortization



1,888



1,760



5,558



4,730


Salary retirement and continuation costs



5



38



154



38


     Total expenses



54,641



52,005



168,488



137,895
















Income from Operations



1,224



1,216



27



4,264
















Other Income (Expense):














Interest expense, net



(3,462)



(3,695)



(10,253)



(9,475)


Acquisition costs, net of gains



(33)



(342)



(607)



(1,160)


Derivative gain (loss)



1,989



(2,105)



2,178



(1,342)


(Loss) gain on extinguishment of debt



(6)



500



(33)



500


(Loss) gain on disposal of assets



(6)



-



(10)



2


Other income (expense)



15



(229)



15



(258)



 Total other expense, net 



(1,503)



(5,871)



(8,710)



(11,733)
















Loss from Continuing Operations Before Income Taxes



(279)



(4,655)



(8,683)



(7,469)

Income tax benefit (expense)



54



(111)



(24)



(132)

Loss from Continuing Operations



(225)



(4,766)



(8,707)



(7,601)
















(Loss) Income from Discontinued Operations, Net of Tax



(188)



126



(1,402)



203

Net Loss



(413)



(4,640)



(10,109)



(7,398)
















Net Loss Attributable to Noncontrolling Interests



195



134



629



420

Net Loss Attributable to AdCare Health Systems, Inc.



(218)



(4,506)



(9,480)



(6,978)
















Preferred stock dividend



(306)



-



(918)



-

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


$

(524)


$

(4,506)


$

(10,398)


$

(6,978)
















Net (loss) income per Common Share attributable to AdCare Health Systems, Inc.











Common Stockholders -














Basic:














Continuing Operations


$

(0.02)


$

(0.32)


$

(0.61)


$

(0.51)


Discontinued Operations



(0.01)



0.01



(0.09)



0.01





$

(0.03)


$

(0.31)


$

(0.70)


$

(0.50)
















Net (loss) income per Common Share attributable to AdCare Health Systems, Inc.











Common Stockholders -














Diluted:














Continuing Operations


$

(0.02)


$

(0.32)


$

(0.61)


$

(0.51)


Discontinued Operations



(0.01)



0.01



(0.09)



0.01





$

(0.03)


$

(0.31)


$

(0.70)


$

(0.50)
















Weighted Average Common Shares Outstanding:














Basic



14,962



14,498



14,805



13,825


Diluted



14,962



14,498



14,805



13,825

 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in 000's)






September 30,


December 31,





2013


2012





(Unaudited)



ASSETS




Current assets:





Cash and cash equivalents

$         12,724


$         15,937


Restricted cash and investments

3,473


1,742


Accounts receivable, net of allowance of $5,372 and $3,729

24,305


26,037


Prepaid expenses and other

1,519


489


Assets of disposal group held for sale

400


6,159



Total current assets

42,421


50,364








Restricted cash and investments

11,361


7,215

Property and equipment, net

149,676


151,064

Intangible assets - bed licenses

2,471


2,471

Intangible assets - lease rights, net

5,446


6,844

Goodwill


5,023


5,023

Lease deposits

1,694


1,720

Deferred loan costs, net

4,877


6,137

Other assets

22


3,611



Total assets

$       222,991


$       234,449








LIABILITIES AND EQUITY











Current liabilities:





Current portion of notes payable and other debt

$         21,634


$           6,941


Revolving credit facilities and lines of credit

3,111


1,498


Current portion of convertible debt, net of discount

13,803


10,948


Accounts payable

23,054


19,503


Accrued expenses

13,799


13,730


Liabilities of disposal group held for sale

93


3,662



Total current liabilities

75,494


56,282








Notes payable and other debt, net of current portion:





Senior debt

101,316


112,160


Bonds, net of discounts

12,940


16,088


Revolving credit facilities

6,167


7,706


Convertible debt

7,500


12,009


Other debt

231


864

Derivative liability

929


3,630

Other liabilities

1,516


1,394

Deferred tax liability

77


104



Total liabilities

206,170


210,237








Commitments and contingency











Preferred stock, no par value; 1,000 shares authorized; 450 shares





issued and outstanding

9,159


9,159








Stockholders' equity:





Common stock and additional paid-in capital, no par value; 29,000






shares authorized; 15,319 and 14,659 issued and outstanding

45,280


41,644


Accumulated deficit

(36,151)


(25,753)



Total stockholders' equity

9,129


15,891


Noncontrolling interest in subsidiaries

(1,467)


