Exhibit 99.1

Investor Contact:

Andrew McWilliams

Media Contact:

Joy Sutton

 

(615) 732-1385

 

(615) 587-7728

 

IR@contactAAC.com

 

Mediarequest@contactAAC.com

 

 

 

 

 

AAC Holdings, Inc. Reports Second Quarter 2019 Results

BRENTWOOD, Tenn., August 30, 2019 - AAC Holdings, Inc. (NYSE: AAC) (“the Company” or “AAC”) announced financial results for the second quarter and six months ended June 30, 2019, as well as updated 2019 guidance.

Second Quarter 2019 Operational and Financial Highlights:

(All comparisons are to first quarter ended March 31, 2019, unless otherwise noted)

 

Total revenues improved by 13% to $62.7 million

 

Total inpatient census improved by 8% to 802 from 740

 

New admissions improved 4% to 4,830 from 4,641

 

Average daily inpatient revenue improved 17% to $790 from $674

 

Net loss attributable to AAC Holdings, Inc. common stockholders decreased 25% to $16.4 million, or $(0.66) per diluted common share from $22.0 million, or $(0.90) per diluted share.

 

Adjusted EBITDA improved by 144% to $2.9 million compared to $(6.5) million (see non-GAAP reconciliation herein).

“Despite the challenges we faced last year, we continue to see positive momentum in 2019 and believe that we will see continued improvement throughout the remainder of 2019,” said Michael Cartwright, AAC Chairman & Chief Executive Officer. “Inpatient census has been improving throughout 2019 and is up by 38% at June 2019 compared to December 2018. The initiatives in sales and marketing continue to show positive results as we continue to enhance our community and online outreach to those who need our help.”

“The expense savings initiatives implemented in late 2018 and in the first quarter of 2019 are having a positive impact. Operating expenses have decreased by 18% or $15 million, for the second quarter of 2019 compared to the second quarter of 2018.” Cartwright said.

Cartwright added, “We are considering initial proposals from third party investment firms as a result of the strategic transaction process being led by Cantor Fitzgerald & Co. and as we continue to show sequential improvement in our operating results we are excited optimistic about the investment interest in our Company and are engaged in talks with numerous well-regarded financing sources.”

Cost Savings Initiatives

The Company enacted a series of cost savings initiatives beginning during the fourth quarter of 2018 and continuing into 2019. These initiatives have included reductions in the Company’s corporate expenses, consolidation of its Las Vegas market, consolidation of the its southern California market, the sale of the Company’s New Orleans operations,

 

 


The following information was filed by Aac Holdings, Inc. (AAC) on Friday, August 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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