Advocat Inc. (Nasdaq:AVCA) a premier provider of long term care
services primarily in the Southeast and Southwest, today announced
its results for the second quarter ended June 30, 2012. For the
second quarter ending June 30, 2012, the Company earned $124,000 or
$0.02 per diluted common share excluding separation costs and
start-up losses. On August 3, 2012, the Company declared a
quarterly dividend of 5.5 cents per common share. The dividend will
be paid October 12, 2012, to shareholders of record on September
30, 2012.
Second Quarter 2012 Highlights
- Adjusted EBITDA improved to $2.7 million compared to $1.6
million in the first quarter of 2012, a 73% increase. Adjusted
EBITDA adds back the negative EBITDA from the start-up of the new
facility of $0.6 million and $0.4 million in the second and first
quarter, respectively and factors in separation costs of $0.1
million and $0.6 million in the second and first quarter,
respectively.
- Operating income improved to $0.1 million compared to an
operating loss of $(1.2) million in the first quarter of 2012.
- Medicaid rates have continued to increase as we saw a 1.5%
increase from the first quarter of 2012 and a 4.8% increase
compared to last year's second quarter. We have experienced
increased patient acuity levels and benefited from rate increases
in certain states.
- Occupancy in our nursing centers increased compared to the
first quarter of 2012, both including and excluding the recently
opened West Virginia nursing center, to 76.8% from 76.5%.
- Managed Care census increased to 2.4% from 2.2% and Managed
Care revenues increased to 4.7% from 4.3% compared to the first
quarter 2012.
CEO Remarks
Kelly Gill, CEO, commented, "For the second quarter, our EBITDA
increased $1.3 million to $1.9 million compared to $0.6 million in
the first quarter of 2012. This is due in large part to operational
improvements during the period. Adjusted EBITDA, which takes into
consideration our significant investment in start-up costs for our
new nursing centers in Kentucky and West Virginia as well as
certain separation costs, increased by $1.1 million to $2.7 million
compared to $1.6 million in the first quarter of 2012. We expect
both of these centers to be accretive to earnings in 2013."
Mr. Gill noted, "Although our skilled mix decreased slightly
from the first quarter of 2012, consistent with other industry
peers, we remain focused on enhancing our high acuity patient care
services, modernizing our facilities, and prudently expanding our
facility portfolio. We have reached the phase of our strategic plan
where we are actively seeking opportunities to grow our portfolio.
We now have the ability to add and integrate additional licensed
beds with greater ease increasing our operating margins while
incurring only modest incremental growth in general and
administrative expense."
Mr. Gill continued, "From a development standpoint, I am very
pleased the recently announced nursing center in Clinton, Kentucky
has admitted its first patients and is on its way to obtaining its
Medicare and Medicaid certifications. Also, our recently opened
facility in West Virginia has obtained its certification and has
begun to admit additional patients each day. We expect
certification of the Clinton, Kentucky, facility to be completed in
the next few months. As expected, our brand new, state-of-the art
West Virginia nursing center has attracted a large percentage of
Medicare patients and we expect this nursing center to generate
monthly positive pre-tax income before the end of 2012."
Mr. Gill, commenting further on the company's growth strategy,
noted "We believe that through acquisition of new nursing centers
we can grow the Company's revenue and contribution margin with only
modest incremental growth in general and administrative expense. We
intend to continue pursuing growth opportunities through targeted
acquisitions and relationships with REIT partners."
Other Highlights for the Second Quarter
2012
The following table summarizes key revenue and census statistics
for the second quarter:
|
Three Months Ended June 30 |
|
2012 |
2011 |
Skilled nursing occupancy |
76.8%(1) |
77.3% |
As a percent of total census: |
|
|
Medicare census |
13.4% |
14.6% |
Managed care census |
2.4% |
1.9% |
As a percent of total revenues: |
|
|
Medicare revenues |
30.8% |
35.9% |
Medicaid revenues |
52.2% |
47.7% |
Managed care revenues |
4.7% |
3.9% |
Average rate per day: |
|
|
Medicare |
$412.95 |
$464.71 |
Medicaid |
$157.88 |
$150.66 |
Managed care |
$377.76 |
$403.50 |
|
(1) Skilled nursing
occupancy excludes our recently opened West Virginia center.
