exv99w1
Exhibit 99.1
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Company Contact:
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Investor Relations: |
William R. Council, III
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|
Cameron Associates |
President and CEO
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Rodney OConnor |
(615) 771-7575
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(212) 554-5470 |
Advocat Announces 2011 First Quarter Results
BRENTWOOD, TN, (May 10, 2011) Advocat Inc. (NASDAQ: AVCA) a premier provider of long term
care services primarily in the Southeast and Southwest, today announced its results for the first
quarter ended March 31, 2011. On May 10, 2011, the Company declared a second quarter dividend of
5.5 cents per common share. The dividend will be paid July 14, 2011 to shareholders of record on
June 30, 2011.
For the first quarter of 2011 compared to the first quarter of 2010, key highlights include the
following:
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Revenue increased 9.9%, to $77.1 million, compared to $70.2 million. |
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Skilled census, Medicare and managed care average daily census combined, increased 10.4%
to 678 compared to 614 in 2010. |
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Medicare rates increased 15.7% following implementation of the skilled nursing inflation
increase, the effects of RUG IV/MDS 3.0 and changes in patient acuity levels. |
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Medicaid rates increased 2.4% due to patient acuity levels and rate increases in certain
states. |
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Operating income was $1.3 million in 2011 compared to $1.6 million in 2010. |
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The Company is incurring expenses that are expected to benefit future periods. Results
for the first quarter of 2011 included investments totaling approximately $1.8 million for
expenses related to our strategic growth initiatives. While the Company is already
experiencing an increase in skilled mix and operating results, we expect results from these
investments will fully develop in future periods. |
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|
Net income from continuing operations was $446,000 compared to $707,000, or $0.06 per
diluted common share compared to $0.11 per diluted common share. |
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Funds provided by operations were $3.2 million versus $3.3 million or $0.54 compared to
$0.55 per diluted common share. |
Funds provided by operations is a non-GAAP performance measurement. A reconciliation of funds
provided by operations to net income is included in the financial tables accompanying this press
release.
CEO Remarks
William R. Council, President and Chief Executive Officer, remarked, Our operating results for
2011 are off to a strong start with growth in skilled mix average daily census of over 10%. The
sharp increase in this metric indicates that the strategic investments to improve skilled mix and
occupancy are providing the benefits that we expect. Our anticipated investment in technology,
personnel and training is not only improving our performance but also is building the foundation to
support higher census and skilled mix in future periods. Despite the upfront investment these
- 1 -
initiatives required this period, we saw a strong first quarter, with funds provided by operations
of $3.2 million or $0.54 per diluted common share.
Other Highlights for the Quarter Ended 2011
The following table summarizes key revenue and census statistics for the quarter:
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Quarter Ended |
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March 31, |
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2011 |
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2010 |
|
Total occupancy |
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|
77.3 |
% |
|
|
77.5 |
% |
As a percent of total census: |
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|
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|
Medicare census |
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|
14.4 |
% |
|
|
13.2 |
% |
Managed care census |
|
|
1.9 |
% |
|
|
1.6 |
% |
As a percent of total revenues: |
|
|
|
|
|
|
|
|
Medicare revenues |
|
|
34.8 |
% |
|
|
30.5 |
% |
Medicaid revenues |
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|
49.1 |
% |
|
|
53.7 |
% |
Managed care revenues |
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|
4.0 |
% |
|
|
3.2 |
% |
Average rate per day: |
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|
|
|
|
|
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|
Medicare |
|
$ |
455.36 |
|
|
$ |
393.64 |
|
Medicaid |
|
$ |
148.67 |
|
|
$ |
145.25 |
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Managed care |
|
$ |
413.75 |
|
|
$ |
383.15 |
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Patient Revenues
Medicare census increased approximately 9.1% in 2011, and contributed approximately $1.8 million to
the revenue increase. This increase is primarily attributable to the investments we have made to
improve our skilled care offerings. The average Medicare rate per patient day for 2011 increased
15.7% compared to 2010. This increase of approximately $3.3 million in the first quarter of 2011
is primarily attributable to changes in patient acuity levels and the October 1, 2010 rate
adjustments implemented by CMS.
