Genesis Health Ventures Reports Fourth Quarter and Fiscal 1999 Results.KENNETT Kennet or Kennett may refer to: Places
Genesis Health Ventures, Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ) today announced results for the fourth quarter and fiscal year 1999. Revenues for the fiscal year ended September September: see month. 30, 1999 were $1.9 billion, up from $1.4 billion in fiscal year 1998. Earnings before interest, taxes, depreciation, amortization and rent (EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) ) and excluding 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. of assets and other charges were $252.9 million for the year ended September 30, 1999 compared to $250.2 million for the comparable period in the prior year. Net loss before extraordinary items and excluding impairment of assets and other charges was $17.5 million for the fiscal year ended September 30, 1999 compared to net income before extraordinary items and special charges of $53.1 million for the comparable period in the prior year. Revenues for the fourth quarter of 1999 were $457.5 million compared to $465.1 million in the third quarter of 1999, the decline is principally due to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a capitation CAPITATION. A poll tax; an imposition which is yearly laid on each person according to his estate and ability. 2. The Constitution of the United States provides that "no capitation, or other direct tax, shall be laid, unless in proportion to the census, or contract in the Company's Chesapeake Chesapeake, ship Chesapeake, U.S. frigate, famous for her role in the Chesapeake affair (June 22, 1807) and for her battle with the H.M.S. Shannon (June 1, 1813). The Chesapeake left Norfolk, Va. region. EBITDAR excluding impairment of assets and other charges were $57.4 million for the quarter ended September 30, 1999 compared to $60.4 million for the third quarter of 1999. The decline in EBITDAR of $3.0 million is primarily attributed to lower 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. revenues in the Company's eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. centers and increased overhead costs overhead costs see fixed costs. including anticipated Year 2000 remediation costs. EBITDAR for the Company's healthcare service businesses, including NeighborCaresm Pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major and rehabilitation rehabilitation: see physical therapy. services, remained unchanged from the prior quarter. Genesis had positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses during the quarter and generated cash flow of $0.03 per share (defined as earnings per share before impairment of assets and other charges and extraordinary items, amortization of goodwill, equity in net loss of unconsolidated affiliates and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. but unpaid preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends). The Company is in compliance with the provisions of its senior bank credit facility. Net loss before impairment of assets and other charges was $14.6 million ($0.40 per share) for the quarter ended September 30, 1999 compared to net loss of $5.9 million ($0.17 per share) for the quarter ended June June: see month. 30, 1999. The change in net loss is primarily due to the decline in EBITDAR previously described and higher interest and depreciation expense. The December December: see month. , March and June fiscal 1999 quarters have each been restated to increase non-cash preferred stock dividends by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.5 million (less than $0.02 per share per quarter) to adjust the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for the increasing rate dividend on the Series G Preferred Stock on a straight line basis over the term of this Series. The Company recorded impairment of assets and other charges in the fourth quarter of fiscal 1999 of approximately $98.6 million, after tax, consisting of the following: -0-
in millions,
after tax
------------
Provision for terminated operations,
asset dispositions and SFAS 121 impairments $37.4
Restructuring, financing related costs and
other charges $37.1
Provision for investments in formerly owned and
managed businesses $24.1
============
$98.6
============
The provision for terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: operations, asset dispositions and SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 121 impairments include lease terminations on five eldercare centers, the remaining carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the assets and costs to exit the transportation business, the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of certain investments in information systems, the cost to exit a capitation contract in the Company's Chesapeake region and impairments in the carrying value of long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. assets. The provision for 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). , financing-related matters and other charges principally represents costs associated with the restructuring of the Multicare joint-venture agreement, amendment to the Company's senior bank credit facility, severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and other asset write-downs. The provision for investments in formerly owned and managed businesses includes the write-downs of the carrying value of investments, notes and other receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . In addition, in the fourth fiscal quarter of 1999, the Company recognized a $168.3 million after tax expense for its 43.6% share of the net loss recorded by its Multicare affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. . Included in Genesis' share of the loss is a charge of $164.1 million, after