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

counts of $2.0 million, write-off of capitalized project costs of $1.4 million and impairment of long lived assets of $25.0 million, adjusted income from ongoing operations is $10.0 million. 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 "Income from Ongoing Operations."

Cash and Liquidity Update

As previously announced, on April 28, 2009, Sunrise entered into the Twelfth Amendment to the Bank Credit Facility. Sunrise has reduced outstanding borrowings on its Bank Credit Facility with its $20.8 million from federal tax refunds, $1 million of the proceeds from the sale of its equity interest and receivable from the Aston Gardens venture, and in June 2009, $2.5 million of the proceeds from a settlement agreement with Trinity Hospice's prior owners. On June 30, 2009, Sunrise had under its Bank Credit Facility outstanding borrowings of $69.2 million and outstanding letters of credit of $23.9 million. Sunrise has no borrowing availability under the Bank Credit Facility.

Sunrise had $37.0 million and $29.5 million of unrestricted cash at June 30, 2009 and December 31, 2008, respectively. As of June 30, 2009, Sunrise and its consolidated subsidiaries had debt of $614.5 million, of which $99.1 million of debt is scheduled to mature in 2009, along with $69.2 million of draws on the Bank Credit Facility. Long-term debt that is in default totals $360.4 million, including $190.2 million of debt that is in default as a result of the f
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SOURCE Sunrise Senior Living, Inc.
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