American Retirement Reports Fourth Quarter Results.Business Editors NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--April 1, 2002 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Retirement Corporation (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ), a leading national provider of senior living housing and care, today reported fourth quarter and full year 2001 results. Results from operations continued to improve in both of the Company's business segments: Retirement Centers and Free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or AL's. However, charges related to financing transactions and development activities and other fourth quarter charges created a significant loss for the quarter and the year. This press release covers the Company's 2001 fourth quarter and full year financial results. A separate press release, also issued today, provides an update on the Company's refinancing Refinancing An extension and/or increase in amount of existing debt. plan. OPERATIONS Revenue The Company's revenue continued to grow rapidly for the fourth quarter and for the full year of 2001. Fourth quarter revenue increased by $9.3 million to $66.4 million, an increase of 16% when compared to fourth quarter 2000. Revenue grew by $50.1 million for the full year to $256.2 million, a 24% increase versus the same period of 2000. Both of the Company's business segments - Retirement Centers (the Company's large CCRC's, lifecare and independent living communities) and Free-Standing AL's (smaller free-standing assisted living as·sist·ed living 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) - increased revenue for the period. Retirement Centers produced approximately 50% of the revenue growth from the fourth quarter of 2000, even though the Company divested Rossmoor Rossmoor can refer to several places in the United States:
Community Net Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ) Net operating income ("NOI") from consolidated communities (community revenues minus community expenses before corporate overhead) was $19.2 million in the fourth quarter of 2001 versus $16.2 million in fourth quarter of 2000. For the full year of 2001, NOI reached $74.2 million, up from the prior year's $62.1 million. Both the fourth quarter and full year NOI are the highest levels ever achieved by the Company. The largest portion of the increase was attributable to the stable portfolio of Retirement Centers. Retirement Centers The Company's Retirement Centers (24 owned or leased Continuing Care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. Retirement Communities (CCRC's) and Congregate con·gre·gate tr. & intr.v. con·gre·gat·ed, con·gre·gat·ing, con·gre·gates To bring or come together in a group, crowd, or assembly. See Synonyms at gather. adj. 1. Gathered; assembled. 2. Care Communities) produced an 11% increase in revenue and a 12% increase in community-level NOI for the fourth quarter of 2001 when compared to the fourth quarter of 2000. For the full year the Retirement Centers produced a 15% increase in revenue and a 17% increase in NOI versus the prior year. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , revenue increased 2% and community-level NOI increased 8% for the fourth quarter of 2001 versus the third quarter. The quarterly revenue growth in this portfolio was driven by overall occupancy gains, particularly in recently completed expansions, and increased revenue per unit. At December December: see month. 31, 2001, occupancy at these core communities was at 94%, with 96% occupancy in independent living and 92% in assisted living and 86% in skilled nursing. The Retirement Center portfolio represents 75% of the Company's total unit capacity. Free-standing Assisted Living The Company's 34 Free-standing AL's - including those consolidated and not consolidated on the Company's financial statements - continued to show improvements resulting from increased occupancy. During the fourth quarter, the entire Free-standing AL portfolio achieved positive NOI for the first time, resulting from an aggregate occupancy that reached the 65% level by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . The 34 Free-standing AL's produced a 63% increase in revenue and a 130% improvement in community-level NOI from the fourth quarter of 2000 to the fourth quarter of 2001. Over the full year of 2001, the sequential One after the other in some consecutive order such as by name or number. quarterly NOI grew from a loss of $1.8 million in the first quarter to a positive $.6 million in the fourth. Same Community Results Another measure of a company's operating performance is its Same Community Results - the results of communities held for five or more quarters. The Company produced strong Same Community Results - a revenue increase of 11%, a community-level NOI increase of 21% and an increase in occupancy from 89% to 91% during the fourth quarter of 2001 versus the fourth quarter of 2000. While average monthly revenue per unit increased by 7.5%, the average expense per unit increased by only 3.3%. The Same Community Results, which exclude the effects