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AdCare Health Systems Reports First Quarter 2014 Results

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SOURCE AdCare Health Systems, Inc.

Operating Income Increases from Year-Ago Period and Sequentially; Adjusted EBITDAR from Continuing Operations Increases 36% to $5.4 Million

ATLANTA, May 7, 2014 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA) a leading long-term care provider, reported results for the first quarter ended March 31, 2014.

Financial Highlights

  • Revenues were $54.9 million, up 0.5% compared to $54.7 million in the year-ago period.
  • Adjusted EBITDAR from Continuing Operations was $5.4 million, up 35.7% compared to $4.0 million in the prior-year first quarter (see "Use of Non-GAAP Financial Information," below for the definition of Adjusted EBITDAR from Continuing Operations and its reconciliation to GAAP Net Loss).
  • Board of Directors declared a quarterly cash dividend payment of $0.68 per share on the Company's 10.875% Series A Preferred Stock which was paid on March 31, 2014 to holders of record at the close of business on March 21, 2014.

Key Financial Metrics
($ in thousands)


Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Revenue

$54,680

$54,859

$54,254

$54,517

$54,932

% growth – sequential


0.3%

-1.1%

0.5%

0.8%

% growth – y/y





0.5%







Cost of Services

$46,007

$45,851

$44,427

$44,577

$45,450

% of patient care revenue

84.9%

84.3%

82.7%

82.6%

83.5%







General and Administrative

$4,928

$4,505

$4,583

$5,016

$4,560

% of total revenue

9.0%

8.2%

8.4%

9.2%

8.3%







Adjusted EBITDAR from Continuing Operations

$4,005

$4,794

$5,430

$5,376

$5,435

% of total revenue

7.3%

8.7%

10.0%

9.9%

9.9%

"We further leveraged our existing infrastructure during the quarter to make measured progress in lowering our cost of services year over year and significantly improving our operating margin," said Boyd Gentry, AdCare's president and chief executive officer. "Our strategy to optimize our base of operations to improve efficiency and drive incremental profitability is gaining traction, as evidenced by the 146 basis point reduction in cost of services, and the 71 basis point reduction in general and administrative expenses. The result of our operational improvements was a 35.7% increase in quarterly Adjusted EBITDAR from continuing operations year-over-year. We remain committed to growing our occupancy rates with the optimal mix of patients and made progress against this objective during the quarter with both metrics again trending upward."

"In addition, the Company has initiated a plan for additional expense reductions, which we are deploying now that we have better financial controls and a more developed delivery model," continued Mr. Gentry. "We are targeting more than $1 million in annualized operating expense reductions during 2014, which includes lowering our general and administrative expenses (excluding amortization of stock-based compensation) as a percent of revenue to under 7%, compared to the 7.4% reported in the first quarter. As we grow our revenue with enhanced patient mix, we believe we can further reduce our operating expenses as a percent of revenue."

Q1 2014 Summary of Financial Results

Revenues in the first quarter of 2014 were $54.9 million, up 0.5% from $54.7 million in the prior year quarter.

The net loss attributable to AdCare common shareholders in the first quarter of 2014 totaled $3.0 million or $(0.18) per basic and diluted share, compared to a net loss of $2.9 million, or $(0.20) per basic and diluted share, in the same year-ago quarter. Several non-recurring and non-operational expenses impacted the net loss for both periods, including (i) in the first quarter of 2014, a loss on the extinguishment of debt of $583,000, and (ii) in the first quarter of 2013, a $2.1 million non-cash derivative gain and $1.1 million in non-recurring expense related to the audit committee's investigation.

"Quarterly operating income increased significantly in the first quarter both on a year over year and sequential basis due to lower cost of services and lower corporate overhead," commented Ron Fleming, AdCare's chief financial officer. "Furthermore, adjusting for one-time, non-recurring expenses, the net loss decreased by more than 35% year over year, highlighting the improvements the management team has implemented."

Quarterly Adjusted EBITDAR from continuing operations in the first quarter of 2014 totaled $5.4 million, representing a more than 35% increase compared to $4.0 million in the first quarter of 2013 (see "Use of Non-GAAP Financial Information," below for the definition of Adjusted EBITDAR from continuing operations, a non-GAAP financial measure, as well as an important discussion about the use of this measure and its reconciliation to GAAP net loss, the most directly comparable GAAP financial measure).