Medicaid average daily census was 3.1% lower in 2011, decreasing revenue by $1.2 million in the
first quarter of 2011. The average Medicaid rate per patient day for 2011 increased 2.4%
compared to 2010 resulting in a revenue increase of $0.9 million in 2011. This increase is the
result of rate increases in certain states, partially funded by increased provider taxes, and
increasing patient acuity levels. Taking higher provider taxes into consideration, the net
increase in average rate per day for Medicaid patients was 1.8%. The decrease in Medicaid census
reflects the focus on improving our skilled mix.
Managed care rates and census contributed approximately $0.7 million of the total revenue increase.
The average managed care rate per patient day for 2011 increased 8.0% compared to 2010 and
managed care average daily census increased 21.2%. The remaining revenue increases resulted from
increased Medicare Part B, private and hospice payors.
Expenses
Expenses for 2011 include approximately $1.8 million for investment spending in operating
initiatives to improve skilled mix and occupancy. The $1.8 million consists of approximately $0.5
million in nursing center staffing costs to improve our ability to market to and care for high
acuity patients, $0.4 million for costs of additional wages that resulted from the transition to
the new MDS 3.0 patient assessment tool, $0.3 million in costs for training and implementation of
electronic medical records, and additional administrative costs for oversight and planning for
- 2 -
these initiatives. In addition, we increased therapy staffing costs by $1.3 million to support the
current skilled census and provide the support for additional increases in skilled census over the
long term. While the Company is already experiencing an increase in skilled mix and operating
results, there is typically a time delay between incurring such expenses and fully attaining the
revenues and cash flows expected from these initiatives and developments.
Operating expense increased to $60.9 million in 2011 from $55.4 million in 2010, an increase of
$5.5 million, or 9.8%. The increase in operating expense is primarily attributable to cost
increases associated with our increased revenue, and also to investment in operating initiatives
focused on improving our skilled mix and occupancy. Operating expense decreased to 78.9% of
revenue in 2011, compared to 79.0% of revenue in 2010.
The largest component of operating expense is wages, which increased to $37.1 million in 2011 from
$33.7 million in 2010, an increase of $3.4 million, or 9.9%. The increase in wages was primarily
due to labor costs associated with the 10.4% increase in Medicare and managed care patients,
competitive labor markets in most of the areas in which we operate and regular merit and
inflationary raises for personnel (increase of approximately 2.4% for the year). As discussed
above, we also increased facility staffing as part of our initiatives to further improve occupancy
and skilled mix.
General and administrative expenses were approximately $6.1 million in 2011, compared to $4.7
million in 2010, an increase of $1.4 million, or 28.8%. Costs of our strategic initiatives
accounted for approximately $0.9 million, over one half of the increase, including compensation
costs related to new positions of $0.4 million, costs related to the implementation of electronic
medical records of approximately $0.2 million, severance and hiring costs of $0.2 million and
consulting services of $0.1 million. Performance-based incentive expense was $0.2 million higher
in 2011.
Facility Renovations
As of March 31, 2011, the Company has completed renovations at fifteen facilities. The
Company is developing plans for additional renovation projects. A total of $22.2 million has been
spent on the renovation program to date, with $15.0 million financed through Omega, $6.1 million
financed with internally generated cash, and $1.1 million financed with long-term debt. A table is
included with this press release summarizing operating results at renovated nursing centers.
As part of the Companys plans to develop additional renovation projects, the Company entered into
an amendment to the Master lease with Omega in April 2011 under which Omega agreed to provide an
additional $5.0 million to fund renovations to four nursing centers located in Arkansas, Kentucky,
Ohio and Texas that are leased from Omega.
Electronic Medical Records
During the second half of 2010, the Company developed a plan to introduce EMR to all its
facilities. The Company expects to complete its EMR implementation plan during the remainder of
2011. It is anticipated that our investment in EMR will provide operational improvements through
automation of record keeping and improvement in clinical records quality. During the three months
ended March 31, 2011, we capitalized $0.4 million related to the EMR initiative and expensed $0.3
million in training costs. The Company expects to have total expenses during 2010 and 2011 related
to implementing its electronic medical record system of between $1.8 million and $2.0 million and
total capital expenditures during this period of approximately $3.6 million.
- 3 -
Conference Call Information
A conference call has been scheduled for Wednesday, May 11, 2011 at 9:00 A.M. Central time (10:00
A.M. Eastern time) to discuss first quarter 2011 results.
The conference call information is as follows:
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Date:
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Wednesday, May 11, 2011 |
Time:
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9:00 A.M. Central, 10:00 A.M. Eastern |
Webcast Links:
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www.advocat-inc.com |
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Dial in numbers:
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(877) 674-2413 (domestic) or (708) 290-1366 (International)
The Operator will connect you to Advocat Inc.s Conference Call |
The call will consist of remarks from management as well as a question and answer session. In
addition to the questions posed during the live call, management will also be addressing questions
submitted by email. If you would like to submit a question please email it to
InvestorRelations@advocat-inc.com before the start of the call.
A replay of the conference call will be accessible two hours after its completion through May 18,
2011 by dialing (800) 642-1687 (domestic) or (706) 645-9291 (International) and entering passcode
62585031.
FORWARD-LOOKING STATEMENTS
The forward-looking statements contained in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are
predictive in nature and are frequently identified by the use of terms such as may, will,
should, expect, believe, estimate, intend, and similar words indicating possible future
expectations, events or actions. These forward-looking statements reflect our current views with
respect to future events and present our estimates and assumptions only as of the date of this
release. Actual results could differ materially from those contemplated by the forward-looking
statements made in this release. In addition to any assumptions and other factors referred to
specifically in connection with such statements, other factors, many of which are beyond our
ability to control or predict, could cause our actual results to differ materially from the results
expressed or implied in any forward looking statements, including but not limited to, our ability
to successfully construct and operate the new nursing center in West Virginia, our ability to
increase census at our renovated facilities, changes in governmental reimbursement, including the
impact of an April 2011 proposed regulation that could result in a reduction in Medicare
reimbursement as of October 2011, government regulation, the impact of federal health care reform
or any future health care reform, any increases in the cost of borrowing under our credit
agreements, our ability to comply with covenants contained in those credit agreements, the outcome
of professional liability lawsuits and claims, our ability to control ultimate professional
liability costs, the accuracy of our estimate of our anticipated professional liability expense,
the impact of future licensing surveys, the outcome of proceedings alleging violations of laws and
regulations governing quality of care or violations of other laws and regulations applicable to our
business, costs and impacts associated with the implementation of our electronic medical records
plan, the costs of investing in our business initiatives and development, our ability to control
costs, changes to our valuation of deferred tax assets, changes in occupancy rates in our
facilities, changing economic and competitive conditions, changes in anticipated revenue and cost
growth, changes in the anticipated results of operations, the effect of changes in accounting
policies, as well as other risk factors detailed in the Companys Securities and Exchange
Commission filings. The Company has provided additional information in its Annual Report on Form
10-K for the fiscal year ended December 31, 2010, as well as in its Quarterly
- 4 -
Reports on Form 10-Q and other filings with the Securities and Exchange Commission, which readers
are encouraged to review for further disclosure of other factors. These assumptions may not
materialize to the extent assumed, and risks and uncertainties may cause actual results to be
different from anticipated results. These risks and uncertainties also may result in changes to
the Companys business plans and prospects. Advocat Inc. is not responsible for updating the
information contained in this press release beyond the published date, or for changes made to this
document by wire services or Internet services.
Advocat provides long term care services to patients in 46 skilled nursing centers containing 5,364
licensed nursing beds, primarily in the Southeast and Southwest. For additional information about
the Company, visit Advocats web site: www.advocat-inc.com.
