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8-K - FORM 8-K - ASSISTED LIVING CONCEPTS INC | c16420e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - ASSISTED LIVING CONCEPTS INC | c16420exv99w1.htm |
Exhibit 99.2
Assisted Living Concepts, Inc. Announces Two-for-One Stock Split and Initial Cash Dividend
MENOMONEE FALLS, WISCONSIN May 2, 2011
Assisted Living Concepts (ALC) (NYSE: ALC) today announced that its Board of Directors has
approved a two-for-one stock split of ALCs Class A and Class B Common Stock and declared an
initial quarterly cash dividend on the Class A and Class B Common Stock. The quarterly dividend
will be 10 cents per share on a post-split basis. This is the first cash dividend declared by ALC
since it became a public company in 2006.
The cash dividend will be payable on June 15, 2011 to stockholders of record as of the close of
business on May 20, 2011.
The stock split will be effected by filing a Certificate of Change to ALCs Amended and Restated
Articles of Incorporation with the Secretary of State of Nevada, with a planned effective date of
May 20, 2011. As of the effective date, each issued and outstanding share of Class A and Class B
Common Stock will be converted into two shares of Class A and Class B Common Stock, respectively.
Beginning on June 15, 2011 ALCs transfer agent will mail certificates representing one additional
share for each share held on the effective date (or otherwise record the ownership of these
additional shares) to stockholders of record at the close of business on May 20, 2011.
We are encouraged that the market has recognized our consistent positive results and driven up our
share price, commented Laurie Bebo, President and Chief Executive Officer. We feel that a two for
one stock split will benefit our shareholders by adding liquidity to our stock. We are pleased to
report that confidence in our balance sheet and our ability to continue to generate significant
amounts of cash has resulted in rewarding our shareholders with a dividend of 10 cents per
post-split share.
The declaration and payment of any future cash dividends will be at the discretion of ALCs Board
of Directors and will depend upon various factors, including ALCs financial condition, operating
results, current and anticipated cash needs, plans for expansion, contractual restrictions with
respect to the payment of dividends and other factors ALCs Board of Directors may deem to be
relevant.
About Us
Assisted Living Concepts, Inc. and its subsidiaries operate 211 senior living residences comprising
9,325 units in 20 states. ALCs senior living residences typically consist of 40 to 60 units and
offer a supportive, home-like setting. Residents may receive assistance with the activities of
daily living either directly from ALC employees or through our wholly owned home health
subsidiaries. ALC employs approximately 4,100 people.
Forward-looking Statements
Statements contained in this release other than statements of historical fact, including statements
regarding anticipated financial performance, business strategy and managements plans and
objectives for future operations, are forward-looking statements. Forward-looking statements
generally include words such as expect, project, point toward, intend, will, indicate,
anticipate, believe, estimate, plan, strategy or objective. Forward-looking statements
are subject to risks and uncertainties that could cause actual results to differ materially from
those expressed or implied. In addition to the risks and uncertainties referred to in the release,
other risks and uncertainties are contained in ALCs filings with United States Securities and
Exchange Commission and include, but are not limited to, the following: changes in the health care
industry in general and the senior housing industry in particular because of governmental and
economic influences; changes in general economic conditions,
including changes in housing markets, unemployment rates and the availability of credit at reasonable rates; changes in regulations
governing the industry and ALCs compliance with such regulations; changes in government funding
levels for health care services; resident care litigation, including exposure for punitive damage
claims and increased insurance costs, and other claims asserted against ALC; ALCs ability to
maintain and increase census levels; ALCs ability to attract and retain qualified personnel; the
availability and terms of capital to fund acquisition, debt obligations, dividends and ALCs
capital expenditures; changes in competition; and demographic changes. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on ALCs forward-looking
statements. All forward-looking statements contained in this report are necessarily estimates
reflecting the best judgment of the party making such statements based upon current information.
ALC assumes no obligation to update any forward-looking statement.
For further information, contact:
Assisted Living Concepts, Inc.
John Buono
Sr. Vice President, Chief Financial Officer and Treasurer
Phone: (262) 257-8999
Fax: (262) 251-7562
Email: jbuono@alcco.com
Visit ALCs Website @ www.alcco.com
Assisted Living Concepts, Inc.
John Buono
Sr. Vice President, Chief Financial Officer and Treasurer
Phone: (262) 257-8999
Fax: (262) 251-7562
Email: jbuono@alcco.com
Visit ALCs Website @ www.alcco.com