American Retirement Reports Improved Fourth Quarter and Full Year 2003 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)--March 4, 2004 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 its financial results for the year ended December December: see month. 31, 2003. Highlights of the year and quarter were: -- The Company increased revenue by $40 million to $368 million, a 12% increase, for the full year of 2003. -- 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. improved by $59 million to $15 million for 2003 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $45 million for all of 2002. -- The Company reported positive Free Cash Flow for the fourth quarter. -- The Company's 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 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 ("Free-standing AL's") produced $10 million of additional operating contribution for 2003, which was an 80% incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. margin on the revenue increase for the year. -- Average overall occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy rose to 91% from 88% over the last year. -- The Free-standing AL's full-year results were driven by an 11% increase in average occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. units and a 7% increase in average revenue per occupied unit. -- The Company's large retirement communities' ("Retirement Centers") full-year results were driven by a 4% increase in average occupied units and a 5% increase in average revenue per occupied unit. -- In the fourth quarter, revenue hit nearly $96 million, aggregate operating contribution from all of the Company's business segments was almost $32 million and operating income was over $4 million. -- The Company lost $17 million during 2003 as compared with a loss of $95 million during 2002 and the net loss for the fourth quarter of 2003 was $7 million. -- Lease expense increased by $3 million and interest expense decreased by $5 million from the third quarter to the fourth quarter of 2003 as a result of a refinancing Refinancing An extension and/or increase in amount of existing debt. completed at the end of the third quarter and the leasing of two Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). communities that were previously managed in August 2003. Total revenue for the fourth quarter grew by $9.6 million to $95.7 million, an increase of 11% when compared to fourth quarter 2002. For the full year, total revenue grew by $39.5 million to $368.1 million, an increase of 12% when compared to full year 2002. The Company reported a fourth quarter loss of $6.7 million versus a fourth quarter prior year loss of $14.7 million. For the full year, the Company narrowed its loss to $17.3 million compared to a loss of $94.8 million for full year 2002. Bill Sheriff, Chairman, President and 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. of American Retirement, commented, "The year 2003 was a very successful year for us. The fourth quarter was our 16th consecutive quarter of increased revenue. Our Retirement Centers continued to produce strong operating contribution and cash flow. Overall, our Free-standing AL portfolio is currently 84% occupied. As such, the Free-standing AL's have reached the inflection point Inflection Point An event that changes the way we think and act. -Andy Grove, Founder of Intel. Notes: For example, the fall of the Berlin Wall was an inflection point in global politics and the commercialization of the Internet was an inflection point in technology. where incremental revenue flows in large part to the bottom line. For 2003, revenue at our Free-standing AL's increased $12.4 million and their operating contribution increased by $10.0 million - an incremental margin of 80%. We also achieved significant progress in improving our capital structure with the refinancing of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 40% of our 19.5% mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. debt." He added, "We ended the year with a solid fourth quarter. With the occupancy for all of our Retirement Centers, including those that we manage, ending at 95%, we made significant progress from the first quarter of the year when we were more negatively affected by economic and world events. In the second half of the year, we saw rates increasing materially in the Free-Standing AL's, really for the first time, as indications grow that the assisted living business across the country is approaching some stability. Overall, given our fourth quarter run rate, we are excited to get to work on what we expect to be a promising 2004." OPERATIONAL HIGHLIGHTS The Company operates in three business segments: Retirement Centers, Free-standing AL's and Management Services. The Retirement Centers include CCRCs (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 centers), Entrance-Fee Communities ("EF Communities") 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. living residences. The Retirement Centers are established communities with strong reputations within their respective markets. Free-standing AL's are smaller than Retirement Centers and provide assisted living and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care such as 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 and memory enhancement programs. The Management Services segment includes fees from management agreements for communities owned by others and reimbursed expenses. Retirement Centers Revenue from Retirement Centers rose 10%, or $6.8 million, to $72.7 million in the fourth quarter of 2003 from $65.9 million for the same prior-year period. For full-year 2003, revenue from Retirement Centers increased 9%, or $23.8 million, to $279.3 million from $255.6 million for 2002.
Retirement Centers ($ in 000's): Three Months Ended
-------------------------------- -----------------------------------
Dec 31, Dec 31, $ %
2003 2002 Change Change
-------- -------- -------- --------
Community Revenue $72,746 $65,983 $6,763 10%
Community Operating
Contribution(1) $25,133 $19,892 $5,241 26%
Twelve Months Ended
-----------------------------------
Dec 31, Dec 31, $ %
2003 2002 Change Change
-------- ------- -------- --------
Community Revenue $279,329 $255,562 $23,767 9%
Community Operating
Contribution(1) $92,701 $81,873 $10,828 13%
(1) The Company evaluates the performance of its business segments,
primarily, based upon their operating contributions, which the
Company defines as revenue from the segment less operating
expenses associated with that segment.