tax, related to the write-down of certain impaired assets Impaired Asset An asset with a market value that is worth less than its book value. Notes: If the sum of all estimated future cash flows is less than the carrying value of the asset, then the asset would be considered impaired and would have to be written down to its fair . During fiscal 1998, the Company recorded impairment and other charges of approximately $77.1 million, after tax, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the disposal of non-core businesses and the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of certain impaired assets. "Genesis' operating results reflect a slight decline in the Company's eldercare centers driven primarily by census census, periodic official count of the number of persons and their condition and of the resources of a country. In ancient times, among the Jews and Romans, such enumeration was mainly for taxation and conscription purposes. mix. The operating results of the Company's healthcare service business, which includes NeighborCare Pharmacies and rehabilitation services business have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. ," stated Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. R. Walker, Chairman and Chief Executive Officer. "After our year end, two significant positive events occurred. The restructuring of the Multicare joint venture agreement along with the $50 million equity investment from The Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Group and Texas Pacific Group served to delever our balance sheet and improve our financial flexibility. Secondly, the signing of the Balanced Budget Balanced budget A budget in which the income equals expenditure. See: budget. balanced budget A budget in which the expenditures incurred during a given period are matched by revenues. Refinement Act (BBRA BBRA Balanced Budget Refinement Act of 1999 (USA) BBRA Big Bike Riders Association BBRA Bad Block Relocation Area ) represents the first installment Regular, partial portion of the same debt, paid at successive periods as agreed by a debtor and creditor. An installment loan is designed to be repaid in certain specified, ordinarily equal amounts over a designated period, such as a year or a number of months. in assuring the elderly have access to skilled nursing centers and quality healthcare services. As a result of Genesis' policy of continuing to admit medically complex patients, we believe that our core business lines should realize improved levels of performance as a result of the BBRA," added Walker. "In connection with the restructuring of the Multicare joint-venture agreement, beginning in the first quarter of Fiscal 2000 Genesis will consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. , with minority interest, the results of Multicare, reflect the issuance of $420 million in convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". issued in connection with the restructuring and recognize the related $420 million charge for the termination of the put arrangement," commented Walker. "As we look toward Fiscal 2000, our Company will continue to focus on the priorities of reducing leverage through the sale of non-core assets and the formation of strategic joint-ventures, improving operating results through more effective cost management and capitalizing on revenue opportunities within our eldercare network. As always, Genesis remains committed to providing care at the highest level in the industry," Walker concluded. Net loss was $277.3 million ($7.67 per share) for the quarter ended September 30, 1999 compared to net loss of $67.4 million ($1.92 per share) for the comparable period in the prior year. Net loss before extraordinary items was $287.9 million ($8.11 per share) for the fiscal year ended 1999 compared to net loss before extraordinary items of $24.0 million ($0.68 per share) for the comparable period in the prior year. Included in fiscal 1999 and fiscal 1998 results were extraordinary items, net of tax, related to the early retirement of debt of $2.1 million and $1.9 million, respectively. Genesis Health Ventures provides eldercare in the eastern US through a network of Genesis ElderCare skilled nursing and 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. centers and long term 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 nationwide including pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. , medical equipment and supplies, rehabilitation, group purchasing, consulting and facility management. Statements in this press release which are not historical facts, including statements regarding the Company's expected earnings, anticipated charges, the expected impact of the changes to Medicare prospective payment system and expected capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. are 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. . The Company cautions investors that any forward-looking statements made by the Company involve risks and uncertainties and are not guarantees of future performance. Numerous factors exist which, in some cases have affected, and, in the future, could cause results to differ materially from these expectations, including the Company's substantial indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and significant debt service obligations, the Company's ability to obtain capital to fund future growth, the Company's ability to complete divestitures and other transactions to delever its balance sheet, changes in the healthcare system, government regulation, dependence on reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. by third party payors, competition, the implementation and interpretation of healthcare reform legislation and other factors as detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
GENESIS HEALTH VENTURES, INC.
