-----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, Mg+7GtiG7QSkLzHo2MV1PfBspkVcmjrfebruHUJQRITYWi//KK9Nb5QgE0D5EdCo 6XRDShYTlIl079idt47bSQ== 0000950144-99-013390.txt : 19991117 0000950144-99-013390.hdr.sgml : 19991117 ACCESSION NUMBER: 0000950144-99-013390 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991115 ITEM INFORMATION: FILED AS OF DATE: 19991116 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: SEC FILE NUMBER: 001-12996 FILM NUMBER: 99758837 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 ADVOCAT INC. 1 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): November 15, 1999 ADVOCAT INC. (Exact name of Registrant as specified in its charter) Delaware 001-12996 62-1559667 -------- --------- ---------- (State or other jurisdiction of (Commission File (Employer incorporation) Number) 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) 2 ITEM 5. OTHER EVENTS. For the purpose of informing the market, the Registrant announces that it filed a Notice of Late Filing on Form 12b-25 with respect to the quarter ended September 30, 1999. A press release dated November 16, 1999 relating to the quarter is attached to this Report. 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/ Richard B. Vacek, Jr. --------------------------------- Richard B. Vacek, Jr. Chief Financial Officer Date: November 16, 1999 Exhibit Index
Exhibit No. - ----------- 99.1 Press release dated November 16, 1999.
2 EX-99.1 2 PRESS RELEASE DATED 11/16/99 1 EXHIBIT 99.1 ADVOCAT INC. 277 MALLORY STATION ROAD, SUITE 130 FRANKLIN, TENNESSEE 37067 (615) 771-7575 NEWS RELEASE ================================================================================ Contact: Richard B. Vacek, Jr. Executive Vice President and Chief Financial Officer ADVOCAT DELAYS FILING THIRD QUARTER FORM 10-Q EXPECTS TO REPORT SIGNIFICANT OPERATING LOSSES FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 16, 1999--Advocat Inc. (OTCBB:AVCA) today announced that it has delayed the filing of its third quarter Form 10-Q pending a review of certain charges the Company expects to record for the nine months ended September 30, 1999. The Company expects to report a pretax loss approximating $11 million to $12 million for the nine months ended September 30, 1999. The Company is evaluating the need to restate its financial results for the first and second quarters of 1999 based on its conclusions with regard to the anticipated charges. Advocat also reported that it was not in compliance with certain financial covenants in its loan agreements with its primary bank and other lenders. The 1999 charges are primarily due to increases in the provision for doubtful accounts following an intensive examination of the Company's accounts receivable and third-party payor settlements, expenses related to self-insurance for workers' compensation claims and the self-insured portion of liability claims, and other miscellaneous expenses. The Company is currently not in compliance with various financial covenants contained in its loan agreements with its primary bank and other lenders. Cross-default and other provisions contained in other loan agreements will under certain circumstances permit the holders of substantially all of the Company's debt to immediately demand repayment. The Company has total bank and other debt of $61.8 million as of September 30, 1999. Management is currently in various stages of negotiations with the Company's bank and other lenders for the restructuring of approximately $27 million in debt that is due December 1, 1999. No assurance can be given that the Company will successfully negotiate a restructuring, including appropriate waivers, of its indebtedness. If any of the Company's lenders forced immediate repayment, the Company would not be able to repay the amounts outstanding. Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, 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. operates 122 facilities including 57 assisted living facilities with 5,320 units and 65 skilled 3 2 nursing facilities containing 7,307 licensed beds. The Company operates facilities in 12 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 4 -----END PRIVACY-ENHANCED MESSAGE-----