-Financial Tables to Follow-
- 5 -
ADVOCAT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
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|
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|
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March 31, |
|
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December 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(Unaudited) |
|
|
|
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ASSETS: |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,541 |
|
|
$ |
8,862 |
|
Receivables, net |
|
|
27,185 |
|
|
|
23,801 |
|
Deferred income taxes |
|
|
4,238 |
|
|
|
4,207 |
|
Other current assets |
|
|
5,623 |
|
|
|
5,965 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
44,587 |
|
|
|
42,835 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
40,254 |
|
|
|
38,180 |
|
Deferred income taxes |
|
|
12,382 |
|
|
|
12,408 |
|
Acquired leasehold interest, net |
|
|
9,284 |
|
|
|
9,380 |
|
Other assets, net |
|
|
5,973 |
|
|
|
3,153 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
112,480 |
|
|
$ |
105,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY: |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Current portion of long-term debt and capitalized lease obligations |
|
$ |
519 |
|
|
$ |
582 |
|
Trade accounts payable |
|
|
4,384 |
|
|
|
3,120 |
|
Accrued expenses: |
|
|
|
|
|
|
|
|
Payroll and employee benefits |
|
|
11,327 |
|
|
|
11,047 |
|
Current portion of self-insurance reserves |
|
|
8,129 |
|
|
|
7,379 |
|
Other current liabilities |
|
|
3,659 |
|
|
|
4,479 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
28,018 |
|
|
|
26,607 |
|
Noncurrent Liabilities |
|
|
|
|
|
|
|
|
Long-term debt and capitalized lease obligations, less current portion |
|
|
26,733 |
|
|
|
23,819 |
|
Self-insurance reserves, less current portion |
|
|
11,816 |
|
|
|
11,659 |
|
Other noncurrent liabilities |
|
|
17,027 |
|
|
|
16,748 |
|
|
|
|
|
|
|
|
Total noncurrent liabilities |
|
|
55,576 |
|
|
|
52,226 |
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK |
|
|
4,918 |
|
|
|
4,918 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY |
|
|
23,968 |
|
|
|
22,205 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
$ |
112,480 |
|
|
$ |
105,956 |
|
|
|
|
|
|
|
|
- 6 -
ADVOCAT INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
|
|
Ended March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
PATIENT REVENUES, NET |
|
$ |
77,130 |
|
|
$ |
70,152 |
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Operating |
|
|
60,857 |
|
|
|
55,402 |
|
Lease |
|
|
5,714 |
|
|
|
5,602 |
|
Professional liability |
|
|
1,691 |
|
|
|
1,414 |
|
General and administrative |
|
|
6,054 |
|
|
|
4,702 |
|
Depreciation and amortization |
|
|
1,556 |
|
|
|
1,416 |
|
|
|
|
|
|
|
|
|
|
|
75,872 |
|
|
|
68,536 |
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
1,258 |
|
|
|
1,616 |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Interest income |
|
|
3 |
|
|
|
2 |
|
Interest expense |
|
|
(454 |
) |
|
|
(398 |
) |
Debt retirement costs |
|
|
(112 |
) |
|
|
(127 |
) |
|
|
|
|
|
|
|
|
|
|
(563 |
) |
|
|
(523 |
) |
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES |
|
|
695 |
|
|
|
1,093 |
|
PROVISION FOR INCOME TAXES |
|
|
(249 |
) |
|
|
(386 |
) |
|
|
|
|
|
|
|
NET INCOME FROM CONTINUING OPERATIONS |
|
|
446 |
|
|
|
707 |
|
DISCONTINUED OPERATIONS |
|
|
(8 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
NET INCOME |
|
|
438 |
|
|
|
908 |
|
Less: Net Income attributable to
noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ADVOCAT INC. |
|
|
438 |
|
|
|
908 |
|
|
|
|
|
|
|
|
PREFERRED STOCK DIVIDENDS |
|
|
(86 |
) |
|
|
(86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FOR COMMON STOCK |
|
$ |
352 |
|
|
$ |
822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
Per common share basic |
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.11 |
|
Income from discontinued operations |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share diluted |
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.11 |
|
Income from discontinued operations |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
Basic |
|
|
5,752 |
|
|
|
5,717 |
|
|
|
|
|
|
|
|
Diluted |
|
|
5,877 |
|
|
|
5,913 |
|
|
|
|
|
|
|
|
- 7 -
ADVOCAT INC.
