-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JNxzuWo54Ue2e8WBG/XZF/ERuj3ioVrhwmq2r5fzrDcUIhnfEi5eUzogaTk2zm+1 sfUgmG9iOWe1hz0F0U5XOA== 0000950144-03-006654.txt : 20030514 0000950144-03-006654.hdr.sgml : 20030514 20030514115205 ACCESSION NUMBER: 0000950144-03-006654 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030513 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVOCAT INC CENTRAL INDEX KEY: 0000919956 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 621559667 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12996 FILM NUMBER: 03697552 BUSINESS ADDRESS: STREET 1: 277 MALLORY STATION RD STREET 2: STE 130 CITY: FRANKLIN STATE: TN ZIP: 37067 BUSINESS PHONE: 6157717575 MAIL ADDRESS: STREET 1: 227 MALLORY STATION ROAD STREET 2: SUITE 130 CITY: FRANKLIN STATE: TN ZIP: 37064 8-K 1 g82897e8vk.htm ADVOCAT INC. ADVOCAT INC.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

Date of Report (Date of earliest event reported):
May 13, 2003

ADVOCAT INC.

(Exact name of Registrant as specified in its charter)
         
Delaware   001-12996   62-1559667
 
 
(State or other jurisdiction of   (Commission File Number)   (IRS Employer
incorporation)       Identification Number)

277 Mallory Station Road, Suite 130 Franklin, Tennessee 37067

(Address of principal executive offices)

(615) 771-7575

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address,
if changed since last report)

 

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Item 12. Results of Operations and Financial Condition.
SIGNATURES
Exhibit Index
EX-99.1 PRESS RELEASE

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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

(c) Exhibits

     
Number   Exhibit
 
99.1   Press Release dated May 13, 2003 reporting results for the quarter ending March 31, 2003.

Item 12. Results of Operations and Financial Condition.

     On May 13, 2003, Advocat Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1. The press release describes the Company’s results of operations for the quarter ended March 31, 2003. The press release is also being furnished pursuant to Item 9. Regulation FD Disclosure.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

         
    ADVOCAT INC.
 
       
 
    By:   /s/ L. Glynn Riddle, Jr.
L. Glynn Riddle, Jr.
Chief Financial Officer

Date: May 13, 2003

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Exhibit Index

             
Exhibit No.            
           
99.1   Press release dated May 13, 2003.

4 EX-99.1 3 g82897exv99w1.txt EX-99.1 PRESS RELEASE Exhibit 99.1 ADVOCAT INC. 277 MALLORY STATION ROAD, SUITE 130 FRANKLIN, TENNESSEE 37067 NEWS RELEASE (615) 771-7575 - -------------------------------------------------------------------------------- Contact: William R. Council, III President and Chief Executive Officer ADVOCAT ANNOUNCES FIRST QUARTER RESULTS FRANKLIN, Tenn. - (May 13, 2003) - Advocat Inc. (NASDAQ OTC: AVCA) today announced its results for the first quarter ended March 31, 2003. The Company reported a net loss for common stock of $3.1 million, or $0.57 per share, in the first quarter of 2003 compared to $3.1 million, or $0.56 per share, in the same period in 2002. Net revenues for the first quarter of 2003 decreased 7.4% to $47.8 million compared with $51.6 million in the same period of 2002. The decrease in revenue was primarily due to previously announced lease terminations and a facility sale during the fourth quarter of 2002. FIRST QUARTER RESULTS Patient revenues rose to $41.0 million compared with $40.6 million in the first quarter of 2002.The increase in patient revenues was due to increased Medicare utilization and increased Medicaid rates in certain states, partially offset by a 2.7% decline in census in 2003 compared with the first quarter of 2002, the sale of a Florida nursing home in the fourth quarter of 2002 and the expiration of Medicare temporary payment increases effective October 1, 2002. Resident revenues decreased to $5.9 million in 2003 from $10.2 million in the first quarter of 2002. The decline was primarily due to the termination of assisted living facility leases. Ancillary service revenues, prior to contractual allowances, increased to $7.2 million in 2003 from $6.6 million in the first quarter of 2002. The increase was primarily due to increased Medicare census, partially offset by the Florida nursing home sold and reduction in revenue availability under Medicare. Management fees increased to $775,000 compared with $679,000 in the first quarter of 2002 as a result of higher occupancy levels. Total expenses declined to $50.7 million compared with $54.5 million in the first quarter of 2002. Operating expenses represented 87% of revenues for the latest quarter compared with 85% of revenues in the first quarter of 2002. Cash flow from operations was $861,000 in the first quarter of 2003. At March 31, 2003, Advocat had negative working capital of $58.3 million. Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, uncertainty regarding the Company's ability to restructure or refinance its debt, the impact of under-insured professional liability claims, factors affecting the long-term care industry in general, governmental reimbursement, government regulation, health care reforms, the impact of future licensing surveys, changing economic and market conditions and other risk factors detailed in the Company's Securities and Exchange Commission filings. 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. 5 Advocat Inc. provides long-term care services to nursing home patients and residents of assisted living facilities in 10 states, primarily in the Southeast, and three provinces in Canada. For additional information about the Company, visit Advocat's web site: http://www.irinfo.com/avc ADVOCAT INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
FOR THE THREE MONTHS ENDED MARCH 31, ----------------------- 2003 2002 -------- -------- REVENUES: Patient revenues, net $ 40,974 $ 40,621 Resident revenues 5,894 10,179 Management fees 775 679 Equity in joint venture income 64 70 Interest 58 25 -------- -------- Net revenues 47,765 51,574 -------- -------- EXPENSES: Operating 41,434 43,728 Lease 3,806 5,180 General and administrative 3,208 3,159 Interest 890 1,034 Depreciation and amortization 1,376 1,383 -------- -------- Total expenses 50,714 54,484 -------- -------- Loss before income taxes (2,949) (2,910) Provision for income taxes 130 93 -------- -------- Net loss (3,079) (3,003) Preferred stock dividends, accrued but not paid 67 58 -------- -------- NET LOSS FOR COMMON STOCK $ (3,146) $ (3,061) ======== ======== Basic loss per share $ (0.57) $ (0.56) ======== ======== Diluted loss per share $ (0.57) $ (0.56) ======== ======== Weighted average shares: Basic 5,493 5,493 ======== ======== Diluted 5,493 5,493 ======== ========
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