The 27 Retirement Centers produced an increase in revenue and operating contribution largely through increases in occupancy and revenue per unit. While the number of units increased due to the August 2003 lease of two Alabama communities previously managed by the Company, at December 31, 2003, overall occupancy at the Retirement Centers was at 94%, with 96% occupancy in independent living, 93% in assisted living and 91% in skilled nursing. Average monthly revenue per occupied unit increased 6.0% to $3,204 by year end due to rate increases in monthly service fees, 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. rates, per diem per diem adj. or n. Latin for "per day," it is short for payment of daily expenses and/or fees of an employee or an agent. rates in skilled nursing and turnover of residents (reselling or reletting units at higher current rates). Additionally, increased ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services, such as therapy, contributed materially to the increased revenue per unit. The operating contribution for Retirement Centers reached the $25 million mark in the fourth quarter of 2003, a 34.5% margin. For the full year, the operating contribution for this segment was $92.7 million, a 33.2% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . The incremental operating margin on the fourth quarter's revenue increase was 77.5%. Five of the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Retirement Centers are EF Communities that collect entry-fee deposits upon initial occupancy. In the fourth quarter of 2003, the Company sold 64 entry-fee units at these EF Communities, producing $9.1 million of gross proceeds or $6.2 million after refunds to previous residents. For the full year of 2003, the Company sold 226 entry-fee apartments at these EF Communities, producing $32.2 million of gross proceeds or $20.5 million after refunds to previous residents. In 2002, the Company sold 199 entry-fee apartments for $17.2 million, net of refunds. Free-standing AL's The Company currently operates 28 Free-standing AL's, excluding three communities which have been segregated as being held for sale and have been treated as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and two joint venture communities. Revenue from Free-standing AL's jumped 12% to $20.4 million in 2003's fourth quarter compared with last year's fourth quarter revenue of $18.2 million. Revenue from Free-standing AL's grew 19% to $78.5 million in all of 2003 compared with last year's revenue of $66.1 million. Occupancy for the Free-standing AL portfolio reached 84% at the end of the 2003 fourth quarter, up from 81% a year ago. Currently, 21 of the 28 Free-standing AL's are at greater than 80% occupancy and 16 are at greater than 90% occupancy.
Free-standing AL ($ in 000's): Three Months Ended
------------------------------ --------------------------------------
Dec 31, Dec 31, $ %
2003 2002 Change Change
-------- -------- ----------- --------
Revenues $20,394 $18,178 $2,216 12%
Community Operating
Contribution $4,955 $2,503 $2,452 98%
% Occupancy 84% 81% 3pts
Twelve Months Ended
--------------------------------------
Dec 31, Dec 31, $ %
2003 2002 Change Change
-------- -------- -------- --------
Revenues $78,491 $66,067 $12,424 19%
Community Operating Contribution $16,273 $6,296 $9,977 159%
Note: Excludes three Free-standing AL's held for sale and thus
presented as discontinued operations in the consolidated
statement of operations and 2 joint ventures
The 28 Free-standing AL's produced an increase in community revenue and operating contribution for the fourth quarter and full year of 2003 primarily through higher revenue per unit and occupancy increases. The year over year average occupied units grew by 11.2%, while the average monthly revenue per unit increased by 6.9% to $3,042. The monthly revenue per occupied unit in December 2003 was $3,131 per month, an 8.7% increase from $2,880 per month in December 2002. The revenue per occupied unit increase was due to rate increases, reduced discounts and promotional allowances, increased care services and turnover of residents (reletting units at higher current rates). The increased use of ancillary services, particularly therapy services, also contributed significantly to the revenue and operating contribution increase for this segment. The operating contribution from the segment jumped 98%, or $2.5 million, in the fourth quarter of 2003 from the fourth quarter of 2002. With expenses being reduced, the incremental margin was 111%. The Free-standing AL segment continues to demonstrate the high incremental margin that results from increasing revenue in a portfolio that is currently 84% occupied. Management Services The Company's management services business segment included management contracts on five Retirement Centers, with an aggregate capacity of 1,801 units. The Company receives the cash flow benefit, including the net entry fee sales proceeds, from one of those communities. Management Services brought in operating contribution of $1.5 million in fourth-quarter 2003, up from $.8 million for the same prior-year period, resulting mainly from improvements in operating results at the managed communities. Management Services operating contribution increased to $4.8 million for the twelve months ended December 31, 2003 from $2.0 million in the