(838)



Total equity

7,662


15,053



Total liabilities and equity

$       222,991


$       234,449

 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

TRAILING SIX QUARTERS

(Amounts in 000's)

(Unaudited)



For Three Months Ended














6/30/2012


9/30/2012


12/31/2012


3/31/2013


6/30/2013


9/30/2013

Revenues:












  Patient care revenues

$46,390


$52,633


$53,031


$55,719


$55,923


$55,344

  Management revenue

525


588


519


510


498


521

 Total revenues

46,915


53,221


53,550


56,229


56,421


55,865

Expenses:












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

36,476


44,475


46,556


47,622


47,495


46,102

  General and administrative expense

4,295


3,957


4,800


4,928


4,505


4,583

  Audit committee investigation expense

-


-


-


1,134


848


302

  Facility rent expense

1,745


1,775


1,790


1,737


1,758


1,761

  Depreciation and amortization

1,426


1,760


1,973


1,803


1,867


1,888

  Salary retirement and continuation costs

-


38


5


-


149


5

  Total expenses

43,942


52,004


55,125


57,224


56,622


54,641













Income (Loss) from Operations

2,973


1,217


(1,575)


(995)


(201)


1,224













Other Income (Expense):












  Interest expense, net

(3,280)


(3,695)


(3,749)


(3,436)


(3,355)


(3,462)

  Acquisition costs, net of gains

(524)


(342)


(802)


(97)


(477)


(33)

  Derivative gain (loss)

352


(2,105)


(399)


2,136


(1,947)


1,989

  Gain (loss) on extinguishment of debt

-


500


-


(2)


(25)


(6)

  Loss on disposal of assets

-


-


-


-


(4)


(6)

  Other (expense) income

(13)


(229)


134


-


-


15

Total other expense, net

(3,465)


(5,871)


(4,816)


(1,399)


(5,808)


(1,503)

Loss from Continuing Operations Before Income Taxes












Before Income Taxes

(492)


(4,655)


(6,392)


(2,394)


(6,009)


(279)

Income tax benefit (expense)

(18)


(111)


35


(78)


-


54

Loss from Continuing Operations

(510)


(4,766)


(6,357)


(2,472)


(6,009)


(225)

Income (Loss) from Discontinued Operations, Net of Tax

163


126


6,213


(278)


(936)


(188)

Net Loss

(347)


(4,640)


(144)


(2,750)


(6,945)


(413)

Net Loss Attributable to Noncontrolling Interest

142


134


236


192


241


195

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

($205)


($4,506)


$92


($2,558)


($6,704)


($218)

Preferred stock dividend

-


-


(156)


(306)


(306)


(306)

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

($205)


($4,506)


($64)


($2,864)


($7,010)


($524)













 

 


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














6/30/2012


9/30/2012


12/31/2012


3/31/2013


6/30/2013


9/30/2013













Net Loss

($347)


($4,640)


($144)


($2,750)


($6,945)


($413)

  Impact of discontinued operations

(163)


(126)


(6,213)


278


936


188

Net Loss from continuing operations

(510)


(4,766)


(6,357)


(2,472)


(6,009)


(225)

  Interest expense, net

3,280


3,695


3,749


3,436


3,355


3,462

  Income tax expense (benefit) 

18


111


(35)


78


-


(54)

  Amortization of stock based compensation

182


269


356


260


291


186

  Depreciation and amortization

1,426


1,760


1,973


1,803


1,867


1,888

  Acquisition costs, net of gains

524


342


802


97


477


33

  (Gain) loss on extinguishment of debt

-


(500)


-


2


25


6

  Derivative (gain) loss

(352)


2,105


399


(2,136)


1,947


(1,989)

  Loss on disposal of assets

-


-


-


-


4


6

  Audit committee investigation expense

-


-


-


1,134


848


302

  Other expense (income) 

-


218


(134)


-


-


(15)

  Salary retirement and continuation costs

-


38


5


-


149


5

Adjusted EBITDA from continuing operations

4,568


3,272


758


2,202


2,954


3,605

  Facility rent expense

1,745


1,775


1,790


1,737


1,758


1,761

Adjusted EBITDAR from continuing operations

$6,313


$5,047


$2,548


$3,939


$4,712


$5,366













 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

SUPPLEMENTARY SCHEDULES

 (Unaudited)



