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AdCare Health Systems Inc. Message Board

  • homebuilder_watcher homebuilder_watcher Jul 26, 2013 10:38 AM Flag

    Q1 10Q

    filed today ahead of the 7/31 target date. All that is left is Q2 which they said they would file by 8/15. I'd expect that early also and then ADK will be current with SEC

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    • The financials were unaudited, which should raise some eyebrows given recent problems.

    • chiefmaugus Jul 26, 2013 12:42 PM Flag

      They reported a $2.8M loss or 20 cent loss on $10M increase in y/y revenue. Neg working capital in the qtr of $22M. Restated FY 2012 results - worse than previously reported. As of 3/31/2013 9.8M cash down from $15.8M Dec 2012. Wow! They have more than 50 notes outstanding and they admit more than a few have covenants that have been and remain breached. This comes as no suprise but the cost to the co will be articulated at later date. Massive dilution coming. Goodwill assoc with acquisitions has not taken a hit - but it's just matter of time. I guess the book now significantly below $1.00. If you love this investment idea than do your family a favor and wait till it falls below $3.00 before you buy it. Park City capital going to get punished holding this security maybe forced to sell if he gets redeemed.

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