comparable same prior-year period. FURTHER INFORMATION Conference Call Information American Retirement Corporation will hold a conference call with Bill Sheriff, Chairman, President and Chief Executive Officer, and Bryan Bryan, city (1990 pop. 55,002), seat of Brazos co., E central Tex.; inc. 1872. Settled in the early 19th cent. in an area of large plantations, Bryan was long a cotton center. Richardson Richardson, city (1990 pop. 74,840), Dallas and Collins counties, N Tex., a suburb of Dallas; founded in the 1850s, inc. as a city 1956. Richardson manufactures telecommunications equipment, medical devices, supercomputers, computer chips, and fiber optics. , Chief Financial Officer, to discuss the Company's 2003 fourth-quarter and annual financial results. The call will be held on Thursday Thursday: see week. , March 4, 2003 at 11:00a.m. ET and parties may participate by either calling 877-252-6354 or through the Company's website at www.arclp.com. Click on the broadcast icon to listen to the earnings call - Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. (TM) is required to listen to this web cast. In addition, the call will be archived on the Company's website (click on the broadcast icon). If any material information is disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). on the conference call that has not been previously disclosed publicly, that information will also be available at the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of the Company's web site. Additional Filings The Company's results are to be 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 will be filed with the Securities and Exchange Commission. The Company also will file on or about March 4th 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's fourth quarter and full year 2003 results. These filings will also be available through the Investor Relations section of the Company's website - www.arclp.com. 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 care. Established in 1978, the Company believes that it is a leader in the operations and management of senior living communities, including independent living communities, continuing care retirement communities, Free-standing AL's, and the development of specialized care programs for residents with Alzheimer's and other forms of dementia dementia (dĭmĕn`shə) [Lat.,=being out of the mind], progressive deterioration of intellectual faculties resulting in apathy, confusion, and stupor. In the 17th cent. . The Company's operating philosophy was inspired by the vision of its founders, Dr. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs F. Frist v. t. 1. To sell upon credit, as goods. , Sr. and Jack C. Massey Mas·sey , (Charles) Vincent 1887-1967. Canadian politician who served as high commissioner for Canada in Great Britain (1935-1946) and as governor-general (1952-1959). , to enhance the lives of seniors by striving to provide the highest quality of care and services in well-operated communities designed to improve and protect the quality of life, independence, personal freedom, privacy, spirit, and dignity Dignity See also Noblemindedness. cherub celestial being symbolizing dignity, glory, and honor. [Heraldry: Halberts, 23] cloves symbolic of stateliness. [Plant Symbolism and Folklore: Jobes, 350] dahlia symbol of dignity. of its residents. The Company currently operates 66 senior living communities in 14 states, with an aggregate unit capacity of approximately 13,000 units and resident capacity of approximately 14,600. The Company owns 19 communities, leases 41 communities, and manages six communities pursuant to management agreements. Approximately 88 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 Statements contained in 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. 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. Those 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. include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company or its management, including, without limitation, all statements regarding the Company's future operating and financial expectations and its strategy to improve financial and operating results. These forward-looking statements may be affected by certain risks and uncertainties, including without limitation the following: (i) the risk associated with the Company's financial condition and significant leverage, including the fact that its cash flow does not currently cover its future obligations, (ii) the possibility of future defaults under the Company's debt or lease agreements, (iii) the Company's ability to sell its entry-fee units and to increase occupancy at the Company's communities (especially its Free-standing AL's), (iv) the Company's ability to improve the Company's results of operations, increase cash flow and reduce expenses, (v) the risks associated with adverse market conditions of the senior housing industry and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. economy in general, (vi) the risk that the Company is unable to obtain liability insurance in the future or that the costs thereof (including deductibles) will be prohibitive pro·hib·i·tive also pro·hib·i·to·ry adj. 1. Prohibiting; forbidding: took prohibitive measures. 2. , (vii) the Company's ability to obtain new financing or extend and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. modify existing debt and (viii) the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 under the caption "Risk Factors" and in the Company's other filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, the Company's actual results could differ materially from such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. 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 AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