This new nursing center is licensed to operate by the state
of West Virginia and during the second quarter limited its number
of patients while we completed the certification process.
|
Patient Revenues
Patient revenues were $77.1 million in 2012 and $79.2
million in 2011. The decrease in revenue is primarily
attributable to the 11.1% cut to Medicare rates implemented by CMS
on October 1, 2011. Our newly opened West Virginia nursing
center has received its license to operate, and more recently
obtained its certification. The new nursing center contributed
$0.2 million in revenue as its federal certification was in process
during the second quarter of 2012.
The average Medicaid rate per patient day for 2012 increased
4.8% compared to 2011, resulting in an increase in revenue of $1.8
million. This average rate per day for Medicaid patients is
the result of rate increases in certain states and increasing
patient acuity levels. The average Medicare rate
per patient day for 2012 decreased 11.1% compared to 2011,
resulting in a net decrease in revenue of $2.6 million. This
decrease is primarily attributable to the October 1, 2011 CMS
implemented Medicare rate decrease of 11.1%.
Our total average daily census decreased by approximately 0.6%
compared to 2011, resulting in a revenue decrease of approximately
$1.4 million. We experienced an increase of $0.3 million in
revenue delivery to our Medicare B patients in 2012 compared to
2011.
Expenses
We have experienced a significant amount of non-recurring
start-up losses during 2012 at our two new centers. We expect
both of these centers to be accretive to earnings in 2013. Our
newly opened West Virginia nursing center contributed $0.6 million
in start-up and additional operating expenses. Our newly
leased Kentucky nursing center, that we are in the process of
reopening, contributed $0.1 million in additional operating costs.
We also experienced approximately $0.1 million in general and
administration expense for separation and related costs.
Operating expense increased to $60.8 million in 2012 from
$59.7 million in 2011, an increase of $1.1 million, or
1.8%. Operating expense increased to 78.8% of revenue in 2012,
compared to 75.5% of revenue in 2011.
The largest component of operating expenses is wages, which
increased to $37.6 million in 2012 from $37.4 million in 2011,
an increase of $0.2 million, or 0.5%. Merit and
inflationary raises for personnel were approximately 3.8% for the
quarter.
Workers compensation insurance expense decreased approximately
$0.1 million in 2012 compared to 2011. The decrease is the result
of better claims experience in 2012 compared to 2011. Bad debt
expense increased approximately $0.2 million in 2012 compared to
2011. Ancillary and nursing costs were $0.3 million lower in 2012
compared to 2011 due to lowering equipment costs through purchasing
certain types of equipment that had been leased previously, lower
census and our cost savings initiatives implemented in 2011 and
2012.
Professional liability expense was $2.3 million in 2012 compared
to $1.1 million in 2011, an increase of $1.2 million. Our cash
expenditures for professional liability costs of continuing
operations were $1.7 million and $0.9 million for 2012 and 2011,
respectively. Professional liability expense and cash
expenditures fluctuate from year to year based respectively on the
results of our third-party professional liability actuarial studies
and on the costs incurred in defending and settling existing
claims.
General and administrative expenses were approximately $6.1
million in 2012 and 2011. Wage costs increased by $0.2 million
while costs of our strategic initiatives accounted for
approximately $0.2 million, including consulting services, legal
and acquisition related expenses. We saw a $0.3 million
increase in legal expenses and our performance-based incentive
expense was $0.5 million lower in 2012. Our cost increases
were offset by a $0.1 million decrease in implementation costs of
Electronic Medical Records when compared to
2011.
Facility Renovations
As of June 30, 2012, the Company has completed renovations at
eighteen facilities. We are developing plans for additional
renovation projects. A total of $27.0 million has been spent
on the renovation program to date, with $19.1 million financed
through Omega, $6.1 million financed with internally generated
cash, and $1.8 million financed with long-term debt.
Conference Call Information
A conference call has been scheduled for Thursday, August 9,
2012 at 9:00 A.M. Central time (10:00 A.M. Eastern time) to discuss
second quarter 2012 results.
The conference call information is as follows:
Date: |
Thursday, August 9, 2012 |
Time: |
9:00 A.M. Central, 10:00 A.M. Eastern |
Webcast Links: |
www.advocat-inc.com |
|
|
Dial in numbers: |
877.674.2413 (domestic) or
708.290.1366 (International) |
|
The Operator will connect you to Advocat
Inc.'s Conference Call |
A replay of the conference call will be accessible two hours
after its completion through August 16, 2012 by dialing
855.859.2056 (domestic) or 404.537.3406 (international) and
entering Conference ID 12343475.
