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Sunrise Reports Financial Results for Fourth Quarter and Full-Year 2008
Date:3/2/2009
- In discussions with lenders to restructure debt -
MCLEAN, Va., March 2 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the fourth quarter and the full-year 2008. Sunrise will host a conference call and webcast Monday, March 2, 2009, at 9:00 a.m. ET, to discuss the financial results.
"Championing quality of life for seniors has been Sunrise's mission since 1981, and the delivery of high-quality care and service to more than 50,000 seniors remains our primary goal. Our 2008 Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission described a very challenging 2008 at Sunrise, while also pointing to the continued overall strong demand for our core senior living services," said Mark Ordan, Sunrise's chief executive officer. "Without ever diminishing our legendary care for our residents, we are fully engaged in a process seeking to restructure Sunrise, our obligations and how we operate. We think all of our stakeholders could benefit from such a restructuring but we cannot assure anyone of the outcome of our efforts."
Financial Results for Fourth-Quarter and Full-Year 2008
The Company reported revenues of $435.6 million and $1.7 billion for the fourth quarter and twelve months ended December 31, 2008, respectively, as compared to $403.0 million and $1.6 billion for the fourth quarter and twelve months ended December 31, 2007. Net loss for the fourth quarter and twelve months ended December 31, 2008 was $305.6 million and $439.2 million, or $6.07 and $8.72 per fully diluted share, respectively, as compared to net loss of $124.0 million and $70.3 million, or $2.48 and $1.41 per fully diluted share, for the fourth quarter and twelve months ended December 31, 2007, respectively. The loss before
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