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Article Excerpt
SPRINGFIELD, Ohio, Aug. 14 /PRNewswire-FirstCall/ -- AdCare Health Systems, Inc. (NYSE AMEX: ADK), an Ohio based long term care, home care and management company, today reported financial results for its second quarter of 2009.
Revenues for the quarter ended June 30, 2009 were $6,613,127 as compared to $6,016,536 for the same quarter in 2008, an increase of $596,591. The increase was mostly due to improved occupancy in our skilled nursing centers and enhanced revenues in our home health care division. Management will continue to focus on expanding the revenue base at its home health care operations.
The net income for the quarter ended June 30, 2009 was $147,101 as compared to $22,963 for the second quarter ended June 30, 2008, an improvement of $124,138. The improvement in net income would have been significantly higher without the $413,593 gain on the acquisition of the Lincoln Lodge in the second quarter of last year. Basic and diluted net income per share for the quarter ended June 30, 2009 was $0.04 as compared to a basic and diluted net income per share of $0.01 for the same quarter ended June 30, 2008.
Revenues for the six-months ended June 30, 2009 were $12,998,016 as compared to $12,009,078 for the same period in 2008, an increase of $988,938. Net income for the six-months ended June 30, 2009 was $242,915 as compared to a loss of $116,507 for the same period in 2007, an improvement of $359,422. Again, the increase was...
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