FORWARD-LOOKING STATEMENTS
The "forward-looking statements" contained in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are predictive in nature and are frequently identified
by the use of terms such as "may," "will," "should," "expect,"
"believe," "estimate," "intend," and similar words indicating
possible future expectations, events or actions. These
forward-looking statements reflect our current views with respect
to future events and present our estimates and assumptions only as
of the date of this release. Actual results could differ
materially from those contemplated by the forward-looking
statements made in this release. In addition to any
assumptions and other factors referred to specifically in
connection with such statements, other factors, many of which are
beyond our ability to control or predict, could cause our actual
results to differ materially from the results expressed or implied
in any forward-looking statements including, but not limited to,
our ability to successfully operate the new nursing center in West
Virginia, our ability to successfully license, certify and operate
the new nursing center in Kentucky, our ability to increase census
at our renovated facilities, changes in governmental reimbursement,
including the impact of the CMS final rule that has resulted in a
reduction in Medicare reimbursement as of October 2011 and our
ability to mitigate the impact of the revenue reduction, government
regulation, the impact of the recently adopted federal health care
reform or any future health care reform, any increases in the cost
of borrowing under our credit agreements, our ability to comply
with covenants contained in those credit agreements, the outcome of
professional liability lawsuits and claims, our ability to control
ultimate professional liability costs, the accuracy of our estimate
of our anticipated professional liability expense, the impact of
future licensing surveys, the outcome of proceedings alleging
violations of laws and regulations governing quality of care or
violations of other laws and regulations applicable to our
business, impacts associated with the implementation of our
electronic medical records plan, the costs of investing in our
business initiatives and development, our ability to control costs,
changes to our valuation of deferred tax assets, changes in
occupancy rates in our facilities, changing economic and
competitive conditions, changes in anticipated revenue and cost
growth, changes in the anticipated results of operations, the
effect of changes in accounting policies as well as other risk
factors detailed in the Company's Securities and Exchange
Commission filings. The Company has provided additional
information in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2011, as well as in its other filings with
the Securities and Exchange Commission, which readers are
encouraged to review for further disclosure of other
factors. These assumptions may not materialize to the extent
assumed, and risks and uncertainties may cause actual results to be
different from anticipated results. These risks and
uncertainties also may result in changes to the Company's business
plans and prospects. Advocat Inc. is not responsible for
updating the information contained in this press release beyond the
published date, or for changes made to this document by wire
services or Internet services.
Advocat provides long term care services to patients in 47
skilled nursing centers containing 5,445 licensed nursing beds,
primarily in the Southeast and Southwest. For additional
information about the Company, visit Advocat's web site:
www.advocat-inc.com.
-Financial Tables to Follow-
ADVOCAT
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands) |
|
June 30,
2012 |
December 31,
2011 |
ASSETS: |
(Unaudited) |
|
Current Assets |
|
|
Cash and cash equivalents |
$ 6,868 |
$ 6,692 |
Receivables, net |
26,658 |
26,342 |
Deferred income taxes |
5,572 |
6,041 |
Other current assets |
4,384 |
6,245 |
Total current assets |
43,482 |
45,320 |
|
|
|
Property and equipment, net |
45,838 |
47,078 |
Deferred income taxes |
11,846 |
10,352 |
Acquired leasehold interest, net |