Financial Highlights
(in thousands, except per share)
Three Months Ended Twelve Months Ended
Summary of Operations September 30, September 30,
Data including
impairment of assets
and other charges 1999 1998 1999 1998
--------- --------- --------- ----------
Revenues $ 457,515 $ 405,915 $1,866,426 $1,405,305
EBITDAR $ (97,915) $ (50,358) $85,879 $134,690
EBITDA $(104,927) $ (58,832) $59,226 $103,508
Net loss before
extraordinary items $(277,310) $ (67,357) $ (287,950) $ (23,976)
Net loss $(277,310) $ (67,357) $ (290,050) $ (25,900)
Per Common Share:
Net loss before
extraordinary items,
Basic and Diluted $ (7.67) $ (1.92) $ (8.11) $ (0.68)
Net loss per share,
Basic and Diluted $ (7.67) $ (1.92) $ (8.17) $ (0.74)
Weighted average
shares outstanding,
Diluted 36,134 35,164 35,485 35,159
Three Months Ended Twelve Months Ended
Summary of Operations September 30, September 30,
Data excluding
impairment of asset
and other charges 1999 1998 1999 1998
---------- -------- ---------- ----------
Revenues $ 457,515 $ 405,915 $1,866,426 $1,405,305
EBITDAR $ 57,395 $ 65,147 $ 252,949 $ 250,195
EBITDA $ 50,383 $ 56,973 $ 226,591 $ 219,013
Net income (loss)
before
extraordinary items $ (14,555) $ 9,759 $ (17,541) $ 53,140
Net income (loss) $ (14,555) $ 9,759 $ (19,641) $ 51,216
Per Common Share:
Net income (loss)
before extraordinary
items, Basic $ (0.40) $ 0.28 $ (0.49) $ 1.51
Net income (loss)
before extraordinary
items, Diluted $ (0.40) $ 0.28 $ (0.49) $ 1.49
Net income (loss) per
share, Diluted $ (0.40) $ 0.28 $ (0.55) $ 1.43
Cash flow per share,
(a) Diluted $ 0.03 $ 0.38 $ 0.93 $ 1.73
Weighted average
shares outstanding,
Diluted 36,134 35,482 35,485 35,728
GENESIS HEALTH VENTURES, INC.
Financial Highlights
(in thousands, except per share)
Reconciliation of Summary of Operations Data for the three months
ended September 30, 1999:
Net loss E.P.S.
before before
extra- extra-
ordinary ordinary
EBITDAR EBITDA items items
--------- --------- --------- --------
Results including
impairment of assets
and other charges $ (97,915) $(104,927) $(277,310) $(7.67)
Impairment of assets and
other charges 155,310 155,310 155,310 4.30
Income taxes - - (56,688) (1.57)
Genesis' share of
Multicare
impairment charge - - 164,133 4.54
--------- --------- --------- --------
Results excluding
impairment of assets
and other charges $ 57,395 $ 50,383 $ (14,555) $(0.40)
--------- --------- --------- --------
Reconciliation of Summary of Operations Data for the twelve months
ended September 30, 1999:
Net loss E.P.S.
before before
extra- extra-
ordinary ordinary
EBITDAR EBITDA items items
--------- --------- --------- --------
Results including
impairment of assets
and other charges $ 85,879 $ 59,226 $(287,950) $ (8.11)
Impairment of assets and
other charges 167,070 167,365 167,365 4.72
Income taxes - - (61,089) (1.72)
Genesis' share
of Multicare
impairment charge - - 164,133 4.63
--------- --------- --------- --------
Results excluding
impairment of assets
and other charges $ 252,949 $ 226,591 $ (17,541) $ (0.49)
--------- --------- --------- --------
(a) Cash flow per share is defined as earnings per share before:
impairment of assets and other charges, extraordinary items, goodwill
amortization, equity in net income (loss) of unconsolidated affiliates
and accrued but unpaid preferred stock dividends.
GENESIS HEALTH VENTURES, INC.
