Assisted Living Concepts, Inc. Announces Second Quarter 2004 Financial Results.DALLAS -- 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. Concepts, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASLC ASLC Alaska Sealife Center ASLC Associated Students of Lewis & Clark College ASLC Accruing Superannuation Liability Contributions ASLC Adaptive Side-Lobe Cancellation ), a national provider of assisted living services, today announced financial results for the three and six months ended June 30, 2004. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Net income for the quarter ended June 30, 2004 was $2.6 million, or $0.39 per share, as compared to $.8 million, or $0.12 per share, for the quarter ended June 30, 2003. Revenue increased $1.8 million to $43.7 million for the quarter ended June 30, 2004, compared to the same quarter of 2003. E[acute accent]Net income was $4.1 million, or $0.63 per share, for the six months ended June 30, 2004, as compared to $1.8 million, or $0.28 per share, for the six months ended June 30, 2003. Revenue increased $3.2 million to $86.3 million for the six months ended June 30, 2004, versus $83.1 million for the comparable period of 2003. E[acute accent]Interest expense for the three and six month periods declined by $1.0 million and $2.0 million, respectively, compared to the same periods in 2003 primarily due to our debt refinancing Refinancing An extension and/or increase in amount of existing debt. completed in December 2003. E[acute accent]"The Company achieved its best quarterly results in terms of revenue and net income," said Steven L. Vick, President and Chief Executive Officer. "We are pleased with the continued and sustained improvement in both occupancy and average rent during the second quarter. These positive achievements, coupled with our continued focus on the quality of care for our residents and our employees led to these strong results." E[acute accent]Assisted Living Concepts, Inc. operates 177 owned and leased assisted living residences with 6,838 units for older adults who need help with the activities of daily living, such as eating, bathing, dressing and medication management. In addition to housing, the Company provides personal care, support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , and nursing services according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the individual needs of its residents, as permitted by state law. This combination of housing and services provides a home-like setting and cost efficient alternative that encourages independence for individuals who do not require the broader array of medical and health services health services Managed care The benefits covered under a health contract provided by skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. . The Company currently has residences in Oregon, Washington, Idaho, Nebraska, Iowa, Arizona, Texas, New Jersey, Ohio, Pennsylvania, Indiana, Louisiana, Michigan and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . E[acute accent]This press release and statements made by or on behalf of Assisted Living Concepts, Inc. 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 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. made pursuant to the 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. 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. Such statements, including without limitation, statements containing the words "will," "believes," "anticipates," "estimates," "intends," "expects," "should," "could," and words of similar import, are forward-looking statements. These forward-looking statements may be affected by risks and uncertainties, including without limitation (i) our ability to control costs and improve operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , (ii) our ability to increase occupancy, (iii) our ability to increase our revenue at a pace which exceeds expense inflation, (iv) our ability to operate our residences in compliance with evolving regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , (v) the degree to which our future operating results and financial condition may be affected by a reduction in Medicaid reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. rates, and (vi) our ability to extend or renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. our current debt agreements. In light of such risks and uncertainties, our actual results could differ materially from such forward-looking statements. Except as may be required by law, we do not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances 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.
ASSISTED LIVING CONCEPTS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
----------------- -----------------
2003 2004 2003 2004
-------- -------- -------- --------
Revenue $41,932 $43,701 $83,076 $86,257
Operating expenses:
Residence operating expenses 27,720 28,202 55,443 56,939
Corporate general and
administrative 4,760 4,998 9,102 9,570
Building rentals 3,119 3,187 6,224 6,349
Depreciation and amortization 1,701 1,937 3,377 3,839
-------- -------- -------- --------
Total operating expenses 37,300 38,324 74,146 76,697
-------- -------- -------- --------
Operating income 4,632 5,377 8,930 9,560
Other income (expense):
Interest expense (3,429) (2,440) (6,858) (4,828)
Interest income 30 1 66 35
Other expense, net (67) (9) (71) (13)
-------- -------- -------- --------
Total other expense, net (3,466) (2,448) (6,863) (4,806)
-------- -------- -------- --------
Income from continuing operations
before income taxes 1,166 2,929 2,067 4,754
Income tax expense 403 376 767 648
-------- -------- -------- --------
Income from continuing operations 763 2,553 1,300 4,106
Discontinued operations:
Income from operations
(including gain on sale of
assets) -- -- 830 --
Income tax expense -- -- 336 --
-------- -------- -------- --------
Income from discontinued
operations -- -- 494 --
-------- -------- -------- --------
Net income $763 $2,553 $1,794 $4,106
======== ======== ======== ========
Basic earnings per share:
Income from continuing
operations $0.12 $0.39 $0.20 $0.63
Income from discontinued
operations -- -- 0.08 --
-------- -------- -------- --------
Net income $0.12 $0.39 $0.28 $0.63
======== ======== ======== ========
Diluted earnings per share:
Income from continuing
operations $0.12 $0.37 $0.20 $0.60
Income from discontinued
operations -- -- 0.07 --
-------- -------- -------- --------
Net income $0.12 $0.37 $0.27 $0.60
======== ======== ======== ========
Other Data Relating to Continuing
Operations:
Residences operated (end of
period) 177 177 177 177
Units operated (end of period) 6,838 6,838 6,838 6,838
Average occupancy rate (based on
available units) 87.6% 88.8% 87.8% 88.8%
Average monthly rental rate $2,301 $2,372 $2,268 $2,339
Sources of revenue:
Medicaid state paid portion 13.6% 14.4% 13.3% 14.3%
Medicaid resident paid portion 8.7% 9.6% 8.7% 9.5%
Private resident paid portion 77.7% 76.0% 78.0% 76.2%
-------- -------- -------- --------
Total 100.0% 100.0% 100.0% 100.0%
======== ======== ======== ========
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