UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
August 20, 2012 (August 20, 2012)
ADVOCAT INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
001-12996 |
62-1559667 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1621 Galleria Boulevard, Brentwood, TN 37027
(Address of Principal Executive Offices) (Zip Code)
(615) 771-7575
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
On August 20, 2012, the Company announced it entered into an agreement to sell an owned nursing center in Arkansas to an unrelated party. The operating margins of the nursing center do not meet the Companys long term strategic goals. This nursing center contributed revenues of $2,588,000 and pretax net loss of $(18,000) in the six month periods ended June 30, 2012. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits |
Number | Exhibit | |
99.1 | Press release dated August 20, 2012. |
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/ Kelly J. Gill | |||||
Kelly J. Gill | ||||||
Chief Executive Officer |
Date: August 20, 2012
EXHIBIT INDEX
Number |
Exhibit | |
99.1 | Press release dated August 20, 2012. |
Exhibit 99.1
Company Contact: Kelly J. Gill Chief Executive Officer 615-771-7575 |
Investor Relations: Charles Lynch Westwicke Partners 443-213-0504 |
Advocat Announces Disposal of Arkansas Skilled Nursing Center
BRENTWOOD, TN, (August 20 , 2012) Advocat Inc. (NASDAQ: AVCA) a premier provider of long term care services primarily in the Southeast and Southwest, today announced it entered into an agreement to sell an owned nursing center in Arkansas to an unrelated party. The operating margins of the nursing center do not meet the Companys long term strategic goals. This nursing center contributed revenues of $2,588,000 and pretax net loss of $(18,000) in the six month periods ended June 30, 2012.
Commenting on the transaction, Kelly J. Gill, the Companys President and Chief Executive Officer, stated: Our focus on portfolio growth as part of our strategic operating initiatives has allowed us also to contemplate targeted divestitures of underperforming nursing centers, which can have a positive financial impact without compromising the scale of our growing Company. The Arkansas facility was operating at a modest loss, and its replacement in our portfolio with better performing nursing centers as described in our growth plan not only will provide an immediate financial benefit but also diversify our operations modestly from the state of Arkansas, which has been a challenging market for us in terms of professional liability.
Advocat provides long-term care services to patients in 47 skilled nursing centers containing 5,445 licensed nursing beds, primarily in the Southeast and Southwest. For additional information about the Company, visit Advocats web site: www.advocatinc.com.