Financial Highlights, Continued
(in whole numbers, except Pharmacy-Community-based revenue)
For the Three Months Ended
---------------------------------------------
Selected Operating
Statistics September 30, June 30, March 31, December 31,
1999 1999 1999 1999
------------ -------- -------- ------------
Occupancy 90.3% 90.3% 91.0% 91.2%
Patient Days:
Private and Other 270,715 267,702 270,991 280,351
Medicare 136,963 147,626 138,942 121,466
Medicaid 831,437 810,076 812,272 849,510
========= ========= ========= =========
Total Days 1,239,115 1,225,404 1,222,205 1,251,327
========= ========= ========= =========
Per Diems:
Private and Other $ 154 $ 155 $ 158 $ 154
Medicare $ 294 $ 299 $ 312 $ 305
Medicaid $ 111 $ 109 $ 107 $ 108
Pharmacy-Community-based
revenue (in thousands) $ 33,039 $ 33,881 $ 31,161 $ 32,150
Pharmacy Beds Served 237,775 232,588 238,560 241,631
Pharmacy Revenue Mix:
Private and Other 58.6% 60.7% 61.7% 61.1%
Medicare 4.4% 4.4% 4.5% 4.9%
Medicaid 37.0% 34.9% 33.8% 34.0%
GENESIS HEALTH VENTURES
FINANCIAL HIGHLIGHTS
QUARTERS ENDED SEPTEMBER 30, 1999 AND JUNE 30, 1999
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Unaudited Unaudited
Three Months Three Months
Ended Ended
September June Dollar Percent
30, 1999 30, 1999 Change Change
------------ ------------ ---------- -------
Net revenues:
Pharmacy and medical
supply services $ 228,829 $ 230,387 $ (1,558) (1)%
Inpatient services 176,385 175,887 498 - %
Other revenue 52,301 58,814 (6,513) (11)%
------------ ------------ ---------- -------
Total net revenues 457,515 465,088 (7,573) (2)%
------------ ------------ ---------- -------
Operating expenses:
Operating expenses (1) 541,296 390,973 150,323 38%
General corporate
expenses 14,134 13,685 449 3%
Depreciation and
amortization 19,502 18,887 615 3%
Lease expense 7,012 6,655 357 5%
Interest expense, net 33,925 29,515 4,410 15%
------------ ------------ ---------- -------
Earnings (loss) before
income taxes and
equity in net loss
of unconsolidated
affiliates (158,354) 5,373 (163,727) -%
Income tax expense
(benefit) (55,562) 2,901 (58,463) -%
------------ ------------ ---------- -------
Earnings (loss) before
equity in net loss of
unconsolidated
affiliates (102,792) 2,472 (105,264) -%
Equity in net loss of
unconsolidated
affiliates (2) (169,609) (3,475) (166,134) -%
------------ ------------ ---------- -------
Net loss (272,401) (1,003) (271,398) -%
Preferred stock
dividend (restated) 4,909 4,856 53 1%
------------ ------------ ---------- -------
Net loss attributed to
common shareholders $ (277,310) $ (5,859) $(271,451) -%
------------ ------------ ---------- -------
Per common share data:
Basic
Net loss $ (7.67) $ (0.17)
Weighted average
shares 36,133,578 35,371,494
Diluted
Net loss $ (7.67) $ (0.17)
Weighted average
shares 36,133,578 35,371,494
(1) - Includes impairment of assets and other charges of $155,310 in
the three months ended September 30, 1999.
(2) - Includes $164,133 representing the Company's 43.6% share of
Multicare's write-down of certain impaired assets.