Outlook

Management is reiterating its outlook for fiscal 2014. This guidance is based on current expectations, and is subject to change. Currently, management expects:

  • Revenue of $225 million to $250 million, representing 3% to 12% growth compared to fiscal 2013. This is inclusive of the impact of lower revenues due to the Company exiting non-core facilities which AdCare previously managed, facilities held for sale, and lease facilities that are expected to be exited before year end.
  • Year-over-year improvement in gross profit, operating income, and EBITDAR in actual dollars and as a percent of sales.

Conference Call and Webcast

AdCare will hold a conference call to discuss its first quarter financial results on Thursday, May 8, 2014 at 10 a.m. Eastern time. Management will host the presentation, followed by a question and answer period.

  • Date and time: Thursday, May 8, 2014 at 10 a.m. ET
  • Dial-in number: 1-877-941-8601 (domestic) or 1-480-629-9762(international)
  • Replay number: Dial 1-877-870-5176 (domestic) or 1-858-384-5517 (international). Please use passcode 4682152 to access the replay. The replay will be available until June 8, 2014.
  • Webcast link: www.adcarehealth.com or http://public.viavid.com/index.php?id=109083
  • Slides: Management will provide slides to accompany the prepared comments. Slides will be available on the webcast, or can be downloaded in the investor relations section of AdCare's website at www.adcarehealth.com.

About the Derivative Liability

The derivative gain in the first quarter of 2013, which was a non-cash item, resulted from the Company's subordinated convertible promissory notes issued in 2010 that included an anti-dilution provision referred to as a "ratchet" provision. The subordinated convertible promissory notes are convertible into shares of common stock of the Company at a conversion price of $3.73, which conversion price was previously subject to future reductions if the Company issued equity instruments at a lower price (the "ratchet" provision). Because there was no minimum conversion price, an indeterminate number of shares could have been issued. Accordingly, the Company determined an embedded derivative existed that was required to be bifurcated from the subordinated convertible promissory notes and accounted for separately as a derivative liability recorded at fair value.  Pursuant to US GAAP, the Company estimated the fair value of the derivative liability using the Black-Scholes Merton option-pricing model with changes in fair value being reported in the condensed consolidated statement of operations.

In October 2013, these subordinated convertible promissory notes, which had an original maturity date of October 26, 2013, were extended to August 29, 2014 and the anti-dilution provision was eliminated.  As a result, there will not be a derivative gain or loss recorded after the fourth quarter of 2013 with respect to these notes.  At maturity, the Company will be required to redeem the notes for cash (unless they are earlier converted into common stock at the option of the holder). If the subordinated convertible promissory notes are converted to common stock, the debt will be extinguished, the current fair market value of the common stock will be reflected as common stock and additional paid-in capital, and there may be a resulting gain or loss on the debt extinguishment.

About AdCare Health Systems

AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT:  ADK.PRA) is a recognized provider of senior living and health care facility management. AdCare owns and manages, long-term care facilities and retirement communities, and since the Company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.

Important Cautions Regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to: (i) statements regarding drivers of operational growth;  (ii) statements regarding expense reductions and expense run-rate; (iii) statements regarding improvements in the admissions process; (iv) statements regarding financial and operational improvements; (v) statements regarding the outlook for revenue and other financial metrics; and (vi)  statements regarding the Company's current plans to issue equity instruments. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

In addition, each facility mentioned in this press release is operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.
References to the consolidated Company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.

Use of Non-GAAP Financial Information

Beginning with the reporting of results for the first quarter of 2011, the Company began to report the measures of Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations. These are measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company defines: (i) "Adjusted EBITDA from continuing operations " as net income (loss) from continuing operations before interest expense, income tax expense; depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain and other non-routine adjustments; and (ii) "Adjusted EBITDAR from continuing operations" as net income (loss) from continuing operations before interest expense; income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain, rent and other non-routine adjustments.

Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations should not be considered in isolation or as a substitute for net income, income from operations or cash flows provided by, or used in, operations as determined in accordance with GAAP. Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations are used by management to focus on operating performance and management without mixing in items of income and expense that relate to the financing and capitalization of the business, fixed rent or lease payments of facilities, derivative loss or gain, and certain acquisition related charges and other non-routine adjustments.

