Item 8.01 Other Events
Reliance on SEC Relief from Filing Requirements
The Company, relying on the SEC Order, will delay the filing of its Quarterly
Report on Form 10-Q for the three months ended
Risk Factor Update
In light of the COVID-19 pandemic, the Company is supplementing its risk factors
previously disclosed in Item 1A "Risk Factors" in its Annual Report on Form 10-K
for the fiscal year ended
The COVID-19 pandemic has materially and adversely affected, and will continue to materially and adversely affect our patients, staff and operations, which in turn has materially and adversely affected our revenues and expenses. The extent to which the COVID-19 pandemic continues materially and adversely to affect our patients, staff, operations, financial condition, results of operations, compliance with financial covenants and liquidity will depend on future developments, including the measures taken by public and private entities in response to the pandemic, which are highly uncertain and cannot be predicted.
On
2
Our future operations, financial condition, results of operations, compliance with financial covenants and liquidity will continue to be impacted materially by developments related to the COVID-19 pandemic, including, but not limited to: the length of time and severity of the spread of COVID-19 in our core markets, and among our patients and staff; the effect of measures we are taking to respond to COVID-19; the volume of patients and or staff infected by COVID-19 who reside or work at our facilities and the resulting impact to the volume of new admissions to our facilities; the volume of cancelled or rescheduled elective procedures occurring at referring hospitals in our markets and the resulting impact to the volume of new admissions to our facilities; the volume of patients infected by COVID-19 who are discharged from or pass away while at our facilities and the resulting impact to our occupancy; the impacts of governmental and administrative regulations as well as the nature and adequacy of financial relief and other forms of support on the skilled nursing and post-acute industry; the extent of disruptions and shortages to center-based staffing needs; the extent of disruptions and shortages to the supply chain of critical services and supplies, including personal protective equipment and the capacity to test patients and employees for COVID-19; increases to expenses related to staffing, supply chain or other expenditures; the impact of our substantial indebtedness and lease obligations, as well as risks associated with disruptions in the financial markets as a result of the COVID-19 pandemic which could impact us from a financing perspective; and changes in and deteriorating macroeconomic conditions nationally and regionally in our markets resulting from the COVID-19 pandemic.
Further, the scale and scope of the COVID-19 pandemic may heighten the potential adverse effects on our business, financial condition, results of operations, compliance with financial covenants and liquidity described in our previously disclosed risk factors. These and other potential impacts of COVID-19 have materially and adversely affected, and will continue to materially affect, our business, financial condition, results of operations, compliance with financial covenants and liquidity. We are not able to fully quantify or predict the impact these factors have had, or will have, on our business, financial condition, results of operations, compliance with financial covenants and liquidity, but we expect that the COVID-19 pandemic, including the measures taken in response to the pandemic, will materially affect our current and future financial performance. The ultimate extent of the impact of the COVID-19 pandemic on our business, financial condition, results of operations, compliance with financial covenants and liquidity will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the scope and severity of COVID-19 and the actions taken by public and private entities in response to the pandemic to address its impact, among others.
Forward-Looking Statements
Certain statements in this Current Report constitute "forward-looking
statements" within the meaning of the federal securities laws, including the
Private Securities Litigation Reform Act of 1995. You can identify these
statements by the fact that they do not relate strictly to historical or current
facts. They contain words such as "may," "will," "project," "might," "expect,"
"believe," "anticipate," "could," "would," "estimate," "continue," "pursue,"
"plans," or "prospect," or the negative or other variations thereof or
comparable terminology. All statements contained in this Current Report that do
not relate to matters of historical facts should be considered forward-looking
statements, including statements about (i) the impact of COVID-19 on our
patients, staff, business, results of operations, financial condition,
liquidity, or the economic environment and (ii) our ability to comply with our
filing obligations with the
Investors and readers are cautioned not to place undue reliance on these forward-looking statements, which are based on the Company's expectations as of the date of this Current Report and speak only as of the date of this Current Report and are advised to consider the factors listed under the headings "Forward-Looking
3
Statements" and "Risk Factors" in the Company's filings with the
4
© Edgar Online, source