ElderTrust Announces Fourth Quarter and 2001 Year-End Results.Business Editors KENNETT Kennet or Kennett may refer to: Places
ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ): Fourth Quarter and 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. 2001 Highlights -- Reported net income of $0.10 per basic share and $0.09 per diluted share on revenue of $6.4 million for 4Q'01 -- Reported FFO of $0.43 per basic share and $0.41 per diluted share for 4Q'01 -- Reported net income of $0.07 per basic and diluted share on revenue of $25.6 million for the year ended 2001 -- Reported FFO of $1.47 per basic share and $1.42 per diluted share for the year ended 2001 ElderTrust (NYSE:ETT), an equity healthcare REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , today reported results for the fourth quarter and the year ended December December: see month. 31, 2001. Net income for the fourth quarter of 2001 totaled $0.7 million, or $0.10 per basic and $0.09 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on revenues of $6.4 million. In comparison, net income totaled $5.5 million, or $0.77 per basic and $0.75 per diluted share, on revenues of $7.1 million for the comparable quarter of 2000. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ) for the fourth quarter ended December 31, 2001, totaled $3.2 million, or $0.43 per basic and $0.41 per diluted share. In comparison, FFO for the fourth quarter of 2000, totaled $12.8 million, or $1.80 per basic and $1.77 per diluted share. Net income for the year ended December 31, 2001 was $0.5 million or $0.07 per basic and diluted share, on revenues of $25.6 million. For 2000 net loss was $(21.3) million or $(3.00) per basic and diluted share on revenues of $26.6 million. FFO for the year ended December 31, 2001 totaled $10.6 million, or $1.47 per basic and $1.42 per diluted share. For 2000, FFO totaled $(6.6) million, or $(0.93) per basic and diluted share. Net income for the quarter decreased from that reported for the quarter ended December 31, 2000 due principally to positive adjustments recorded in 2000 reflecting the Genesis Health Ventures, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :GHVE:OB) restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). transactions that were completed in January January: see month. 2001. These positive adjustments resulted from changes to provisions for credit losses, 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. allowances and legal and general and administrative expenditures recorded in prior periods. The Company reported net income for the year ended December 31, 2001, as compared to a net loss reported for 2000, due to significant losses incurred in 2000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Genesis restructuring transactions. Results of operations for the fourth quarter of 2001 include (i) interest income on loans receivable that were repaid during the quarter, net of interest expense incurred on a comparable balance due on the Company's Bank Credit Facility, (ii) costs incurred with respect to negotiations relating to the a possible re-leasing of the Woodbridge Wood·bridge A city of northeast New Jersey south-southwest of Elizabeth. Settled in 1665, it is an industrial center. Population: 97,203. facility and, (iii) interest income received from an equity investee (for which the Company accounts on the cash basis). These items represent approximately $0.03 per diluted share for the quarter. Results of operations for 2001 include a net charge of approximately $0.7 million resulting from the Genesis lease and loan restructuring transactions and the Bank Credit Facility extension that took place earlier this year. This charge reflected amounts incurred for legal and general and administrative expenditures associated with these transactions, reduced by January rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time in excess of that in effect subsequent to the agreements' January 31, 2001 effective date. For the quarter ended December 31, 2001, the Company had an average balance of approximately $46.6 million of one-month LIBOR-based floating rate debt. Of this amount, an average balance of $30.0 million is assessed interest at one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 3%. The remainder is assessed interest at one-month LIBOR plus 3.25%. The average one-month LIBOR for the quarter ended December 31, 2001 was approximately 2.42%. The LIBOR rate applicable to these loans for January 2002 is 1.88%. "Looking back on the year we have accomplished a great deal. Concluding our reorganization transactions with Genesis and reducing our Bank Credit Facility to $7.2 million were significant achievements", said D. Lee McCreary McCreary can refer to a number of things: People