FUNDS PROVIDED BY OPERATIONS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
NET INCOME |
|
$ |
438 |
|
|
$ |
908 |
|
Income (loss) from discontinued operations |
|
|
(8 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
446 |
|
|
|
707 |
|
Adjustments to reconcile net income from
continuing operations to funds provided
by operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,556 |
|
|
|
1,416 |
|
Provision for doubtful accounts |
|
|
569 |
|
|
|
488 |
|
Deferred income tax provision (benefit) |
|
|
109 |
|
|
|
(54 |
) |
Provision for self-insured professional
liability, net of cash payments |
|
|
66 |
|
|
|
71 |
|
Stock-based compensation |
|
|
201 |
|
|
|
196 |
|
Amortization of deferred balances |
|
|
46 |
|
|
|
76 |
|
Provision for leases in excess of cash payments |
|
|
113 |
|
|
|
225 |
|
Other |
|
|
79 |
|
|
|
127 |
|
|
|
|
|
|
|
|
FUNDS PROVIDED BY OPERATIONS |
|
$ |
3,185 |
|
|
$ |
3,252 |
|
|
|
|
|
|
|
|
|
FUNDS PROVIDED BY OPERATIONS PER SHARE: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.55 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.54 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
Basic |
|
|
5,752 |
|
|
|
5,717 |
|
|
|
|
|
|
|
|
Diluted |
|
|
5,877 |
|
|
|
5,913 |
|
|
|
|
|
|
|
|
Advocat provides financial measures using accounting principles generally accepted in the United
States (GAAP) and using adjustments to GAAP (non-GAAP). These non-GAAP measures are not
measurements under GAAP. These measurements should be considered in addition to, but not as a
substitute for, the information contained in our financial statements prepared in accordance with
GAAP. Funds Provided by Operations is defined as net income from continuing operations adjusted
for the cash effect of professional liability and other non-cash charges and is measured before the
effects of capital additions, debt payments or dividends to preferred or common shareholders.
Funds Provided by Operations per share is defined as Funds Provided by Operations divided by the
weighted average common shares outstanding. Management believes that Funds Provided by Operations
is an important performance measurement because it eliminates the effect of actuarial assumptions
on our professional liability reserves, includes the cash effect of professional liability
payments, and does not include the effects of other non-cash charges. Since the definition of
Funds Provided by Operations may vary among companies and industries, it should not be used as a
measure of performance among companies.
- 8 -
ADVOCAT INC.
SELECTED OPERATING STATISTICS
MARCH 31, 2011
(Unaudited)
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For the Three Months Ended March 31, 2011 |
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Skilled |
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Medicare |
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Medicaid |
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As of |
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Nursing |
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Occupancy |
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Room and |
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Room and |
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March 31, 2011 |
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Weighted |
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(Note 1) |
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2011 |
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Board |
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Board |
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Licensed |
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Available |
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Average |
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Licensed |
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Available |
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Q1 |
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Revenue |
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Revenue |
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Nursing |
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Nursing |
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Daily |
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Nursing |
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Nursing |
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Medicare |
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Revenue |
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PPD |
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PPD |
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Region |
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Beds |
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Beds |
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Census |
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Beds |
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Beds |
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Utilization |
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($ in millions) |
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(Note 2) |
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(Note 2) |
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Alabama (Note 3) |
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790 |
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783 |
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693 |
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87.8 |
% |
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88.6 |
% |
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16.3 |
% |
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$ |
14.7 |
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$ |
481.09 |
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$ |
170.80 |
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Arkansas |
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1,311 |
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1,157 |
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920 |
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70.1 |
% |
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79.5 |
% |
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17.1 |
% |
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16.7 |
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|
421.01 |
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149.66 |
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Kentucky (Note 4) |
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|
778 |
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|
745 |
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|
687 |
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88.3 |
% |
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92.2 |
% |
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14.6 |
% |
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14.0 |
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456.39 |
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170.72 |
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Tennessee |
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|
617 |
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576 |
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504 |
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81.6 |
% |
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87.5 |
% |
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15.9 |
% |
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9.7 |
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439.48 |
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147.29 |
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Texas |
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1,868 |
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1,675 |
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1,340 |
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71.7 |
% |
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80.0 |
% |
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10.9 |
% |
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22.0 |
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480.33 |
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124.99 |
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Total |
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5,364 |
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4,936 |
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4,144 |
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77.3 |
% |
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84.0 |
% |
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14.4 |
% |
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$ |
77.1 |
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$ |
455.36 |
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$ |
148.67 |
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Note 1: |
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The number of Licensed Nursing Beds is based on the licensed capacity of the facility.