The Company believes these measures are useful to investors in evaluating the Company's performance, results of operations and financial position for the following reasons:

  • They are helpful in identifying trends in the Company's day-to-day performance because the items excluded have little or no significance to the Company's day-to-day operations;
  • They provide an assessment of controllable expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance; and
  • They provide data that assists management to determine whether or not adjustments to current spending decisions are needed.

AdCare believes that the use of the measures provides a meaningful and consistent comparison of the Company's underlying business between periods by eliminating certain items required by GAAP, which have little or no significance in the Company's day-to-day operations.

 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in 000's, except per share data)

(Unaudited)




Three Months Ended March 31,



2014


2013

Revenues:





  Patient care revenues


$               54,450


$               54,170

  Management revenues


482


510

Total revenues


54,932


54,680






Expenses:





  Cost of services (exclusive of facility rent, depreciation and amortization)


45,450


46,007

  General and administrative expenses


4,560


4,928

  Audit committee investigation expense


-


1,134

  Facility rent expense


1,759


1,737

  Depreciation and amortization


1,857


1,720

Total expenses


53,626


55,526






Income (loss) from Operations


1,306


(846)






Other Income (Expense):





  Interest expense, net


(2,622)


(3,169)

  Acquisition costs, net of gains


-


(91)

  Derivative gain


-


2,136

  Loss on extinguishment of debt


(583)


(2)

  Other expense


(108)


-

Total other expense, net


(3,313)


(1,126)






Loss from Continuing Operations Before Income Taxes


(2,007)


(1,972)

Income tax expense


(8)


(78)

Loss from Continuing Operations


(2,015)


(2,050)






Loss from Discontinued Operations, Net of Tax


(508)


(700)

Net Loss


(2,523)


(2,750)






Net Loss Attributable to Noncontrolling Interests


173


192

Net Loss Attributable to AdCare Health Systems, Inc.


(2,350)


(2,558)






Preferred stock dividend


(646)


(306)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders


$               (2,996)


$               (2,864)






Net loss per Common Share attributable to AdCare Health Systems, Inc.





Common Stockholders -





  Basic:





  Continuing Operations


$                 (0.15)


$                 (0.15)

  Discontinued Operations


(0.03)


(0.05)



$                 (0.18)


$                 (0.20)






Common Stockholders -





  Diluted:





  Continuing Operations


$                 (0.15)


$                 (0.15)

  Discontinued Operations


(0.03)


(0.05)



$                 (0.18)


$                 (0.20)






Weighted Average Common Shares Outstanding:





  Basic


16,916


14,683

  Diluted


16,916


14,683






 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in 000's)




March 31, 
 2014


December 31, 
 2013



(Unaudited)



ASSETS





Current assets:





  Cash and cash equivalents


$       16,741


$           19,374

  Restricted cash and investments


315


3,801

  Accounts receivable, net of allowance of $5,358 and $4,989


24,543


23,598

  Prepaid expenses and other


4,091


483

  Assets of disposal group held for use


-


5,135

  Assets of disposal group held for sale


6,604


400

  Assets of variable interest entity held for sale


5,935


5,945

 Total current assets


58,229


58,736






Restricted cash and investments


6,966


11,606

Property and equipment, net


138,170


138,233

Intangible assets - bed licenses


2,471


2,471

Intangible assets - lease rights, net


4,678


4,889

Goodwill


4,224


4,224

Lease deposits


1,697


1,715

Deferred loan costs, net


4,516


4,542

Other assets


12


12

 Total assets


$     220,963


$         226,428






LIABILITIES AND EQUITY










Current liabilities:





  Current portion of notes payable and other debt


$       32,238


$           12,027

  Current portion of convertible debt, net of discounts


4,000


11,389

  Revolving credit facilities and lines of credit


2,306


2,738

  Accounts payable


21,187


23,783

  Accrued expenses


13,251


13,264

  Liabilities of disposal group held for sale


5,226


-

  Liabilities of variable interest entity held for sale


6,036


6,034

 Total current liabilities


84,244


69,235






Notes payable and other debt, net of current portion:





  Senior debt, net of discounts


77,991


107,858

  Bonds, net of discounts


7,000


6,996

  Convertible debt


14,000


7,500

  Revolving credit facilities


5,308


5,765

Other liabilities


1,651


1,589

Deferred tax liability


191


191

 Total liabilities


190,385


199,134






Commitments and contingency 










Preferred stock, no par value; 5,000 shares authorized; 950 shares issued and outstanding, redemption amount $23,750 at March 31, 2014 and December 31, 2013, respectively


20,442


20,442






Stockholders' equity:





  Common stock and additional paid-in capital, no par value; 55,000 shares authorized; 17,505 and 16,016 issued and outstanding at March 31, 2014 and December 31, 2013, respectively


54,823


48,370

Accumulated deficit


(42,880)


(39,884)

 Total stockholders' equity


11,943


8,486

Noncontrolling interest in subsidiary


(1,807)


(1,634)

 Total equity


10,136


6,852

 Total liabilities and equity


$     220,963


$         226,428

 

 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

TRAILING FIVE QUARTERS

(Amounts in 000's)

(Unaudited)




3/31/2013


6/30/2013


9/30/2013


12/31/2013


3/31/2014

Revenues:











  Patient care revenues


$54,170


$54,361


$53,734


$53,949


$54,450

  Management revenue


510


498


521


568


482

 Total revenues


54,680


54,859


54,254


54,517


54,932

Expenses:











  Cost of services (exclusive of facility rent, depreciation and amortization)


46,007


45,851


44,427


44,577


45,450

  General and administrative expenses


4,928


4,505


4,583


5,016


4,560

  Audit committee investigation expense


1,134


848


302


102



  Facility rent expense


1,737


1,758


1,761


1,772


1,759

  Depreciation and amortization


1,721


1,779


1,796


2,465


1,856

  Salary retirement and continuation costs


-


149


5


-


-

 Total expenses


55,528


54,889


52,874


53,930


53,626












(Loss) Income from Operations


(848)


(30)


1,380


586


1,306












Other Income (Expense):











  Interest expense, net


(3,169)


(3,087)


(3,204)


(2,891)


(2,622)

  Acquisition costs, net of gains


(91)


(486)


(33)


45


-

  Derivative (loss) gain


2,136


(1,947)


1,989


829


-

  Loss on extinguishment of debt


(2)


(25)


(6)


(77)


(583)

  Loss on disposal of assets


-


(4)


(6)


-


-

  Other income (expense)


-


-


15


(321)


(108)

Total other expense, net


(1,125)


(5,550)


(1,244)


(2,415)


(3,313)












(Loss) Income from Continuing Operations Before Income Taxes


(1,972)


(5,580)


136


(1,829)


(2,007)

Income tax (expense) benefit


(78)


-


54


(118)


(8)

(Loss) Income from Continuing Operations


(2,050)


(5,580)


190


(1,947)


(2,015)

Loss from Discontinued Operations, Net of Tax


(700)


(1,365)


(603)


(1,308)


(508)

Net Loss


(2,750)


(6,945)


(413)


(3,255)


(2,523)

Net Loss Attributable to Noncontrolling Interest


192


241


195


168


173

Net Loss Attributable to AdCare Health Systems, Inc.


(2,557)


(6,704)


(218)


(3,087)


(2,350)

Preferred stock dividend


(306)


(306)


(306)


(646)


(646)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders


($2,863)


($7,010)


($524)


($3,733)


($2,996)












 

 

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED EBITDAR FROM CONTINUING OPERATIONS

(Amounts in 000's)

(Unaudited)













For Three Months Ended












3/31/2013


6/30/2013


9/30/2013


12/31/2013


3/31/2014











Net Loss

($2,750)


($6,945)


($413)


($3,255)


($2,523)

  Impact of discontinued operations

700


1,365


603


1,308


508

Net (loss) income from continuing operations

(2,050)


(5,580)


190


(1,947)


(2,015)

  Interest expense, net

3,169


3,087


3,204


2,891


2,622

  Income tax expense (benefit) 

78


-


(54)


118


8

  Amortization of stock-based compensation

260


291


186


360


513

  Depreciation and amortization

1,721


1,779


1,796


2,465


1,857

  Acquisition costs, net of gains

91


486


33


(45)


-

  Derivative (gain) loss

(2,136)


