Acadia Healthcare Company, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Acadia Healthcare Company, Inc. on October 17, 2012. The filing addresses an update to historical financial statements in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 205-20 regarding "Discontinued Operations."
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it details a reclassification of financial data. The Company disposed of its PsychSolutions facility in Miami, Florida, in June 2012. Consequently, the results of these operations are now reported as discontinued operations, net of applicable income taxes, for all periods presented in the 2011 Form 10-K and the 2012 Form 10-Q.
Material Changes Versus Prior Period
The primary material change is the reclassification of the PsychSolutions facility results from continuing operations to discontinued operations in previously issued financial statements. The filing explicitly states that this reclassification has no effect on the Company's reported net income and is not a restatement of the 2011 Form 10-K. All other items in the 2011 Form 10-K remain unchanged.
Guidance, Outlook, and Management Commentary
Management commentary is limited to the explanation of the accounting standard compliance. The filing notes that the reclassification is required by SEC rules for financial statements incorporated by reference in subsequent filings, even for periods prior to the exit of the operations. No new guidance, outlook, risks, or contingencies are introduced in this specific report.
Investor Verification Checklist
- Verify the reclassification of PsychSolutions results to discontinued operations in the re-issued 2011 Form 10-K (Items 6, 7, and 8).
- Confirm that reported net income remains unchanged despite the reclassification.
- Review the attached exhibits (99.1, 99.2, 99.3) for the specific updated financial data tables.
- Ensure subsequent filings (10-Q for periods ended March 31, 2012, and June 30, 2012) are read in conjunction with this update.