of expansions and acquisitions within the past year, included 33 communities, four of which were added to the group in the fourth quarter of 2001. GENERAL AND ADMINISTRATIVE The Company's general and administrative (G & A) expenses for the fourth quarter of 2001 was $11.1 million. Included in the $11.1 million was a charge for a $2.5 million Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. claim review for 1998 for one community, which the Company is vigorously contesting. The Company also had a $3.4 million increase in accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. related to workers compensation and provisions for future general and professional liability costs, and to reflect changes in these programs. Excluding these items, the Company's G & A would have been $5.2 million for the fourth quarter, which is in line with prior quarters. The Company expects G & A to return to around the 6% of revenue level in the near future. OTHER ACTIVITIES Asset Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. During the quarter ended December 31, 2001, the Company recorded $6.3 million in charges related to properties held for development. These projects relate to CCRC Noun 1. CCRC - an agency in the Department of Defense that is a national center for research on all aspects of injury control and casualty care Casualty Care Research Center expansions and developments that are in various stages of pre-construction development, with activity consisting primarily of zoning and land-use permits, engineering and architectural planning and site testing. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of these projects has been subject to various delays and the projects are likely to be further delayed. As a result of these delays the Company recorded a $5.9 charge in the fourth quarter for certain capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. costs that were determined not to be recoverable. In addition, the Company recorded an additional $443,000 asset impairment charge related to three remaining vacant land parcels that were part of the Company's previously terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: free-standing assisted living development program. Sale Lease-back Transactions During November November: see month. 2001, the Company completed sale lease-back financing transactions on two of its Free-standing AL communities. The Company sold a 96-unit community in Arlington, Texas Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. According to a U.S Census Bureau release, as of July 1, 2006 Arlington has an estimated population of 367,197. for $10.6 million and a 78-unit community for $9.7 million and contemporaneously con·tem·po·ra·ne·ous adj. Originating, existing, or happening during the same period of time: the contemporaneous reigns of two monarchs. See Synonyms at contemporary. leased the properties back from the buyer under 15 year lease agreements, which contain two additional five-year renewal options and rights of first refusal to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. the communities. The leases also contain earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. clauses under which the Company may receive up to $4.0 million, based on the performance of the communities over the next three years. As a result of the earn-out provisions, these transactions were recorded as financing transactions for financial reporting purposes. The Company recognized a $918,000 loss on the sale of the two communities, net of estimated contingent earn-out payments of approximately $2.1 million. The Company used a portion of the sale proceeds to retire $16.6 million of debt associated with the properties. The Company views these lease transactions as long term financings. Although sale leaseback A transaction whereby land is sold and subsequently rented by the seller from the purchaser who is the new owner. accounting requires the immediate recognition of a loss in the amount of the difference between the sales prices and the Company's cost basis in the properties, the Company believes it will continue to derive long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. economic benefits from the assets in the form of future payments under the earn-out provisions as well as from anticipated improvement in operating results as the communities increase occupancy and performance. Losses Recorded as a Result of Other Refinancing Activities In conjunction with the Company's refinancing activities, the Company completed sale lease-backs of eight communities during the first quarter of 2002 and intends to enter into sale lease-back transactions for another six communities during the second quarter of 2002. Of these 14 communities, eight involved synthetic lease Synthetic Lease An operating lease that is structured in a way so that it is not recorded as a liability on the balance sheet. Instead, it is considered to be an expense on the income statement. structures that have been or will be terminated prior to closing. The transactions involving the eight communities will raise gross proceeds of approximately $76.2 