A payment made towards an outstanding loan balance. Notes: Every time you make a mortgage payment you are "paying down" your loan. See also: Loan, Mortgage, Principal paydown In a corporate or U.S. of the outstanding balance under our Bank Credit Facility." ElderTrust is a real estate investment trust that invests in real estate properties used in the healthcare services industry, principally along the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . Since commencing operations in January 1998, the Company has acquired direct and indirect interests in 32 buildings. Certain matters discussed within this press release may be deemed to be 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. within the meaning 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. Although ElderTrust believes the expectations reflected in such forward-looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . Factors that could cause actual results to differ materially from ElderTrust's expectations include the extent to which Genesis continue to make lease payments to the Company, the Company's ability to further extend or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. its Bank Credit Facility when it matures in August 2002, real estate conditions, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue un·true adj. un·tru·er, un·tru·est 1. Contrary to fact; false. 2. Deviating from a standard; not straight, even, level, or exact. 3. Disloyal; unfaithful. because of subsequent events. For more information on ElderTrust visit ElderTrust's website at www.eldertrust.com
ELDERTRUST
Financial Supplement
CONDENSED CONSOLIDATED INCOME STATEMENT
(unaudited)
($000's, except per share data)
For the three months ended For the year ended
December 31, December 31,
-------------------------- ------------------
2001 2000 2001 2000
----------------- ------------------
Revenues:
Rental revenues $4,700 $4,543 $18,761 $18,601
Interest, net of amortization
of deferred loan origination
costs 442 1,742 2,715 4,542
Interest from unconsolidated
equity investees 1,187 770 3,920 3,252
Other income 65 33 234 189
------- ------- ------- -------
Total revenues 6,394 7,088 25,630 26,584
------- ------- ------- -------
Expenses:
Property operating expenses 327 276 1,250 1,128
Interest expense, including
amortization of deferred
finance costs 2,445 3,559 11,728 14,007
Depreciation 1,472 1,451 5,678 5,850
General and administrative 697 962 3,253 3,622
Bad debt expense (recoveries) (73) (10,760) 116 9,522
Loss on impairment of
long-lived assets - 5,306 450 5,306
------- ------- ------- -------
Total expenses 4,868 794 22,475 39,435
------- ------- ------- -------
Net income (loss) before equity
in earnings of unconsolidated
entities and minority interest 1,526 6,294 3,155 (12,851)
Equity in losses of
unconsolidated entities, net (768) (439) (2,590) (10,010)
Minority interest (41) (395) (41) 1,531
------- ------- ------- -------
Net income (loss) 717 5,460 524 (21,330)
======= ======= ======= =======
Basic weighted average number of
common shares outstanding 7,329 7,119 7,184 7,119
======= ======= ======= =======
Diluted weighted average number
of common shares outstanding 7,670 7,234 7,442 7,119
======= ======= ======= =======
Basic net income (loss) per share $0.10 $0.77 $0.07 $(3.00)
======= ======= ======= =======
Diluted net income (loss) per
share $0.09 $0.75 $0.07 $(3.00)
======= ======= ======= =======
Funds from operations $3,175 $12,812 $10,579 $(6,620)
======= ======= ======= =======
Basic per share funds from
operations $0.43 $1.80 $1.47 $(0.93)
======= ======= ======= =======
Diluted per share funds from
operations $0.41 $1.77 $1.42 $(0.93)
======= ======= ======= =======
ELDERTRUST
Financial Supplement
SELECTED BALANCE SHEET DATA
(unaudited)
($000's)
December 31, December 31,
2001 2000
-------------------------
(dollars in thousands)
Balance Sheet Data
---------------------------------
Investments in real estate, net $166,660 $149,804
Investments in mortgages and loans, net - 41,559
Properties held for sale, net - 11,365
-------------------
Total real estate assets 166,660 202,728
Investments in and advances to unconsolidated
entities 24,033 18,137
Working capital (1) (30,058) (26,572)
Total assets 205,555 237,687
Total debt 114,889 147,667
Shareholders' equity 80,998 80,099
(1) Working capital is reduced by borrowings outstanding under the
Bank Credit Facility of approximately $7.2 million and $5.0 million as
of December 31, 2001 and December 31, 2000, respectively, which mature
within one year from the respective balance sheet. Also, working
capital is reduced by $25.3 million and $25.8 million as of December
31, 2001 and December 31, 2000, respectively, due to events of default
being declared under certain mortgages as the Company had failed to
meet technical requirements, including property information
requirements, and as a result of the Genesis bankruptcy filing.
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