8,804 |
8,996 |
Other assets, net |
4,966 |
4,998 |
TOTAL ASSETS |
$ 114,936 |
$ 116,744 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY: |
|
|
Current Liabilities |
|
|
Current portion of long-term debt and
capitalized lease obligations |
$ 1,361 |
$ 1,131 |
Trade accounts payable |
4,280 |
3,928 |
Accrued expenses: |
|
|
Payroll and employee benefits |
11,697 |
13,589 |
Current portion of self-insurance
reserves |
8,132 |
8,470 |
Other current liabilities |
4,208 |
2,767 |
Total current liabilities |
29,678 |
29,885 |
Noncurrent Liabilities |
|
|
Long-term debt and capitalized lease
obligations, less current portion |
28,513 |
28,768 |
Self-insurance reserves, less current
portion |
13,372 |
12,049 |
Other noncurrent liabilities |
17,992 |
18,155 |
Total noncurrent liabilities |
59,877 |
58,972 |
|
|
|
PREFERRED STOCK |
4,918 |
4,918 |
|
|
|
SHAREHOLDERS' EQUITY |
20,463 |
22,969 |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 114,936 |
$ 116,744 |
ADVOCAT
INC. |
CONSOLIDATED INCOME
STATEMENTS |
(In thousands, except per share
data) |
|
|
For the Three
Months |
For the Six
Months |
|
Ended June
30, |
Ended June
30, |
|
2012 |
2011 |
2012 |
2011 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
PATIENT REVENUES, NET
|
$ 77,092 |
$ 79,172 |
$ 154,190 |
$ 156,302 |
EXPENSES: |
|
|
|
|
Operating |
60,804 |
59,742 |
122,345 |
120,599 |
Lease |
5,941 |
5,727 |
11,763 |
11,441 |
Professional liability |
2,305 |
1,081 |
4,634 |
2,772 |
General and administrative |
6,076 |
6,124 |
12,898 |
12,178 |
Depreciation and amortization |
1,827 |
1,565 |
3,649 |
3,121 |
|
76,953 |
74,239 |
155,289 |
150,111 |
OPERATING INCOME (LOSS) |
139 |
4,933 |
(1,099) |
6,191 |
OTHER INCOME (EXPENSE): |
|
|
|
|
Equity in net losses of investee |
(32) |
— |
(32) |
— |
Interest expense, net |
(703) |
(582) |
(1,403) |
(1,033) |
Debt retirement costs |
— |
— |
— |
(112) |
|
(735) |
(582) |
(1,435) |
(1,145) |
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES |
(596) |
4,351 |
(2,534) |
5,046 |
BENEFIT (PROVISION) FOR INCOME
TAXES |
165 |
(1,412) |
868 |
(1,661) |
NET INCOME (LOSS) FROM CONTINUING
OPERATIONS |
(431) |
2,939 |
(1,666) |
3,385 |
DISCONTINUED OPERATIONS |
(2) |
(2) |
(143) |
(10) |
NET INCOME (LOSS) |
(433) |
2,937 |
(1,809) |
3,375 |
Less: income attributable to
noncontrolling interests |
(15) |
— |
(93) |
— |
NET INCOME (LOSS) ATTRIBUTABLE TO
ADVOCAT INC. |
(448) |
2,937 |
(1,902) |
3,375 |
PREFERRED STOCK
DIVIDENDS |
(86) |
(86) |
(172) |
(172) |
NET INCOME (LOSS) FOR ADVOCAT INC.
COMMON SHAREHOLDERS |
$ (534) |
$ 2,851 |
$ (2,074) |
$ 3,203 |
|
|
|
|
|
NET INCOME (LOSS) PER COMMON SHARE
FOR ADVOCAT INC. SHAREHOLDERS: |
|
|
|
|
Per common share –
basic |
|
|
|
|
Continuing operations |
$ (0.09) |
$ 0.49 |
$ (0.33) |
$ 0.56 |
Discontinued operations |
― |
― |
(0.03) |
― |
|
$ (0.09) |
$ 0.49 |
$ (0.36) |
$ 0.56 |
Per common share –
diluted |
|
|
|
|
Continuing operations |
(0.09) |
$ 0.48 |
(0.33) |
$ 0.54 |
Discontinued operations |
― |
― |
(0.03) |
― |
|
$ (0.09) |
$ 0.48 |
$ (0.36) |
$ 0.54 |
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
Basic |
5,825 |
5,778 |
5,810 |
5,765 |
Diluted |
5,825 |
5,934 |
5,810 |
5,906 |
ADVOCAT
INC. |
RECONCILIATION OF NET
INCOME (LOSS) TO ADJUSTED EBITDA |
(In thousands) |
|
|
|
For the Three
Months |
|
Ended |
|
June 30,
2012 |
March 31, 2012 |
|
(Unaudited) |
(Unaudited) |
Net income (loss) |
$ (433) |
$ (1,376) |
Loss (income) from discontinued
operations |
2 |
141 |
Income tax provision (benefit) |
(165) |
(703) |
Interest expense, net |
704 |
702 |
Depreciation and amortization |
1,827 |
1,822 |
EBITDA |
$ 1,935 |
$ 586 |
|
|
|
EBITDA adjustments: |
|
|
Separation and related costs (a) |
$ 102 |
$ 594 |
New facility start-up negative EBITDA
(b) |
648 |
376 |
Adjusted EBITDA |
$ 2,685 |
$ 1,556 |
ADVOCAT
INC. |
RECONCILIATION OF NET
INCOME (LOSS) FOR ADVOCAT INC. COMMON SHAREHOLDERS TO ADJUSTED NET
INCOME (LOSS) FOR ADVOCAT INC. COMMON SHAREHOLDERS |
(In thousands, except per share
data) |
|
For the Three
Months |
|
Ended |
|
June 30,
2012 |
March 31, 2012 |
|
(Unaudited) |
(Unaudited) |
Net income (loss) for Advocat Inc.
