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Revenues for the year ended December 31, 2007 were $23,667,756 as comparedto $22,549,485 in 2006, an increase of $1,118,271. The improvement wasprimarily due to increased occupancy in our assisted living facilities and anincrease in visits made by our nurses and care givers at our home health caredivision.
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The loss before discontinued operations for the year ended December 31,2007 was $627,552 as compared to a loss of $2,413,794 for 2006, an improvementof $1,786,242 or 74%. In general, the improvement was due to increasedoccupancy at our assisted living properties, more home health care visits,lower interest expense as a result of the expenses related to our mezzaninefinancing in 2005 being fully recognized in 2006, increasing the reserve forour investment note in the Lincoln Lodge property and recognizing an incometax benefit.
The net loss for the year ended December 31, 2007 was $218,928 as comparedto a net loss of $2,441,217 for 2006, an improvement of $2,222,289 or 89% andhelped by recognizing a gain on the sale of assets in discontinued operations.Basic and diluted net loss per share for 2007 was $0.05 as compared to a basicand diluted net loss per share of $1.09 for 2006, an improvement of $1.04 pershare.
David A. Tenwick, Chairman of AdCare, stated that, "AdCare reduced itslosses in each quarter of 2007 as compared to 2006 and continues to movetoward profitability in 2008. Going public in November of 2006 was theprelude to expanding our operations, securing liquidity for our shareholdersand having the ability to use our stock for making acquisitions." In thatregard, Mr. Tenwick added that he is excited about having GCC Capital Groupand Prospect Financial Advisors "on board to assist in identifying, evaluatingand securing alternative capital, financing and investment sources to furtherAdCare's expansion plans."
AdCare Health Systems, Inc. will host a conference call this afternoon,Monday, March 31st at 4:15 EDT. The dial-in number is 1-800-218-0713. For areplay through April 14, 2008, the dial-in number is 1-800-405-2236 and thepass code is 11110628#.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (Amex: ADK) develops, owns and managesassisted living facilities, nursing homes and retirement communities andprovides home health care services. Prior to becoming a publicly-tradedcompany in November of 2006, AdCare operated as a private company for 18years. AdCare's 900 employees provide high-quality care for patients andresidents residing in the 15 facilities that they manage, seven of which areassisted living facilities, six skilled nursing centers and two independentsenior living communities. The Company has ownership interests in seven ofthose facilities. In the ever expanding marketplace of long term care,AdCare's mission is to provide quality healthcare services to the elderly.
Safe Harbor Statement
Statements contained in this press release that are not historical factsmay be forward-looking statements within the meaning of federal law. Suchforward-looking statements reflect management's beliefs and assumptions andare based on information currently available to management. The forward-looking statements involve known and unknown risks, results, performance orachievements of the Company to differ materially from those expressed orimplied in such statements. Such factors are identified in the public filingsmade by the Company with the Securities and Exchange Commission and includethe Company's ability to secure lines of credit and/or an acquisition creditfacility, find suitable acquisition properties at favorable terms, changes inthe health care industry beca
