Continues To Reduce Losses
SPRINGFIELD, Ohio, March 31 /PRNewswire-FirstCall/ -- AdCare Health Systems, Inc. (Amex: ADK), an Ohio based long term care, home care and management company today reported financial results for its year ending December 31, 2007.
Revenues for the year ended December 31, 2007 were $23,667,756 as compared to $22,549,485 in 2006, an increase of $1,118,271. The improvement was primarily due to increased occupancy in our assisted living facilities and an increase in visits made by our nurses and care givers at our home health care division.
The loss before discontinued operations for the year ended December 31, 2007 was $627,552 as compared to a loss of $2,413,794 for 2006, an improvement of $1,786,242 or 74%. In general, the improvement was due to increased occupancy at our assisted living properties, more home health care visits, lower interest expense as a result of the expenses related to our mezzanine financing in 2005 being fully recognized in 2006, increasing the reserve for our investment note in the Lincoln Lodge property and recognizing an income tax benefit.
The net loss for the year ended December 31, 2007 was $218,928 as compared to a net loss of $2,441,217 for 2006, an improvement of $2,222,289 or 89% and helped by recognizing a gain on the sale of assets in discontinued operations. Basic and diluted net loss per share for 2007 was $0.05 as compared to a basic and diluted net loss per share of $1.09 for 2006, an improvement of $1.04 per share.
David A. Tenwick, Chairman of AdCare, stated that, "AdCare reduced its
losses in each quarter of 2007 as compared to 2006 and continues to move
toward profitability in 2008. Going public in November of 2006 wa
|SOURCE AdCare Health Systems, Inc.|
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