Sunrise Senior Living, Incorporated (SRZ)

[califax]

Sunrise Reports Financial Results for First-Quarter 2009

Date : 05/08/2009 @ 7:00AM
Source : PR Newswire
Stock : Sunrise Senior Living (SRZ)

http://ih.advfn.com/p.php?pid=nmona&cb=1242480021&article=37632120&symbol=NY%5ESRZ

MCLEAN, Va., May 8 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE:SRZ) today reported financial results and operating data for the first quarter of 2009. Sunrise will host a conference call and webcast Friday, May 8, 2009, at 9:00 a.m. ET, to discuss the financial results.

"We are pleased with our restructuring efforts and the steps we have taken to date to put the company on more solid footing," said Mark Ordan, Sunrise's chief executive officer. "We remain especially focused on strengthening our core business, selling cash-draining non-core assets, eliminating non-core activities, shoring up our liquidity, and securing additional capital. Throughout our restructuring efforts, we have never, and will never, make decisions that take away from our mission or the seniors we serve as we move toward profitability."

Financial Results for First-Quarter 2009

Sunrise reported revenues of $404.4 million for the first quarter of 2009, as compared to $413.5 million for the first quarter of 2008. Net loss for the first quarter of 2009 was ($18.2) million, or ($0.36) per fully diluted share, as compared to net loss of ($33.1) million, or ($0.66) per fully diluted share, for the first quarter of 2008. The loss before income taxes and discontinued operations for the first quarter of 2009 was ($35.7) million as compared to loss before income taxes and discontinued operations for the first quarter of 2008 of ($39.2) million. The operations of Sunrise's former hospice subsidiary (which ceased operations in December 31, 2008) and the operations of Sunrise's Greystone subsidiary (which was sold on March 18, 2009) are reported as discontinued operations. During the first quarter of 2009, Sunrise recorded net income from discontinued operations of $14.0 million primarily from the sale of Greystone.

Also during the first quarter of 2009, a venture in which Sunrise is a 20-percent member, sold three of its UK communities to a venture in which Sunrise has a 10-percent interest. As a result of these sales, Sunrise recorded its share in earnings of $19.0 million.

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