million. In connection with the sale lease-back of these eight communities, the Company expects to recognize a loss of approximately $33.7 million. Because of the terms of the synthetic leases, these losses will be recorded as lease expense. Of the $33.7 million of non-cash losses, the Company recorded $7.9 million during the quarter ended December 31, 2001, and anticipates it will record the balance of approximately $25.8 million of additional lease expense during the first and second quarters of 2002 as the sale lease-back transactions are consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . The Company will not incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. any cash outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. in connection with the transactions, other than transaction expenses. Acquisition of Leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. Interests and Termination of Synthetic Leases As previously announced, in order to facilitate certain of its refinancing activities, the Company paid approximately $19.2 million to acquire all of the remaining leasehold interests of third parties in Free-standing AL's managed by the Company as of December 31, 2001. The Company financed these transactions through the issuance of approximately $17.2 million of long-term interest-only senior secured notes and approximately $1.9 million in cash. As a result, commencing January January: see month. 1, 2002, the Company will consolidate the operations of ten additional assisted living residences that were previously managed. These communities currently have approximately $20 million of in-place annual revenues and produce positive NOI. In addition, the Company is in the process of eliminating its synthetic lease structures. As described above, a number of these synthetic leases will be eliminated in connection with the closing of the sale-leaseback sale-lease·back n. See leaseback. transactions described above. The Company anticipates eliminating nearly all of its synthetic lease arrangements by the end of the second quarter and expects to incur only transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). in doing so. NET INCOME (LOSS) The Company's EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) (earnings before interest, taxes, depreciation, amortization and rent, including the $7.9 million of non-cash lease expense associated with the anticipated loss on sale from refinancings described above) was $7.5 million for the fourth quarter of 2001 compared to $11.9 million for the corresponding prior year period. Excluding the $6.3 million of asset impairments described above, the Company's EBITDAR would have been $13.8 million for the fourth quarter. As a result of all of the items described above, the Company experienced a loss for the quarter of $23.1 million or $1.34 per share compared to a loss of $4.1 million or $0.24 per share for the prior year period. For the full year, the Company experienced a loss of $34.9 million or $2.03 per share compared to a loss of $5.8 million or $0.34 per share for the prior year. The primary components of the loss for the fourth quarter were the $7.9 million and $.9 million of losses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc refinancings, $6.3 million for asset impairments and $5.9 million of increases to insurance and Medicare-related accruals. Excluding these items, the pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss from operations was $8.0 million, including $4.8 million of pre-tax start-up Start-up The earliest stage of a new business venture. losses associated with the Company's pre-stable Free-standing AL's and a $1.1 million loss from managed communities. Comments Commenting on the Company's results, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bill Sheriff said, "Our community-level results were solid. The Retirement Centers produced a 17% increase in NOI for the full year of 2001 over the same period of 2000. The consolidated Free-standing AL's improved their NOI by over $2.0 million for the full year and, importantly, achieved a positive NOI in the fourth quarter for the first time. We did struggle in the fourth quarter in our two managed entry fee communities due to the economy, post September September: see month. 11th concerns and, quite frankly, our own capital uncertainties. The first quarter of 2002 has seen a pick-up pick-up Noun 1. a small truck with an open body used for light deliveries 2. Informal a casual acquaintance made for a sexual purpose 3. Informal a. in the marketing activities of those two communities and as we make progress on our capital issues we believe their performance will return to normal." "Our operations are improving, but we expect to continue to see non-cash losses related to refinancings creating overall significant financial statement losses for the next several quarters. Keep in mind that the refinancing transactions include properties that have both gains and losses, but accounting rules require that the losses be recognized at the time of sale and that the gains are spread over the term of the