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Sunrise Reports Financial Results for Second-Quarter 2009
Date:8/6/2009

MCLEAN, Va., Aug. 6 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the second quarter of 2009. Sunrise will host a conference call and webcast Thursday, August 6, 2009, at 9:00 a.m. ET, to discuss the financial results.

"Our restructuring activities have progressed and we have seen signs of progress in expense controls. In recent weeks we have seen a modest lift in occupancy," said Mark Ordan, Sunrise's chief executive officer. "While we are pleased by these accomplishments, we have much more to do and our organization is fully committed to this task."

Financial Results for Second-Quarter 2009

Sunrise reported revenues of $380.9 million for the second quarter of 2009, as compared to $411.3 million for the second quarter of 2008. Net loss for the second quarter of 2009 was ($81.8) million, or ($1.62) per fully diluted share, as compared to net loss of ($31.8) million, or ($0.63) per fully diluted share, for the second quarter of 2008.

Included in the loss from discontinued operations of ($46.9) million for the three months ended June 30, 2009, is an operating loss of approximately $8 million, as well as an impairment loss of $52.4 million, both relating to Sunrise's nine German communities, which are now considered assets held for sale. Also included in discontinued operations is a $7.1 million gain from the settlement between us and the previous owners of Trinity.

In the second quarter, net loss from operations for the three months ended June 30, 2009, was ($43.2) million. Excluding SEC investigation costs of $1.2 million and restructuring costs of $9.2 million and non-cash charges including depreciation and amortization of $14.4 million, the provision for doubtful ac
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SOURCE Sunrise Senior Living, Inc.
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