ATRIA COMMUNITIES ANNOUNCES THIRD QUARTER RESULTS.LOUISVILLE Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky.--(BUSINESS WIRE)--Oct. 20, 1997--Atria
Communities, Inc. (Nasdaq/NM:ATRC ATRC Adaptive Technology Resource Centre (Canada)ATRC Assistive Technology Resource Center ATRC Aegis Training and Readiness Center ATRC Advanced Television Research Consortium ATRC Alien Terrorist Removal Court ATRC Against the Rest Crew ) today reported increased revenues and net income for the third quarter and for the nine months ended September September: see month. 30, 1997. Revenues for the third quarter totaled $17.7 million compared with $13.0 million in the year-earlier period. Excluding the effect of non-recurring transactions, net income for the third quarter amounted to $2.0 million, or $0.09 per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to $1.2 million, or $0.10 per share fully diluted, in the year-earlier period. Revenues for the first nine months totaled $48.9 million, compared with $38.5 million in the year-earlier period. Excluding non-recurring transactions and extraordinary items, income for the first nine months amounted to $5.1 million, or $0.27 per share fully diluted, compared to $3.6 million, or $0.32 per share fully diluted, in the year-earlier period. For the nine months ended September 30, 1997, the Company recorded an extraordinary loss of $199,000, or $0.01 per share fully diluted, related to the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Non-recurring charges related to the settlement of certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. reduced net income for the nine months ended September 30, 1996 by $630,000 or $0.05 per share fully diluted. The increases in the number of shares for the three and nine months ended September 30, 1997 principally reflect the Company's offerings in August 1996 and July July: see month. 1997. Share and per share data are presented on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis because Atria Atria The heart has four chambers. The right and left atria are at the top of the heart and receive returning blood from the veins. The right and left ventricles are at the bottom of the heart and act as the body's main pumps. was a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Vencor, Inc. (NYSE NYSE See: New York Stock Exchange :VC) prior to the offering. "The third quarter was highlighted by a number of significant developments related to Atria's ongoing progress," remarked W. Patrick Mulloy You can improve this article by adding links to related material, within the existing text. After links have been created, remove this message. For more information, see the . n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities has continued to accelerate. At the end of the quarter, we were operating 37 communities comprising approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3,890 units. This is a marked increase compared with our operating base a year ago that encompassed 22 communities with approximately 3,000 units. We currently have 46 new sites under development. We expect to open seven communities during the fourth quarter and plan on an active pattern of completions throughout 1998." Mulloy noted that during the third quarter Atria successfully completed a secondary stock offering that provided approximately $91.0 million in additional equity capital. He said, "Shortly after the close of the quarter, we enhanced our capital resources further through a private placement of $125.0 million of convertible subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes with a 5% coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer . We have an exciting opportunity to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the increasing demand nationwide for assisted living communities. Our goal is to maintain a flexible financial structure that enables us to fund our aggressive development plans and clearly establishes Atria as a leader in this industry." Atria, based in Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). , is a leading national provider of assisted and independent living services for the elderly. -0-
ATRIA COMMUNITIES, INC.
Condensed Consolidated Financial Results
(Unaudited)
Three Months Ended
September 30,
1997 1996
Revenues $17,731,000 $13,038,000
Net income:
Excluding non-recurring transactions 2,048,000 1,212,000
Non-recurring transactions - --
Extraordinary loss on debt extinguishment - --
Net income $ 2,048,000 $ 1,212,000
Earnings per common share:
Primary:
Excluding non-recurring transactions $ 0.09 $ 0.10
Non-recurring transactions - -
Extraordinary loss on debt extinguishment - -
Net income $ 0.09 $ 0.10
Fully diluted:
Excluding non-recurring transactions $ 0.09 $ 0.10
Non-recurring transactions - -
Extraordinary loss on debt extinguishment - -
Net income $ 0.09 $ 0.10
Shares used in computing earnings per
common share:
Primary 23,667 12,595
Fully diluted 23,726 12,595
Nine Months Ended
September 30,
1997 1996
Revenues $48,930,000 $38,486,000
Net income:
Excluding non-recurring transactions 5,105,000 3,576,000
Non-recurring transactions - (630,000)
Extraordinary loss on debt extinguishment (199,000) --
Net income $ 4,906,000 $ 2,946,000
Earnings per common share:
Primary:
Excluding non-recurring transactions $ 0.27 $ 0.32
Non-recurring transactions - (0.05)
Extraordinary loss on debt extinguishment (0.01) -
Net income $ 0.26 $ 0.27
Fully diluted:
Excluding non-recurring transactions $ 0.27 $ 0.32
Non-recurring transactions - (0.05)
Extraordinary loss on debt extinguishment (0.01) -
Net income $ 0.26 $ 0.27
Shares used in computing earnings per
common share:
Primary 18,826 11,008
Fully diluted 18,990 11,008
Atria Communities, Inc.
Consolidated Statement of Income
(Unaudited)
(In thousands except per share amounts and statistics)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $17,731 $13,038 $48,930 $38,486
Salaries, wages and benefits 7,368 5,253 19,874 14,657
Supplies 1,679 1,233 4,487 3,683
Rent 156 114 358 313
Depreciation and amortization 1,840 1,123 4,963 3,748
Non-recurring transactions - - - 1,050
Other operating expenses 3,526 2,750 9,695 7,679
14,569 10,473 39,377 31,130
Operating income 3,162 2,565 9,553 7,356
Interest expense 862 966 3,272 2,999
Investment income (1,108) (404) (2,214) (513)
Income before income taxes 3,408 2,003 8,495 4,870
Provision for income taxes 1,360 791 3,390 1,924
Net income before extraordinary
loss 2,048 1,212 5,105 2,946
Extraordinary loss on
extinguishment of debt - - (199) -
Net income $ 2,048 $ 1,212 $ 4,906 $ 2,946
Earnings per common share:
Primary:
Income before extraordinary
loss $ 0.09 $ 0.10 $ 0.27 $ 0.27
Extraordinary loss on
extinguishment of debt - - (0.01) -
Net income $ 0.09 $ 0.10 $ 0.26 $ 0.27
Fully diluted:
Income before extraordinary
loss $ 0.09 $ 0.10 $ 0.27 $ 0.27
Extraordinary loss on
extinguishment of debt - - (0.01) -
Net income $ 0.09 $ 0.10 $ 0.26 $ 0.27
Shares used in computing
earnings per common share:
Primary 23,667 12,595 18,826 11,008
Fully diluted 23,726 12,595 18,990 11,008
Average occupancy 88.7% 96.2% 90.1% 95.8%
Number of communities 37 22 37 22
Number of units 3,890 3,022 3,890 3,022
CONTACT: Atria Communities Inc., Louisville J. Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. Wesley, 502/596-7178 |
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