SOURCE: AdCare Health Systems, Inc.
ATLANTA, GA--(Marketwire - Sep 18, 2012) - AdCare Health Systems, Inc. (NYSE MKT: ADK), a leading long-term care provider, will ring the New York Stock Exchange Closing Bell today, September 18, 2012.
"We're honored to ring the closing bell at the NYSE, especially given how valuable our NYSE-listing has been to our business as we've worked to grow our skilled nursing care business both organically and through acquisitions," said Boyd Gentry, AdCare's president and chief executive officer.
"Ringing the bell also provides us the opportunity to publicly thank our employees who provide the best of care across the more than 50 facilities we now operate, as well as thank our shareholders who have supported us during this period of rapid growth and development. We welcome everyone to join us in celebrating this ceremony via the live online broadcast of the event."
The ringing of the bell will be viewable live online starting at 3:59 p.m. Eastern time via this link: www.nyse.com/events/1347878251702.html. A replay of the ceremony will be viewable via the NYSE Euronext's YouTube channel under the closing bell section at www.youtube.com/user/nysetv1.
Before the end of the year, AdCare plans to complete the acquisition of seven facilities in South Carolina and Oklahoma it has already placed under contract.
Combining the company's current annualized run-rate with transactions in the process of completing, AdCare's estimated annualized revenue run-rate is expected to exceed $280 million. This would represent an increase of more than 84% over the company's revenues in 2011, and an increase of more than 10 times revenues since initiating its M&A campaign. The company reported EBITDAR from continuing operations of $8.0 million in its most recent quarter, up nearly 90%, with net income $0.05 per basic and diluted share.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) is a recognized leading 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, 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, statements made by Mr. Gentry that the company expects better results, as well as other statements regarding the signing and closing of expected acquisitions, and the company's expected annualized run-rate. 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, find suitable acquisition properties at favorable terms, 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 can be 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.