The Company has historically reported its occupancy based on licensed nursing beds. The
number of Available Nursing Beds represents licensed nursing beds less beds removed from
service. Available nursing beds is subject to change based upon the needs of the facilities,
including configuration of patient rooms, common usage areas and offices, status of beds
(private, semi-private, ward, etc.) and renovations. Occupancy is measured on a weighted
average basis. |
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Note 2: |
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These Medicare and Medicaid revenue rates include room and board revenues but do not
include any ancillary revenues related to these patients. |
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Note 3: |
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The Alabama region includes nursing centers in Alabama and Florida. |
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Note 4: |
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The Kentucky region includes nursing centers in Kentucky, West Virginia and Ohio. |
-9 -
ADVOCAT INC.
SELECTED OPERATING STATISTICS OF RENOVATED FACILITIES
MARCH 31, 2011
(Unaudited)
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Medicare Average Daily |
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Occupancy(1) |
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Census |
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Q1 |
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LTM(2) |
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Q1 |
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LTM(2) |
|
Renovation Completion Date |
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2011 |
|
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Prior |
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2011 |
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Prior |
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1st renovation January 2006 |
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83.6 |
% |
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64.9 |
% |
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|
17.0 |
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8.1 |
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2nd renovation July 2006 |
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67.8 |
% |
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|
71.2 |
% |
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|
15.6 |
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12.3 |
|
3rd renovation August 2006 |
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73.5 |
% |
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|
45.1 |
% |
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|
14.9 |
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5.3 |
|
4th renovation October 2006 |
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77.6 |
% |
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|
71.9 |
% |
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|
13.8 |
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8.6 |
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5th renovation February 2007 |
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67.9 |
% |
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|
56.2 |
% |
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|
15.0 |
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8.0 |
|
6th renovation April 2007 |
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51.4 |
% |
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|
47.5 |
% |
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|
7.9 |
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|
|
12.7 |
|
7th renovation July 2007 |
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76.0 |
% |
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|
85.0 |
% |
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|
9.8 |
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|
|
17.4 |
|
8th renovation January 2008 |
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68.9 |
% |
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|
50.9 |
% |
|
|
11.3 |
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|
|
8.9 |
|
9th renovation October 2008 |
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|
88.0 |
% |
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|
83.0 |
% |
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|
14.5 |
|
|
|
17.2 |
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10th renovation November 2008 |
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|
87.1 |
% |
|
|
80.8 |
% |
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|
17.2 |
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|
12.2 |
|
11th renovation March 2009 |
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|
73.8 |
% |
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|
62.5 |
% |
|
|
12.9 |
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|
7.0 |
|
12th renovation November 2009 |
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90.6 |
% |
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|
86.7 |
% |
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|
25.5 |
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|
|
24.2 |
|
13th renovation January 2010 |
|
|
96.6 |
% |
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|
95.6 |
% |
|
|
6.1 |
|
|
|
4.5 |
|
14th renovation July 2010 |
|
|
93.7 |
% |
|
|
77.6 |
% |
|
|
29.9 |
|
|
|
11.8 |
|
15th renovation August 2010 |
|
|
73.4 |
% |
|
|
68.8 |
% |
|
|
27.0 |
|
|
|
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
77.4 |
% |
|
|
69.8 |
% |
|
|
238.4 |
|
|
|
177.2 |
|
|
|
|
(1) |
|
Occupancy based on licensed beds. |
|
(2) |
|
Last Twelve Months prior to commencement of construction. |
###
-10 -