2012

2013

End of Period Data

 Q1 

 Q2 

 Q3 

 9 Mo. YTD 

 Q4 

 Q1 

Q2

 Q3 

 9 Mo. YTD 











Number of Facilities










SNF










   Owned

17

18

21

21

24

24

24

24

24

   Leased

9

9

9

9

9

9

9

9

9

   VIE

-

-

-

-

-

-

-

-

-

   Managed

10

10

10

10

10

10

10

10

10

ALF










   Owned

2

2

2

2

2

2

2

2

2

   VIE

1

1

1

1

1

1

1

1

1

   Managed

-

-

-

-

-

-

-

-

-

IL










   Managed

1

1

1

1

1

1

1

1

1

Total

40

41

44

44

47

47

47

47

47











Number of Operational Beds










SNF










   Owned

1,870

1,947

2,311

2,311

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

   VIE

-

-

-

-

-

-

-

-

-

   Managed

813

813

813

813

813

813

813

813

813

ALF










   Owned

112

112

112

112

112

112

112

112

112

   VIE

104

104

104

104

104

104

104

104

104

   Managed

-

-

-

-

-

-

-

-

-

IL










   Managed

83

83

83

83

83

83

83

83

83

Total

4,072

4,149

4,513

4,513

4,781

4,781

4,781

4,781

4,781











SNF + ALF % Owned

65.7%

66.5%

69.9%

69.9%

71.9%

71.9%

71.9%

71.9%

71.9%

SNF + ALF % Leased

34.3%

33.5%

30.1%

30.1%

28.1%

28.1%

28.1%

28.1%

28.1%











Revenue Mix % (b)










   Skilled (c) 

31.1%

30.0%

26.7%

29.1%

30.5%

32.3%

31.5%

28.8%

30.9%

   Medicaid

52.8%

53.6%

56.5%

54.5%

53.0%

51.7%

52.9%

53.4%

52.6%

   Private + Other

16.1%

16.5%

16.7%

16.5%

16.6%

16.0%

15.7%

17.8%

16.5%

Total

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

93,584

37,150

40,794

40,360

35,828

116,982

   Medicaid

140,265

154,704

177,601

472,570

173,813

178,768

185,292

188,268

552,328

   Private + Other

36,272

39,529

45,313

121,114

45,933

46,806

45,353

48,698

140,857

Total

206,351

225,834

255,083

687,268

256,896

266,368

271,005

272,794

810,167











Patient Day Mix % (a)










   Skilled (c) 

15.5%

14.9%

13.4%

14.5%

15.3%

16.2%

15.7%

13.8%

15.2%

   Medicaid

71.9%

72.3%

73.2%

72.5%

71.1%

70.3%

71.5%

72.0%

71.3%

   Private + Other

12.6%

12.8%

13.4%

13.0%

13.6%

13.5%

12.8%

14.1%

13.5%

Total

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

$436.77

$434.83

$441.70

$436.07

$444.92

$440.75

   Medicaid

$157.12

$161.35

$168.17

$162.67

$162.11

$161.59

$160.18

$157.66

$159.78

   Private + Other

$174.23

$172.33

$167.69

$171.09

$174.73

$176.48

$175.86

$176.17

$176.17

Weighted Average Total

$210.09

$213.88

$214.26

$212.89

$214.10

$216.58

$213.46

$209.61

$213.19











Average Daily Census (b)










   Skilled (c) 

379

353

356

390

434

453

444

389

429

   Medicaid

1,785

1,727

1,963

1,969

2,029

1,986

2,033

2,046

2,023

   Private + Other

462

441

501

505

536

520

501

529

516

Total Average Daily Census

2,627

2,522

2,820

2,864

2,999

2,960

2,978

2,965

2,968











Occupancy (b)

82.7%

77.5%

78.0%

79.2%

77.2%

76.2%

76.7%

76.3%

76.4%











(in '000)










Total Revenue (b)

$42,023

$46,915

$53,221

$142,159

$53,550

$56,229

$56,421

$55,865

$168,515

Adjusted EBITDAR (b)

$3,552

$6,313

$5,047

$14,912

$2,548

$3,939

$4,712

$5,366

$14,017

Adjusted EBITDA (b)

$1,793

$4,568

$3,272

$9,633

$758

$2,202

$2,954

$3,605

$8,761











(a) Skilled Nursing Only - Excludes Managed Facilities

(b) AdCare Consolidated incorporating Discontinued Operations for all period presented

(c) Skilled is defined as Medicare A + Managed Care RUGS

 

SOURCE AdCare Health Systems, Inc.



RELATED LINKS
http://www.adcarehealth.com

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