lease. Also, the losses that are recognized from the refinancings do not involve any cash. In fact, we expect that current cash and cash equivalents, expected cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , and the proceeds from certain recently completed financings will be sufficient to fund operating requirements, capital expenditure requirements and periodic debt service requirements during 2002. We are focused on executing our Refinancing Plan in order to address the 2002 debt maturities." Mr. Sheriff continued. Further Information The Company's results are described in greater detail in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which was filed with the Securities and Exchange Commission on March 29, 2002. The Company also will file on April 1, 2002 a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the Securities and Exchange Commission, which includes supplemental information relating to the fourth quarter 2001 results. Company Profile American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer's Noun 1. Alzheimer's - a progressive form of presenile dementia that is similar to senile dementia except that it usually starts in the 40s or 50s; first symptoms are impaired memory which is followed by impaired thought and speech and finally complete helplessness care. The Company's strategy is to develop Senior Living Networks in major metropolitan regions. These networks are comprised of large continuing care retirement communities and smaller Free-standing assisted living residences located in the same markets. The Company believes that this hub and satellite approach produces management efficiencies and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" by offering a range of senior living arrangements at various price levels. American Retirement Corporation currently operates 65 senior living communities in 14 states with an aggregate capacity for approximately 14,300 residents. Approximately 92 percent of the Company's revenues come from private pay sources. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT This press release and statements made by or on behalf of American Retirement Corporation relating hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. , including, without limitation, the statements in the "Comments" section of this press release and all statements concerning the Company's future operations, and financial expectations and the Company's potential transactions, may be deemed to constitute forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be affected by certain risks and uncertainties, including the Company's significant leverage, the Company's ability to increase occupancy at the Company's communities (especially its Free-standing AL's), the Company's ability to improve the Company's results of operations, and reduce expenses, and the risk factors described in American Retirement Corporation's Annual Report on Form 10-K for the year ended December 31, 2001 under the caption "Risk Factors" and in American Retirement's other filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, American Retirement Corporation's actual results could differ materially from such forward-looking statements. American Retirement Corporation does not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
AMERICAN RETIREMENT CORPORATION
CONSOLIDATED FINANCIAL STATEMENT DATA
Statement of Operations Data Twelve Months Ended Increase (Decrease)
Dec. 31, Dec. 31, -------------------
2001 2000 $ %
-----------------------------------------
(in thousands, except per share data)
Revenues:
Resident and health care $ 253,920 $ 200,805 $ 53,115 26.5%
Management services:
Freedom Square and Freedom
Plaza Peoria (100) 1,492 (1,592) -106.7%
Managed with purchase
rights 962 1,615 (653) -40.4%
Other 1,387 1,301 86 6.6%
-----------------------------------------
Total management fees 2,249 4,408 (2,159) -49.0%
Development fees:
Company initiated
development projects -- 73 (73) -100.0%
Other 47 828 (781) -94.3%
-----------------------------------------
Total development fees 47 901 (854) -94.8%
-----------------------------------------
Total revenues 256,216 206,114 50,102 24.3%
Expenses:
Community operating expense 179,718 138,670 41,048 29.6%
General and administrative 29,297 19,420 9,877 50.9%
Lease expense:
Synthetic leases 17,994 6,225 11,769 189.1%
REIT leases 10,575 6,774 3,801 56.1%
Other 6,798 5,268 1,530 29.0%
-----------------------------------------
Total lease expense, net 35,367 18,267 17,100 93.6%
Depreciation and
amortization 21,717 17,142 4,575 26.7%
Asset impairment and other
loss 6,343 -- 6,343 --
-----------------------------------------
Total operating expenses 272,442 193,499 78,943 40.8%
-----------------------------------------
Operating income (16,226) 12,615 (28,841) -228.6%
-----------------------------------------
EBITDAR 47,201 48,024 (823) -1.7%
-----------------------------------------
Other income (expense):
Interest expense (38,135) (36,517) 1,618 4.4%
Interest income 10,540 14,791 (4,251) -28.7%
Gain (loss) on sale of
assets (1,005) 267 (1,272) -476.4%
Equity in loss of special
