SPRINGFIELD, Ohio, May 18 /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%."<
|SOURCE AdCare Health Systems, Inc.|
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