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Sunrise Reports Preliminary Selected Financial and Operating Data for Third-Quarter 2007
Date:11/9/2007

communities. Accordingly, the Company expects to record a pre-tax charge of $30 million in the third quarter of 2007. No assurance can be given that additional pre-tax charges will not be required in subsequent periods.

Due to the pending restatement of its historical financial statements, the Company has not completed closing its books for any period subsequent to 2005. The anticipated pre-tax charge-off amounts described above are therefore preliminary and have not been reviewed or audited by Ernst & Young LLP. As such, this information is not final or complete and remains subject to change, possibly materially.

Restatement Update

The Company also provided an update on its pending financial restatement. Sunrise is unable at this time to provide the precise impacts of the restatement because the restatement has not yet been finalized, but currently estimates that the cumulative impact of the previously disclosed restatement issues will reduce net income for all periods impacted, including 1999 through 2005, by approximately $130 million, excluding the impact of the stock option adjustments described below. The increase from the previously disclosed range of $120 million to $125 million is due to a number of miscellaneous adjustments.

Approximately 40 percent of the $130 million estimated cumulative net income impact of the restatement adjustments (excluding stock option expense, described below) relates to periods prior to 2003 and, therefore, will be reflected as a reduction in the opening balance of retained earnings for 2003 in the Company's restated financial statements when filed. The Company continues to expect that the substantial majority of the cumulative impact reflected in this range will be recaptured during the three-year period 2006- 2008. Over half of the cumulative net income impact of the real estate adjustments amount has already been recaptured for the period through September 30, 2007 due to expiration of guarantees, refi
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SOURCE Sunrise Senior Living, Inc.
Copyright©2007 PR Newswire.
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