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AdCare Health Systems, Inc. Turns Profitable; Reports 2009 First Quarter Earnings Results
SPRINGFIELD, Ohio, May 18, 2009 /PRNewswire-FirstCall/ — AdCare Health Systems, Inc. (NYSE AMEX: ADK), an Ohio-based long-term care, home health care and management company, today reported financial results for its first quarter of 2009.
Revenues for the quarter ended March 31st, 2009 were $6,384,889 as compared to $5,992,542 for the same quarter in 2008, an increase of $392,347. The increase was primarily due to improved occupancy at its assisted living communities, an increase in Medicare patients at its nursing homes, and the acquisition of the Lincoln Lodge.
Income from operations for the quarter ended March 31, 2009 was $403,926 as compared to $155,195 for the first quarter ended March 31, 2008, an increase of $248,731. Net income for the quarter ended March 31, 2009 was $95,814 as compared to a net loss of $139,468 for the quarter ended March 31, 2008, an increase of $235,282. Basic and diluted net income per share for the three months ended March 31, 2009 was $0.03 as compared to a net loss per share of $0.02 for the three months ended March 31, 2008, an improvement of $0.05 per share for the quarter.
David A. Tenwick, Chairman of AdCare, stated “I am pleased that the Company has turned profitable and continues to make progress. It is a testament to the strength of our senior management team to have made such considerable financial improvements during this economic downturn.” He continued, “AdCare has improved its working capital by $490,000 since year end. The Company’s current liabilities are only about $50,000 more than its current assets which is a significant improvement from year end. In addition, EBITDA (earnings before interest, taxes, depreciation and amortization) was $629,234 for the first quarter as compared to $381,889 for the first quarter last year, an increase of $247,345 or 65%.”
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (NYSE AMEX: ADK) develops, owns and manages assisted living facilities, nursing homes and retirement communities and provides home health care services. Prior to becoming a publicly traded company in November of 2006, AdCare operated as a private company for 18 years. AdCare’s 900 employees provide high-quality care for patients and residents residing in the 14 facilities that they manage, six of which are assisted living facilities, six skilled nursing centers and two independent senior living communities. The Company has ownership interests in eight of those facilities. In the ever expanding marketplace of long-term care, AdCare’s mission is to provide quality healthcare services to the elderly.
Safe Harbor Statement
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available to management. The forward-looking statements involve known and unknown risks, results, performance or achievements of the Company to differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by the Company with the Securities and Exchange Commission and include the Company’s ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
Contact:
April Spittle
Manager of Corporate Communications
1-703-893-0021 ext. 108
aspittle@galencc.com
www.adcarehealth.com