Three months ended Increase
December 31, 2003 (Decrease)
------------------ ---------------
2003 2002 $ %
-------- --------- ------- -------
Revenues:
Resident and health care $93,140 $84,161 $8,979 10.7%
Management services 1,493 842 651 77.3%
Reimbursed expenses 1,103 1,161 (58) -5.0%
-------- --------- ------- -------
Total revenues 95,736 86,164 9,572 11.1%
Operating expenses:
Community operating expenses 63,052 61,766 1,286 2.1%
General and administrative 6,241 5,659 582 10.3%
Lease expense 14,921 10,029 4,892 48.8%
Depreciation and amortization 5,498 6,290 (792) -12.6%
Amortization of leasehold
acquisition costs 776 502 274 54.6%
Asset impairments - 1,450 (1,450) -100.0%
Reimbursed expenses 1,103 1,161 (58) -5.0%
-------- --------- ------- -------
Total operating expenses 91,591 86,857 4,734 5.5%
-------- --------- ------- -------
Operating income (loss) 4,145 (693) 4,838 698.1%
Other income (expense):
Interest expense (9,197) (14,664) (5,467) 37.3%
Interest income 489 911 (422) -46.3%
Gain (loss) on sale of assets (18) 124 (142) -114.5%
Other (359) 831 (1,190) -143.2%
-------- --------- ------- -------
Other expense, net (9,085) (12,798) (3,713) 29.0%
-------- --------- ------- -------
Income (loss) from continuing
operations before income taxes,
and minority interest (4,940) (13,491) 8,551 63.4%
Income tax expense 1,106 168 938 558.3%
-------- --------- ------- -------
Income (loss) from continuing
operations before minority
interest (6,046) (13,659) 7,613 55.7%
Minority interest in earnings of
consolidated subsidiaries, net of
tax (515) (597) 82 -
-------- --------- ------- -------
Income (loss) from continuing
operations (6,561) (14,256) 7,695 54.0%
Discontinued operations, net of tax (179) (443) 264 59.6%
-------- --------- ------- -------
Net income (loss) $(6,740) $(14,699) $7,959 54.1%
======== ========= ======= =======
Basic earnings (loss) per share $(0.36) $(0.85)
======== =========
Diluted earnings (loss) per share $(0.36) $(0.85)
======== =========
Weighted average shares used for
basic earnings (loss) per share
data 18,962 17,310
======== =========
Weighted average shares used for
diluted earnings (loss) per share
data 18,962 17,310
======== =========
December December
31, 31,
2003 2002
-------- ----------
Selected Balance Sheet Data:
Cash and cash equivalents $16,706 $18,244
Working capital 11,199 15,725
Land, buildings and equipment,
net 464,888 578,804
Total assets 715,035 839,998
Long-term debt, including current
portion 354,695 540,651
Refundable portion of entrance
fees 62,231 59,609
Shareholders' equity 807 12,907
AMERICAN RETIREMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
Twelve months ended Increase
December 31, (Decrease)
------------------- ----------------
2003 2002 $ %
--------- --------- -------- -------
Revenues:
Resident and health care $357,820 $321,629 $36,191 11.3%
Management services 4,771 1,959 2,812 143.5%
Reimbursed expenses 5,505 5,046 459 9.1%
--------- --------- -------- -------
Total revenues 368,096 328,634 39,462 12.0%
Operating expenses:
Community operating expenses 248,846 233,460 15,386 6.6%
General and administrative 25,410 26,720 (1,310) -4.9%
Lease expense 47,095 71,569 (24,474) -34.2%
Depreciation and amortization 24,265 21,255 3,010 14.2%
Amortization of leasehold
acquisition costs 2,421 11,183 (8,762) -78.4%
Asset impairments - 4,011 (4,011) -100.0%
Reimbursed expenses 5,505 5,046 459 9.1%
--------- --------- -------- -------
Total operating expenses 353,542 373,244 (19,702) -5.3%
--------- --------- -------- -------
Operating income (loss) 14,554 (44,610) 59,164 132.6%
Other income (expense):
Interest expense (50,437) (46,325) 4,112 -8.9%
Interest income 2,653 4,888 (2,235) -45.7%
Gain (loss) on sale of assets 23,152 (1,814) 24,966 1376.3%
Other (98) 2,623 (2,721) -103.7%
--------- --------- -------- -------
Other expense, net (24,730) (40,628) (15,898) 39.1%
--------- --------- -------- -------
Loss from continuing operations
before income taxes, and
minority interest (10,176) (85,238) 75,062 88.1%
Income tax expense 2,661 487 2,174 446.4%
--------- --------- -------- -------
Loss from continuing operations
before minority interest (12,837) (85,725) 72,888 85.0%
Minority interest in earnings of
consolidated subsidiaries, net
of tax (2,427) (597) (1,830) -
--------- --------- -------- -------
Loss from continuing operations (15,264) (86,322) 71,058 82.3%
Discontinued operations,
net of tax (2,050) (8,435) 6,385 75.7%
--------- --------- -------- -------
Net loss $(17,314) $(94,757) $77,443 81.7%
========= ========= ======== =======
Basic loss per share $(0.95) $(5.48)
========= =========
Diluted loss per share $(0.95) $(5.48)
========= =========
Weighted average shares used for
basic loss per share data 18,278 17,294
========= =========
Weighted average shares used for
diluted loss per share data 18,278 17,294
========= =========
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