Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the third quarter of 2009. Sunrise will host a conference call and webcast Monday, November 9, 2009, at 9:00 a.m. ET, to discuss the financial results.
"We are pleased with the restructuring progress we have made but not with our financial performance," said Mark Ordan, Sunrise's chief executive officer. "We are dedicated to matching our sector-leading brand and care with profitable results."
Financial Results for Third-Quarter 2009
Sunrise reported revenues of $382.6 million for the third quarter of 2009, as compared to $412.6 million for the third quarter of 2008. Net loss for the third quarter of 2009 was ($44.4) million, or ($0.88) per fully diluted share, as compared to net loss of ($68.7) million, or ($1.36) per fully diluted share, for the third quarter of 2008. The loss before income taxes and discontinued operations for the third quarter of 2009 was ($37.8) million as compared to loss before income taxes and discontinued operations for the third quarter of 2008 of ($70.9) million.
In the third quarter, net loss from operations for the three months ended September 30, 2009, was ($33.9) million. Adding back non-recurring items including the SEC investigation costs of $1.1 million and restructuring costs of $9.0 million, and non-cash charges including depreciation and amortization of $11.7 million, the provision for doubtful accounts of $0.3 million, write-off of capitalized project costs of $0.7 million and impairment of long-lived assets of $9.9 million, adjusted loss from ongoing operations was ($1.3) million. Adjusted (loss) income from ongoing operations is a measure of operating performance that is not calculated in accordance with U.S. GAAP and should not be considered as a substitute for income or loss from operations or net income or loss. Adjusted income from ongoing operations is used by management to focus on income generated from the ongoing operations of the Company and to help management assess if adjustments to current spending decisions are needed. It is not calculated in accordance with U.S. generally accepted accounting principles and should not be considered as a substitute for income/loss from operations or net income/loss. For a reconciliation of these items, please refer to the attached table "Adjusted (Loss) Income from Ongoing Operations."
Cash and Liquidity Update