Join the club
Posted on November 10, 2009 at 1:38 pmAdvocat is planning to raise employee premiums and deductibles effective Jan 1. as it struggles with the cost of providing coverage to its workers, which rose $800,000 in the quarter. CFO Glynn Riddle said on the nursing home operator’s third-quarter earnings call today that that the company is self-insured for the first $160,000 in claims per employee and that claims in the $5,000 to $50,000 range jumped, perhaps due in part to hospitals performing more tests and procedures during a down economy.
permalink | Comment on this post
Money manager picks up another Advocat chunk
Posted on August 20, 2009 at 7:51 amMarlin Capital Partners has stepped up its purchasing of nursing home operator Advocat. The Texas-based money manager, which started its recent round of buying last week, snapped up another 81,000 shares of Brentwood-based Advocat (Ticker: AVCA) on Monday and Tuesday, raising its stake to 12.8 percent.
permalink | Comment on this post
Marlin nibbles some more at Advocat
Posted on August 18, 2009 at 7:32 amThe Texas-based money management firm Marlin Capital Partners continues to add to its stake in Advocat, buying another 9,500 shares late last week. The buying has helped of late, but shares of Brentwood-based Advocat (Ticker: AVCA) are still about 40 percent below year-ago levels.
permalink | Comment on this post
Big Advocat owner buys more
Posted on August 13, 2009 at 3:14 pm
Marlin Capital, the Dallas money manager that bought big into Advocat last year, has acquired a few more shares of the senior housing provider. The firm, which is represented by Chad McCurdy on Advocat’s board, now owns 11.2 percent of Advocat (Ticker: AVCA), which is up 50 percent so far this month.
permalink | Comment on this post
A substantial majority, but a message nonetheless
Posted on May 31, 2009 at 10:10 pm
The quest by dissident shareholder Bristol Capital to snag two seats on Advocat’s board fell short Friday, garnering a not insignificant 25.6 percent of the votes cast. A year ago, Bristol’s call for the board to pursue a sale received 14 percent of shareholders’ votes. Since then, the shares (Ticker: AVCA) have lost 70 percent of their value.
permalink | Comment on this post
Another sign Advocat is taking Bristol’s board challenge seriously
Posted on May 29, 2009 at 6:51 amChad McCurdy, the nursing home operator’s largest shareholder – and since last spring, a board member – says he has picked up a few more shares lately and goes to great lengths to say he supports the company-nominated director candidates over the challengers from Bristol Capital.
Being a large shareholder or having investment banking relationships does not by itself add additional value to our board. I have numerous relationships with investment bankers at very large and well respected firms as do other members of your board. We listen to what our current bankers tell and draw upon other relationships for further advice and counsel.
permalink | Comment on this post
Advocat responds with proxy advisors’ nod
Posted on May 27, 2009 at 11:57 amThe day after disgruntled investor Bristol Capital said a proxy advisory firm told shareholders to abstain from voting for Advocat’s board members, the company says RiskMetrics also is recommending that investors not vote for Bristol’s nominees. Another advisory firm Glass Lewis is calling for the same.
“Given that the Dissident lacks a strategic plan, that its nominees do not have public company board experience and have less health care industry experience than the incumbent nominees as well as the board’s responsiveness to shareholder concerns, we will refrain from withholding support from the incumbent nominees. Accordingly, we recommend that shareholders vote for both nominees.”
permalink | Comment on this post
Proxy advisors almost agree with Advocat investor
Posted on May 26, 2009 at 8:18 amRiskMetrics Group says investors should withhold their votes for the two directors up for re-election at the nursing home chain. A California investment firm that owns more than 7 percent of the company (Ticker: AVCA) is pushing for big changes.
permalink | Comment on this post
Advocat investors push for board seats ahead of vote
Posted on May 19, 2009 at 8:24 amL.A.-based Bristol Capital, which has been critical of Advocat’s board for years over performance and compensation, makes its official overture to investors ahead of the company’s May 29 annual meeting. The short version: Bristol, which owns more than 7 percent of Advocat (Ticker: AVCA) says the company has “grossly indulgent compensation practices, ineffective management oversight and a Board that has become disconnected from stockholders and market realities.”
permalink | Comment on this post
Advocat ekes out Q1 profit
Posted on May 6, 2009 at 9:36 pmNursing home operator Advocat posted a first-quarter profit from continuing operations of about $600,000, down from $4.6 million a year ago. Revenues rose about 3 percent, but costs jumped 11 percent.
Also of note: The company has received a $5 milion funding commitment from REIT Omega Healthcare Investors to continue its renovation plan and it has settled with the Centers for Medicare and Medicaid Services over accounting shortfalls at some of its Texas facilities.
permalink | Comment on this post
For the record, no
Posted on May 5, 2009 at 12:13 pmIn its proxy statement, the board of nursing home operator Advocat says shareholders should not vote for the director candidates nominated by California investment firm Bristol Capital.
permalink | Comment on this post
Advocat on the hunt for new COO
Posted on March 11, 2009 at 9:58 amWilliam Council, CEO of the nursing home operator, will hold the title until a permanent finance chief is brought on. Previous COO Ray Tyler has been reassigned to be SVP of nursing home operations and given a new pay package that allows him to leave within 45 days of the new COO’s arrival.
The Brentwood-based company (Ticker: AVCA) also reported fourth-quarter earnings of $1.2 million versus $1.7 million a year earlier. Revenues rose 4 percent to $74.3 million.
permalink | Comment on this post
Advocat prepares to play D
Posted on January 9, 2009 at 7:15 pmThe nursing home operator (Ticker: AVCA) says a purported class action suit has been filed against it in Arkansas.
permalink | Comment on this post
More debt changes at Advocat
Posted on December 23, 2008 at 3:55 pmThe nursing home operator (Ticker: AVCA) gets some breathing room on its commercial mortgage deal. The company last week tweaked its bank debt line.
permalink | Comment on this post
Advocat tweaks debt terms
Posted on December 19, 2008 at 5:50 pmThe nursing home operator, which was not in compliance with the fixed-charge ratio of its debt line at the end of September, has amended the terms of that agreement.
Recent Comments
In our good state a select few run the place, 20 yrs ago and today....
Southernindie…Unfortunat ely you have suffered a dibilitating...
And…Karl (Marx) Dean is spending one billion dollars...
Someone explain the difference between short stay and observation...
Watching the Chairman of Starwood Hotels yesterday on CNBC...
Funny how the Union’s feel about taxes. They complained about their...
Where is it?
An absolutely ugly structure, which I have always thought did not take...
Too bad that ATT changed the look of the building so that it no longer...
Yeah, well, look at the TN Legislature of good ol’ boys and the...
As long as the red rules, we will be far behind other states. The GOP does...
Nissan CEO Carlos Ghosn: I don’t know what...