AdCare Health Systems, Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2017
August 14, 2017 at 04:05 pm EDT
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AdCare Health Systems, Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2017. Total revenues in the second quarter of 2017 were $6.3 million, down 12.0% from $7.2 million in the second quarter of 2016. Revenues were lower in the current period due to sale of the Arkansas facilities in October 2016, which was partially offset by rental revenues from the Meadowood and the 3 Peach facilities. Net loss attributable to the company's common stockholders in the second quarter of 2017 was $1.9 million, or $0.10 per basic and diluted share, compared with $6.8 million, or $0.34 per basic and diluted share, for the second quarter of 2016. Income from operations was $1,818,000 against $553,000 for the same period of last year. Income from continuing operations before income taxes was $624,000 against loss of $1,207,000 for the same period of last year. Income from continuing operations was $624,000 against loss of $1,207,000 for the same period of last year. Net loss per diluted share of common stock attributable the company from continuing operations was $0.07 against loss of $0.15 for the same period of last year.
Total revenues for the six months ended June 30, 2017, decreased by 12.7% to $12.4 million from $14.2 million for the six months ended June 30, 2016. The decrease reflects the sale of nine Arkansas facilities in October 2016 partially offset by rental revenues from the Meadowood facility and facilities operated by affiliates of Peach Health Group. For the six months ended June 30, 2017, the net loss attributable to AdCare common stockholders was $4.7 million, or $0.24 per basic and diluted share, compared with a net loss of $10.5 million, or $0.53 per basic and diluted share, in the year-ago period. Income from operations was $2,470,000 against $998,000 for the same period of last year. Income from continuing operations before income taxes was $86,000 against loss of $2,629,000 for the same period of last year. Income from continuing operations was $85,000 against loss of $2,629,000 for the same period of last year. Net loss per diluted share of common stock attributable the company from continuing operations was $0.19 against loss of $0.31 for the same period of last year.
Regional Health Properties, Inc. is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care. The Companyâs primary business consists of acquiring and owning real estate property to be leased to third-party tenants in the healthcare sector. The Company operates through two segments: Real Estate and Healthcare Services. The Real Estate segment consists of owning and leasing/subleasing healthcare facilities, predominantly skilled nursing facilities (SNFs) and assisted living facilities (ALFs), to third-party tenants, which in turn operate the facilities. The Healthcare Services segment consists of operating healthcare facilities. The Companyâs portfolio of about 13 properties, across 12 facilities (one facility containing 2 co-located properties), 12 owned and one leased, comprising 1,300 licensed beds/units, is diversified across five states. Its portfolio is diversified by six licensed operators.