GENESIS HEALTH VENTURES
FINANCIAL HIGHLIGHTS
QUARTERS ENDED SEPTEMBER 30, 1999 AND 1998
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Unaudited Unaudited
Three Months Three Months
Ended Ended
September September Dollar Percent
30, 1999 30, 1998 Change Change
------------ ------------ ---------- -------
Net revenues:
Pharmacy and medical
supply services $ 228,829 $ 155,361 $ 73,468 47%
Inpatient services 176,385 190,294 (13,909) (7)%
Other revenue 52,301 60,260 (7,959) (13)%
------------ ------------ ---------- -------
Total net revenues 457,515 405,915 51,600 13%
------------ ------------ ---------- -------
Operating expenses:
Operating expenses (1) 541,296 442,897 98,399 22%
General corporate
expenses 14,134 13,376 758 6%
Depreciation and
amortization 19,502 14,400 5,102 35%
Lease expense 7,012 8,174 (1,162) (14)%
Interest expense, net 33,925 23,078 10,847 47%
------------ ------------ ---------- -------
Loss before income
taxes and equity
in net loss of
unconsolidated
affiliates (158,354) (96,010) (62,344) 65%
Income tax benefit (55,562) (31,899) (23,663) 74%
------------ ------------ ---------- -------
Earnings before equity
in net loss of
unconsolidated
affiliates (102,792) (64,111) (38,681) 60%
Equity in net loss of
unconsolidated
affiliates (2) (169,609) (1,591) (168,018) -%
------------ ------------ ---------- -------
Net loss (272,401) (65,702) (206,699) (315)%
Preferred stock
dividend 4,909 1,655 3,254 197%
------------ ------------ ---------- -------
Net loss attributed to
common shareholders $ (277,310) $ (67,357) $(209,953) (312)%
------------ ------------ ---------- -------
Per common share data:
Basic
Net loss $ (7.67) $ (1.92)
Weighted average
shares 36,133,578 35,163,790
Diluted
Net loss $ (7.67) $ (1.92)
Weighted average
shares 36,133,578 35,163,790
(1) - Includes impairment of assets and other charges of $155,310 in
the three months ended September 30, 1999 and $115,505 in the
three months ended September 30, 1998.
(2) - Includes $164,133 representing the Company's 43.6% share of
Multicare's write-down of certain impaired assets.
GENESIS HEALTH VENTURES
FINANCIAL HIGHLIGHTS
TWELVE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Unaudited
Twelve Twelve
Months Months
Ended Ended
Sept. 30, Sept. 30, Dollar Percent
1999 1998 Change Change
----------- ----------- ------ -------
Net revenues:
Pharmacy and medical
supply services $ 927,334 $ 424,778 $ 502,556 118%
Inpatient services 704,105 741,383 (37,278) (5)%
Other revenue 234,987 239,144 (4,157) (2)%
------------- ------------- ----------- ------
Total net revenues 1,866,426 1,405,305 461,121 33%
------------- ------------- ----------- ------
Operating expenses:
Operating expenses (1) 1,723,682 1,217,436 506,246 42%
General corporate
expenses 56,865 53,179 3,686 7%
Depreciation and
amortization 74,955 52,385 22,570 43%
Lease expense 26,653 31,182 (4,529) (15)%
Interest expense, net 119,220 82,088 37,132 45%
------------- ------------- ----------- ------
Loss before income
taxes, equity
in net income
(loss) of
unconsolidated
affiliates and
extraordinary items (134,949) (30,965) (103,984) 336%
Income tax benefit (44,711) (8,158) (36,553) 448%
------------- ------------- ----------- ------
Loss before equity in
net income (loss)
of unconsolidated
affiliates and
extraordinary items (90,238) (22,807) (67,431) 296%
Equity in net income
(loss) of
unconsolidated
affiliates (2) (178,235) 486 (178,721) - %
------------- ------------- ----------- ------
Loss before
extraordinary items (268,473) (22,321) (246,152) 1,103%
Extraordinary items,
net of tax (2,100) (1,924) (176) 9%
------------- ------------- ----------- ------
Net loss (270,573) (24,245) (246,328) 1,016%
Preferred stock
dividend 19,477 1,655 17,822 1,077%
------------- ------------- ----------- ------
Net loss attributed to
common shareholders $ (290,050) $ (25,900) $ (264,150) 1,020%
------------- ------------- ----------- ------
Per common share data:
Basic
Loss before
extraordinary items $ (8.11) $ (0.68)
Net loss $ (8.17) $ (0.74)
Weighted average
shares 35,485,306 35,159,195
Diluted
Loss before
extraordinary items $ (8.11) $ (0.68)
Net loss $ (8.17) $ (0.74)
Weighted average
shares 35,485,306 35,159,195
(1) - Includes impairment of assets and other charges of $167,070 in
the twelve months ended September 30, 1999 and $115,505 in the
twelve months ended September 30, 1998.
(2) - Includes $164,133 representing the Company's 43.6% share of
Multicare's write-down of certain impaired assets.
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