Key Developments: Adcare Health Systems Inc (ADK.A)
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Latest Key Developments (Source: Significant Developments)
AdCare Health Systems Inc Declares Quarterly Dividend On Series A Cumulative Redeemable Preferred Stock
AdCare Health Systems Inc announced that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock). The dividend on the Series A Preferred Stock will be payable on July 1, 2013 to holders of record at the close of business on June 20, 2013. The quarterly payment will be approximately $0.68 per share, which is equivalent to an annualized 10.875% per share of the $25.00 per share stated liquidation preference, accruing from April 1, 2013. Full Article
AdCare Health Systems Inc Issues Q1 2013 Guidance Below Analysts' Estimates; Comments On Q1 2013 Charge Guidance
AdCare Health Systems Inc announced that for first quarter of 2013, it expects revenues to range from $56.0-$59.0 million; Net loss to range from $1.1-$2.2 million. In connection with the restatement process and the Audit Committee's review and inquiry, the Company has incurred, and will continue to incur, significant professional services costs and other expenses which will be recognized as a special charge in the first and second quarters of 2013. The Company anticipates that this special charge will be material and, for the quarter ended March 31, 2013, will be in the range of $1.2 million to $1.5 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $68.51 million, net income of $0.27 million for first quarter of 2013. Full Article
AdCare Health Systems Inc Appoints Ronald W. Fleming as Chief Financial Officer
AdCare Health Systems Inc announced that Ronald W. Fleming will join AdCare's senior management team as Chief Financial Officer, effective May 15, 2013. Mr. Fleming, a certified public accountant, has over 25 years' experience as a seasoned healthcare financial executive. Full Article
AdCare Health Systems Inc Announces Resignation Of CFO-Form 8-K
AdCare Health Systems Inc reported in its Form 8-K that on April 15, 2013, Martin D. Brew resigned from his position as the Company’s Chief Financial Officer (CFO) and from all other officer positions with the Company and its subsidiaries. Full Article
Harwood Feffer LLP Announces Investigation Of AdCare Health Systems Inc
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of AdCare Health Inc, concerning whether the board has breached its fiduciary duties to shareholders. In March 2013, the Company disclosed that it would need to restate its financial statements for 2012. On April 15, 2013, AdCare's Chief Financial Officer abruptly departed from the Company. The next day, the Company announced that it would not be able to timely file its Form 10-K for 2012. Then, on April 17, 2013, an entity controlled by AdCare director Christopher Brogdon, announced that it intended to commence a tender offer to obtain majority control of AdCare. The investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Levi & Korsinsky, LLP Launches Investigation into Possible Breaches of Fiduciary Duty by AdCare Health Systems Inc
Levi & Korsinsky announced that it is investigating potential claims on behalf of purchasers of AdCare Health Systems Inc (AdCare or the Company) securities concerning possible violations of securities laws. In a March 13, 2013 filing, the Company announced that its Audit Committee had determined that the Company's previously issued financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 should no longer be relied upon. It was further announced that the Audit Committee had identified material weaknesses in the Company's internal controls, including weakness in the Company's ability to appropriately account for complex or non-routine transactions. Then on April 15, 2013, AdCare's Chief Financial Officer, Martin Brew, resigned. The following day, the Company announced it would delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2012, and the previously announced restatements of the Company's financial statements. Full Article
AdCare Health Systems Inc Declares Quarterly Dividend on Series A Cumulative Redeemable Preferred Stock
AdCare Health Systems Inc announced that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock). The dividend on the Series A Preferred Stock will be payable on April 1, 2013 to holders of record at the close of business on March 21, 2013. The quarterly payment will be approximately $0.68 per share, which is equivalent to an annualized 10.875% per share of the $25.00 per share stated liquidation preference, accruing from January 1, 2013. Full Article
AdCare Health Systems Inc Closes Acquisition Of Three Skilled Nursing Facilities
AdCare Health Systems Inc announced that it has completed the previously announced agreement to purchase three skilled nursing facilities for $13.5 million. Full Article
AdCare Health Systems Inc Closes Acquisition Of Three Skilled Nursing Facilities
AdCare Health Systems Inc announced that it has completed the previously announced agreement to purchase three skilled nursing facilities for $13.5 million. Full Article
AdCare Health Systems Inc Declares Quarterly Dividend On Series A Cumulative Redeemable Preferred Stock
AdCare Health Systems Inc announced that Board of Directors has declared a quarterly cash dividend payment on the Company's 10.875% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"). The dividend on the Series A Preferred Stock will be payable on December 31, 2012 to holders of record at the close of business on December 21 , 2012. The quarterly payment will be approximately $.3474 per share, which is equivalent to an annualized 10.875% per share of the $25.00 per share stated liquidation preference, accruing from, but excluding, the date the Series A Preferred Stock was first issued on November 14 , 2012. The Series A Preferred Stock is listed on the NYSE MKT LLC and trades under the symbol "ADKpA". Full Article
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