Common shareholders |
$ (534) |
$ (1,540) |
|
|
|
Adjustments: |
|
|
Separation and related costs (a) |
102 |
594 |
New facility start-up losses (c) |
895 |
552 |
Tax impact of above adjustments (d) |
(339) |
(390) |
Adjusted Net income (loss) for
Advocat Inc. common shareholders |
$ 124 |
$ (784) |
|
|
|
Adjusted Net income (loss) for
Advocat Inc. common shareholders: |
|
|
Basic |
$ 0.02 |
$ (0.14) |
Diluted |
$ 0.02 |
$ (0.14) |
|
|
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING : |
|
|
Basic |
5,825 |
5,795 |
Diluted |
5,915 |
5,795 |
(a) Represents the separation and related costs of Advocat
Inc.
(b) Represents the negative EBITDA associated with the new
facility and venture start-ups of Advocat Inc. related primarily to
the start-up of our Rose Terrace nursing center in West Virginia,
our new nursing center in Clinton, Kentucky and Advocat Inc.'s
Pharmacy joint venture partnership.
(c) Represents new facility and venture start-up losses incurred
by Advocat Inc. related primarily to the start-up of our Rose
Terrace nursing center in West Virginia, our new nursing center in
Clinton, Kentucky and Advocat Inc.'s Pharmacy joint venture
partnership.
(d) Represents tax provision of 34% for the cumulative
adjustments for each period.
|
ADVOCAT
INC. |
FUNDS PROVIDED BY
OPERATIONS |
(In thousands, except per share
data) |
|
|
Three Months
Ended June 30, |
Six Months
Ended June 30, |
|
2012 |
2011 |
2012
|
2011
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
NET INCOME (LOSS) |
$ (433) |
$2,937 |
$ (1,809) |
$ 3,375 |
Discontinued operations |
(2) |
(2) |
(143) |
(10) |
Net income (loss) from continuing
operations |
(431) |
2,939 |
(1,666) |
3,385 |
Adjustments to reconcile net income
(loss) from continuing operations to funds provided by
operations: |
|
|
|
|
Depreciation and amortization |
1,827 |
1,565 |
3,649 |
3,121 |
Provision for doubtful
accounts |
804 |
625 |
1,688 |
1,194 |
Deferred income tax provision
(benefit) |
(737) |
964 |
(998) |
1,073 |
Provision for self-insured professional
liability, net of cash payments |
478 |
(60) |
1,307 |
6 |
Other |
184 |
352 |
439 |
791 |
FUNDS PROVIDED BY
OPERATIONS |
$ 2,125 |
$ 6,385 |
$ 4,419 |
$ 9,570 |
|
|
|
|
|
FUNDS PROVIDED BY OPERATIONS PER
COMMON SHARE: |
|
|
|
|
Basic |
$ 0.36 |
$ 1.11 |
$ 0.76 |
$ 1.66 |
Diluted |
$ 0.36 |
$ 1.08 |
$ 0.75 |
$ 1.62 |
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING : |
|
|
|
|
Basic |
5,825 |
5,778 |
5,810 |
5,765 |
Diluted |
5,915 |
5,934 |
5,905 |
5,906 |
We have included certain financial measures in this press
release, including EBITDA, Adjusted EBITDA, Adjusted Net income
(loss) for Advocat Inc. common shareholders and Funds Provided by
Operations which are "non-GAAP financial measures" using accounting
principles generally accepted in the United States (GAAP) and using
adjustments to GAAP (non-GAAP). These non-GAAP measures are
not measurements under GAAP. These measurements should be
considered in addition to, but not as a substitute for, the
information contained in our financial statements prepared in
accordance with GAAP. We define EBITDA as net income
(loss) adjusted for loss (income) from discontinued operations, net
interest expense, income tax and depreciation and amortization. We
define Adjusted EBITDA as EBITDA adjusted for separation and
related costs and negative EBITDA of start-up facilities and
business ventures. We define Adjusted Net income (loss) for Advocat
Inc. common shareholders as Net income (loss) for Advocat Inc.
common shareholders adjusted for separation and related costs and
start-up losses associated with our new facilities and business
ventures.