1,947


(1,989)


(829)


-

  Loss on extinguishment of debt

2


25


6


77


583

  Loss on disposal of assets

-


4


6


-


-

  Audit committee investigation expense

1,134


848


302


102


-

    Reincorporation - Georgia

-


-


-


91


-

  Other expense (income) 

-


-


(15)


321


108

  Salary retirement and continuation costs

-


149


5


-


-

Adjusted EBITDA from continuing operations

2,268


3,036


3,668


3,605


3,676

  Facility rent expense

1,737


1,758


1,761


1,772


1,759

Adjusted EBITDAR from continuing operations

$4,005


$4,794


$5,430


$5,376


$5,435











 

 

 


ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

SUPPLEMENTARY SCHEDULES

(Unaudited)



2013

2014

End of Period Data

 Q1 

Q2

 Q3 

 Q4 

 12 Mo. YTD 

 Q1 








Number of Facilities







SNF







   Owned

23

23

23

23

23

23

   Leased

9

9

9

9

9

9

   Managed

10

10

10

10

10

3

ALF







   Owned

2

2

2

2

2

2

IL







   Managed

1

1

1

1

1

1

Total

45

45

45

45

45

38








Number of Operational Beds







SNF







   Owned

2,458

2,458

2,458

2,458

2,458

2,458

   Leased

1,090

1,090

1,090

1,090

1,090

1,090

   Managed

813

813

813

813

813

510

ALF







   Owned

112

112

112

112

112

112

IL







   Managed

83

83

83

83

83

83

Total at Period End

4,556

4,556

4,556

4,556

4,556

4,253

Total Weighted Average (d)

3,660

3,660

3,660

3,660

3,660

3,660








SNF + ALF % Owned

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

SNF + ALF % Leased

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%








Revenue Mix % (b)







   Skilled (c) 

32.8%

31.9%

29.3%

29.1%

30.8%

31.8%

   Medicaid

51.9%

53.0%

53.5%

53.1%

52.9%

52.2%

   Private + Other

15.3%

15.2%

17.2%

17.8%

16.3%

16.0%

Total

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%








Patient Days (b)







   Skilled (c) 

40,263

39,716

35,406

35,005

150,390

38,147

   Medicaid

174,003

179,659

182,886

179,693

716,241

177,323

   Private + Other

40,073

39,507

42,381

46,152

168,113

40,852

Total

254,339

258,882

260,673

260,850

1,034,744

256,322








Patient Day Mix % (a)







   Skilled (c) 

16.4%

15.9%

14.1%

13.9%

15.0%

15.4%

   Medicaid

70.2%

71.1%

71.8%

70.8%

71.0%

71.0%

   Private + Other

13.5%

13.0%

14.1%

15.3%

14.0%

13.6%

Total

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%








Revenue Rates Per Patient Day (a)







   Skilled (c) 

$441.07

$436.10

$444.21

$448.93

$442.33

$453.82

   Medicaid

$162.30

$160.96

$157.97

$160.00

$160.28

$161.12

   Private + Other

$177.30

$176.11

$176.89

$177.66

$177.02

$181.17

Weighted Average Total

$217.57

$214.58

$210.46

$211.55

$213.51

$217.45








Average Daily Census (b)







   Skilled (c) 

447

436

385

380

412

424

   Medicaid

1,933

1,971

1,988

1,953

1,962

1,970

   Private + Other

445

437

461

502

461

454

Total Average Daily Census

2,826

2,845

2,833

2,835

2,835

2,848








Occupancy (b)

77.2%

77.7%

77.4%

77.5%

77.5%

77.8%








(in thousands)







Total Revenue (b)

$54,680

$54,859

$54,254

$54,517

$218,310

$54,932

Adjusted EBITDAR (b)

$4,005

$4,794

$5,430

$5,376

$19,605

$5,435

Adjusted EBITDA (b)

$2,268

$3,036

$3,668

$3,605

$12,577

$3,676








(a) Skilled nursing only - excludes managed facilities

(b) AdCare consolidated excluding discontinued operations

(c) Skilled is defined as Medicare A + Managed Care RUGS

(d) Consists of weighted average beds of SNF + ALF owned and leased facilities

©2012 PR Newswire. All Rights Reserved.

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