Assisted Living Concepts Inc. announces results for the quarter ended June 30, 1995.PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--July 31, 1995--Assisted Living Concepts Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ALF ALF - Algebraic Logic Functional language ) (the "company") Monday Monday: see week. announced financial results for the three months ended June June: see month. 30, 1995. The company reported a net loss of $45,000, or 1 cent a share on revenues of $793,000 for the three months ended June 30, 1995. Losses had been projected through 1995 to support growth of the company's operations. This growth is evidenced by 22 properties under construction at the end of June, with seven more slated to begin construction in July July: see month. and August 1995. The company opened one residence in March 1995, which is 92% occupied and/or pre-leased. Two additional residences, one in Texas and one in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , were opened in the third week in July. Both residences are experiencing rapid rent up; as the company has received occupancy deposits from prospective tenants which the company expects will represent an occupancy of 80% and 97%, respectively. Commenting on the results, Dr. Keren Brown Wilson, the company's 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. noted that "the financial results reflect the continuing strong financial performance of the operating residences and the abiity to get residences in line for development faster than projected. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: at buildings open more than one year were 38.6% with average occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) exceeding 99%." 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. was formed to own, operate and develop assisted living residences, an emerging form of housing for senior citizens who need help with activities of daily living such as bathing and dressing. 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 makes nursing services available 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. The company believes that this combination of housing and services provides a cost-efficient alternative and provides an independent lifestyle 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 nursing facilities. -0-
Assisted Living Concepts Inc.
Statement of Operations
($ amounts in thousands, except per share amounts)
For the three and six months ended June 30, 1995 (the "company")
and Assisted Living Concepts Group ("Predecessor")
Three Months Ended June 30
Predecessor Pro-Forma Company
1994/a 1994/b 1995/b
Revenue $ 482 $ 482 $ 793 Residence Oper. Exp. 286 286 473 Operating Margin 196 196 320 Management fee 24 --- --- Corporate overhead --- 232 232 Building rentals --- 124 196 Deprec and Amortiz 29 24 41 Operating Income 143 (184) (149) Interest (income) Exp. 77 (104) (104) Net Income (Loss)/a $ 66 $ (80) $ (45) Loss per common share $(0.01) Weighted average shares outstanding 3,000
Six Months Ended June 30
Predecessor Pro-Forma Company
1994/a 1994/b 1995/b
Revenue $ 966 $ 966 $1,475 Residence Oper. Exp. 573 573 922 Operating Margin 393 393 553 Management fee 48 --- --- Corporate overhead --- 463 463 Building rentals --- 250 342 Deprec and Amortiz 57 46 80 Operating Income 288 (366) (332) Interest (income) Exp. 157 (260) (260) Net Income (Loss)/a $ 131 $(106) $ (72) Loss per common share $(0.02) Weighted average shares outstanding 3,000
Dec. 31, March 31, June 30,
1994 1995 1995
Number of Units:
Owned 2 2 2
Leased 3 4 4
Under construction 1 8 22
------- ------- -------
6 14 28
Note a: The Predecessor consists of a partnership and S-Corporation entities which prior to Dec. 1, 1994, owned and operated five assisted living residences which are now operated by the company. The Predecessor was exempt from U.S. federal and state income taxes as a result of its partnership and subchapter S Status. Note b: The company commenced operating five residences on Dec. 1, 1994. A sixth residence commenced operations in March 1995. Pro forma results of operations for the quarter and six-month periods ended June 30, 1994 reflect the combined operations of the Predecessor giving effect to adjustments related to the purchase and lease of the five initial residences. CONTACT: Assisted Living Concepts Inc., Portland Keren Brown Wilson/Stephen J. Toth, 503/252-6233 |
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