Our measurements of EBITDA, Adjusted EBITDA, Adjusted Net income
(loss) for Advocat Inc. common shareholders and Funds Provided by
Operations may not be comparable to similarly titled measures of
other companies. We have included information concerning EBITDA,
Adjusted EBITDA, Adjusted Net income (loss) for Advocat Inc. common
shareholders and Funds Provided by Operations in this press release
because we believe that such information is used by certain
investors as measures of a company's historical performance.
Management believes that Adjusted EBITDA and Adjusted Net income
(loss) for Advocat Inc. common shareholders are important
performance measurements because they eliminate certain
nonrecurring start-up losses and separation costs. Management
believes that Funds Provided by Operations is an important
performance measurement because it eliminates the effect of
actuarial assumptions on our professional liability reserves,
includes the cash effect of professional liability payments, and
does not include the effects of deferred taxes and other non-cash
items. Our presentation of EBITDA, Adjusted EBITDA, Adjusted
Net income (loss) for Advocat Inc. common shareholders and Funds
Provided by Operations should not be construed as an inference that
our future results will be unaffected by unusual or nonrecurring
items.
ADVOCAT INC.
SELECTED OPERATING STATISTICS JUNE 30,
2012 (Unaudited) |
|
|
|
For the Three
Months Ended June 30, 2012 |
|
As of
June 30, 2012 |
|
Occupancy (Note 2) |
|
|
|
|
Region (Note
1) |
Licensed
Nursing Beds |
Available
Nursing Beds |
Skilled
Nursing Weighted Average
Daily Census |
Licensed
Nursing Beds |
Available
Nursing Beds |
Medicare
Utilization |
2012 Q2
Revenue ($ in
millions) |
Medicare Room
and Board Revenue
PPD (Note 3) |
Medicaid Room
and Board Revenue
PPD (Note 3) |
Alabama |
790 |
783 |
705 |
89.2% |
90.0% |
15.0% |
$ 15.0 |
$427.74 |
$175.67 |
Arkansas |
1,311 |
1,157 |
899 |
68.6% |
77.7% |
16.6% |
16.6 |
374.85 |
158.77 |
Kentucky |
778 |
745 |
695 |
89.3% |
93.3% |
11.7% |
14.5 |
421.97 |
184.91 |
Tennessee |
617 |
576 |
488 |
79.1% |
84.7% |
15.8% |
9.4 |
399.63 |
146.83 |
Texas |
1,859 |
1,669 |
1,328 |
71.4% |
79.6% |
10.4% |
21.6 |
444.78 |
136.19 |
Total |
5,355 |
4,930 |
4,115 |
76.8% |
83.4% |
13.4% |
$77.1 |
$412.95 |
$157.88 |
|
|
Note 1: |
The Alabama region includes
nursing centers in Alabama and Florida. The Kentucky region
includes nursing centers in Ohio and West Virginia. |
|
|
Note 2: |
The number of Licensed Nursing
Beds is based on the licensed capacity of the facility. The
Company has historically reported its occupancy based on licensed
nursing beds. The number of Available Nursing Beds represents
licensed nursing beds less beds removed from
service. Available nursing beds is subject to change based
upon the needs of the facilities, including configuration of
patient rooms, common usage areas and offices, status of beds
(private, semi-private, ward, etc.) and renovations. Occupancy
is measured on a weighted average basis. Licensed Nursing
Beds, Available Nursing Beds, Skilled Nursing Weighted Average
Daily Census and Occupancy excludes our recently opened West
Virginia nursing center. This new nursing center is licensed
to operate by the state of West Virginia and during the second
quarter limited its number of patients while we completed the
Medicare and Medicaid certification process |
|
|
Note 3: |
These Medicare and Medicaid
revenue rates include room and board revenues but do not include
any ancillary revenues related to these patients. |
CONTACT: Company Contact:
Kelly J. Gill
Chief Executive Officer
615.771.7575
Investor Relations:
Charles Lynch
Westwicke Partners
443.213.0504
Diversicare Healthcare Services, Inc. (MM) (NASDAQ:AVCA)
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Diversicare Healthcare Services, Inc. (MM) (NASDAQ:AVCA)
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