purpose entities (5,029) (2,234) (2,795) 125.1%
Lease income 2,852 1,348 1,504 111.6%
Other 623 (476) (1,099) -230.9%
-----------------------------------------
Other expense, net (30,154) (22,821) 7,333 32.1%
Loss from operations
before income taxes,
minority interest
and extraordinary loss on
extinguishment of debt,
net of tax (46,380) (10,206) (36,174) 354.4%
Income tax benefit (11,837) (3,523) (8,314) 236.0%
-----------------------------------------
Loss from operations
before minority interest
and extraordinary
loss on extinguishment of
debt, net of tax (34,543) (6,683) (27,860) 416.9%
Minority interest in
(earnings) losses of
consolidated subsidiaries,
net of tax (92) 961 (1,053) -109.6%
-----------------------------------------
Income (loss) from
operations before
extraordinary loss on
extinguishment of debt,
net of tax (34,635) (5,722) (28,913) 505.3%
Extraordinary loss on
extinguishment of debt,
net of tax (287) (124) (163) 131.5%
-----------------------------------------
Net loss $ (34,922) $ (5,846) $ (29,076) 497.4%
=========================================
-----------------------------------------
EPS per diluted share $ (2.03) $ (0.34)
=====================
Cash EPS per diluted share (1) $ 0.13 $ 0.65
=====================
Weighted average diluted shares 17,206 17,086
(1) EPS from operations plus depreciation, amortization and
asset impairment and other loss, gain (loss) on sale of
assets, plus the $7.9 million of synthetic lease expense
related to residual value guarantees, per diluted share
(before extraordinary loss on extinguishment of debt, net of
tax)
Three Months Ended Increase (Decrease)
Statement of Operations Data Dec. 31, Dec. 31, --------------------
2001 2000 $ %
-----------------------------------------
(in thousands, except per share data)
Revenues:
Resident and health care $ 67,023 $ 55,433 $ 11,590 20.9%
Management services:
Freedom Square and Freedom
Plaza Peoria (1,099) 945 (2,044) -216.3%
Managed with
purchase rights 65 465 (400) -86.0%
Other 426 285 141 49.5%
-----------------------------------------
Total management services (608) 1,695 (2,303) -135.9%
Development services - 15 - -
-----------------------------------------
Total revenues 66,415 57,143 9,302 16.3%
Expenses:
Community operating expense 47,798 39,212 8,586 21.9%
General and administrative 11,135 6,039 5,096 84.4%
Lease expense:
Synthetic leases 10,029 2,285 7,744 338.9%
REIT leases 2,688 2,041 647 31.7%
Other 1,982 1,344 638 47.5%
-----------------------------------------
Total lease expense, net 14,699 5,670 9,029 159.2%
Depreciation and
amortization 6,098 4,553 1,545 33.9%
Asset impairment and
other loss 6,343 - 6,343 -
-----------------------------------------
Total operating expenses 86,073 55,474 24,256 43.7%
-----------------------------------------
Operating income (19,658) 1,669 (21,327) -1277.8%
-----------------------------------------
EBITDAR 7,482 11,892 (4,410) -37.1%
-----------------------------------------
Other income (expense):
Interest expense (10,079) (10,044) 35 0.3%
Interest income 1,939 3,618 (1,679) -46.4%
Equity in loss of special
purpose entities (2,077) (1,652) 425 -
Gain (loss) on sale of assets (824) - 824 -
Other 1,620 154 1,466 951.9%
-----------------------------------------
Other expense, net (9,421) (7,924) 1,497 18.9%
Loss from operations before
income taxes, minority
interest and
extraordinary loss (29,079) (6,255) (22,824) -364.9%
Income tax benefit (6,128) (2,189) 3,939 179.9%
-----------------------------------------
Net loss before minority
interest and
extraordinary loss (22,951) (4,066) (18,885) -464.5%
Minority interest in losses
of consolidated subsidiaries,
net of tax 2 (6) 8 133.3%
-----------------------------------------
Loss from operations before
extraordinary loss on
extinguishment of debt,
net of tax (22,949) (4,072) (18,877) 463.6%
Extraordinary loss on
extinguishment of debt,
net of tax (109) - (109) -
-----------------------------------------
Net loss $ (23,058) $ (4,072) $ (18,986) -466.3%
=========================================
-----------------------------------------
EPS per diluted share $ (1.34) $ (0.24)
=========================================
Cash EPS per diluted share (1) $ (0.11) $ 0.03
=========================================
Weighted average diluted shares 17,248 17,037
(1) EPS from operations plus depreciation, amortization and
asset impairment and other loss, gain (loss) on sale of
assets, plus the $7.9 million of synthetic lease expense
related to residual value guarantees, per diluted share
(before extraordinary loss on extinguishment of debt, net
of tax)
------------------------------------------------------------------------
December 31 December 31,
Selected Balance Sheet Data 2001 2000
-----------------------------------------
(in thousands)
Cash and cash equivalents $ 19,334 $ 19,850
Working capital (375,831) 14,280
Land, buildings and equipment, net 525,174 473,062
Total assets 850,191 792,480
Long-term debt, including current portion 562,125 483,690
Refundable portion of life estate fees 46,309 44,739
Shareholders' equity 107,548 141,957
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