Financial Results for Third-Quarter 2010
Sunrise reported revenues of $383.3 million in the third quarter of 2010 as compared to $361.5 million for the third quarter of 2009. Net income for the third quarter of 2010 was $18.7 million, or $0.33 per fully diluted share, as compared to net loss of ($44.4) million, or ($0.88) per fully diluted share, for the third quarter of 2009. For the third quarter of 2010, net income from operations was $24.8 million, which includes $40 million in buyout fees related to the HCP transaction described below, as compared to a net loss from operations of ($32.3) million in the third quarter of 2009. Excluding the $40 million in buyout fees and adding back non-cash charges including depreciation and amortization of $12.1 million, allowance for uncollectable receivables from owners of $1.4 million, stock compensation of $0.9 million and impairment of long-lived assets of $1.3 million, as well as residual costs associated with the SEC investigation of $0.3 million and restructuring costs of $1.2 million, the adjusted income from ongoing operations was $2.0 million as compared to a loss of ($7.5) million in the third quarter of 2009. Adjusted 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. For a reconciliation of these items, please refer to the attached table "Adjusted Income from Ongoing Operations."
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