Assisted Living Concepts, Inc. Announces Third Quarter 2003 Financial Results.Business Editors DALLAS--(BUSINESS WIRE)--Nov. 13, 2003 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 nine months ended September 30, 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. , after interest and other expense, was $1.2 million for the quarter ended September 30, 2003, compared to a loss of $0.5 million for the quarter ended September 30, 2002. The Company's operating income for the quarter ended September 30, 2003 increased to $4.4 million from $3.0 million for the quarter ended September 30, 2002. Revenue increased 8.6% to $42.4 million for the three months ended September 30, 2003 versus $39.1 million for the comparable period of 2002. Operating income, after interest and other expense, was $3.2 million for the nine months ended September 30, 2003, compared to a loss of $3.5 million for the nine months ended September 30, 2002. The Company's operating income for the nine months ended September 30, 2003 increased to $13.4 million from $6.9 million for the comparable period of 2002. Revenue increased 10.2% to $125.5 million for the nine months ended September 30, 2003 versus $113.9 million for the comparable period of 2002. Assisted Living Concepts, Inc. owns, leases and operates 177 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 operations 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. . 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 OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ---------------------
2002 2003 2002 2003
------------- ---------- ---------- ----------
Revenue $39,069 $42,443 $113,896 $125,519
Operating expenses:
Residence operating
expenses 27,157 28,397 78,784 83,840
Corporate general and
administrative 4,178 4,546 14,074 13,648
Building rentals 3,061 3,319 9,166 9,543
Depreciation and
amortization 1,692 1,736 4,942 5,113
------------- ---------- ---------- ----------
Total operating
expenses 36,088 37,998 106,966 112,144
------------- ---------- ---------- ----------
Operating income 2,981 4,445 6,930 13,375
Other income
(expense):
Interest expense (3,545) (3,375) (10,602) (10,233)
Interest income 55 97 160 163
Other income
(expense), net 14 - 36 (71)
------------- ---------- ---------- ----------
Total other expense,
net (3,476) (3,278) (10,406) (10,141)
------------- ---------- ---------- ----------
Income (loss) before
debt restructure,
reorganization costs,
and discontinued
operations (495) 1,167 (3,476) 3,234
Debt restructure and
reorganization costs (14) - (680) -
------------- ---------- ---------- ----------
Income (loss) from
continuing operations
before income taxes (509) 1,167 (4,156) 3,234
Income tax expense - 191 - 958
------------- ---------- ---------- ----------
Income (loss) from
continuing operations (509) 976 (4,156) 2,276
Discontinued
operations:
Income (loss) from
operations (including
gain and loss on sale
of assets) (54) - (486) 830
Income tax expense - - - 336
------------- ---------- ---------- ----------
Income (loss) from
discontinued
operations (54) - (486) 494
------------- ---------- ---------- ----------
Net income (loss) $(563) $976 $(4,642) $2,770
============= ========== ========== ==========
Basic earnings per
share:
Income (loss) from
continuing operations $(0.08) $0.15 $(0.64) $0.35
Income (loss) from
discontinued
operations (0.01) - (0.07) 0.08
------------- ---------- ---------- ----------
Net income (loss) $(0.09) $0.15 $(0.71) $0.43
============= ========== ========== ==========
Diluted earnings per
share:
Income (loss) from
continuing operations $(0.08) $0.14 $(0.64) $0.34
Income (loss) from
discontinued
operations (0.01) - (0.07) 0.08
------------- ---------- ---------- ----------
Net income (loss) $(0.09) $0.14 $(0.71) $0.42
============= ========== ========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion