Last $33.98 USD
Change Today -0.01 / -0.03%
Volume 254.5K
ESC On Other Exchanges
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As of 4:15 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

emeritus corp (ESC) Key Developments

Emeritus Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Financial Guidance for Second Quarter of 2014; Reports Impairment of Long-Lived Assets for the First Quarter Ended March 31, 2014

Emeritus Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported that net loss was $49,008,000 compared to $39,665,000 a year ago. Adjusted EBITDA was $93,422,000 against $93,024,000 a year ago. Adjusted EBITDAR was $138,827,000 against $123,526,000 a year ago. Net cash used in operating activities was $2,012,000 compared to net cash provided by operating activities of $27,761,000 a year ago. Recurring capital expenditures was $4,995,000 compared to $5,661,000 a year ago. Adjusted cash from facility operations was $20,355,000 or $0.43 per share compared to $19,361,000 or $0.43 per share a year ago. Cash from facility operations was $7,887,000 or $0.17 per share compared to $11,232,000 or $0.25 per share a year ago. Total operating revenues were $521,830,000 against $472,368,000 a year ago. Operating income from continuing operations was $23,318,000 against $32,494,000 a year ago. Loss from operations before income taxes was $46,774,000 against $38,559,000 a year ago. Loss from continuing operations was $47,469,000 or $0.99 per basic and diluted common share against $39,665,000 or $0.88 per basic and diluted common share a year ago. Adjusted CFFO per share was $0.43 for both periods. Net loss attributable to company’s common shareholders was $48,446,000 or $1.02 per basic and diluted common share against $39,756,000 or $0.88 per basic and diluted common share a year ago. Purchase of property and equipment was $18,008,000 against $15,907,000 a year ago. The increase in revenues resulted primarily from the company's acquisition of 38 communities in September 2013 pursuant to an operating lease with Health Care REIT Inc. The increase in Revenue was also attributable to improved occupancy and rate in the Consolidated Same Community portfolio as well as growth in the company's ancillary services through the Nurse On Call Inc. home health care subsidiary. Adjusted EBITDAR rose $15.3 million, or 12.4%, compared to the first quarter of 2013, driven by the increase in community operating income. For the second quarter, the company expects interest expense-GAAP to range from $70,000,000-$72,000,000 and interest expense-CASH to range from $22,300,000-$23,200,000. Depreciation-owned assets are expected to range from $21,000,000-$22,000,000 and depreciation-capital leases are expected to range from $24,000,000-$24,500,000. Amortization-intangible assets are expected to range from $600,000-$700,000. Total depreciation and amortization is expected to range from $45,600,000-$47,200,000. For the quarter, the company reported that impairment of long-lived assets was $1,023,000.

Investors of Emeritus Corp Files Class Action Against the Company

Levi & Korsinsky notified investors of Emeritus Corp. of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the company to Brookdale Senior Living Inc. A complaint was filed in Washington state court. Under the terms of the transaction, Emeritus shareholders will receive 0.95 shares of Brookdale common stock for each share of Emeritus stock they own. The deal has a total approximate value of $2.8 billion, including the assumption of debt. The claims concern whether the Emeritus Board breached their fiduciary duties to stockholders by failing to adequately shop the company before agreeing to enter into this transaction, and whether Brookdale is underpaying for Emeritus shares.

Brookdale Senior Living Inc., Emeritus Corp. - M&A Call

To discuss merger agreement between Emeritus Corp. and Brookdale Senior Living, Inc

Emeritus Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013; Provides Interest Expenditure Guidance for the First Quarter of 2014

Emeritus Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total operating revenues of $520,591,000 compared to $437,563,000 a year ago. Operating Income from continuing operations was $25,491,000 compared to $31,083,000 a year ago. Loss from continuing operations before income taxes was $44,661,000 compared to $29,603,000 a year ago. Net loss attributable to common stockholders was $49,025,000 or $1.04 basic and diluted per share compared to $27,492,000 or $0.61 basic and diluted per share a year ago. The increase in revenue was primarily due to the company's lease and ownership acquisition of 142 communities in the fourth quarter of 2012 and the first quarter of 2013 that the company previously managed for a joint venture. Adjusted CFFO per share increased 32.5% to $0.53 per share, compared to $0.40 per share in the fourth quarter of 2012. Basic and diluted loss per common share from continuing operations was $0.91 against $0.61 a year ago. Operating income was $163,259,000. Adjusted EBITDA was $100,841,000 compared to $86,772,000 a year ago. Adjusted EBITDAR was $145,998,000 compared to $116,218,000 a year ago. Adjusted EBITDAR was increased $29.8 million, or 25.6% compared to last year same period primarily driven by the increase in community operating income. Net cash provided by operating activities was $4,348,000 compared to $5,937,000 a year ago. CFFO per share was $0.30 against $0.19 a year ago. For the year, the company reported total operating revenues of $1,960,618,000 compared to $1,568,076,000 a year ago. Operating Income from continuing operations was $142,354,000 compared to $97,733,000 a year ago. Loss from continuing operations before income taxes was $141,231,000 compared to $78,528,000 a year ago. Net loss attributable to common stockholders was $152,561,000 or $3.28 basic and diluted per share compared to $84,844,000 or $1.90 basic and diluted per share a year ago. Net cash provided by operating activities was $98,189,000 compared to $116,558,000 a year ago. Purchase of property and equipment was $68,442,000 compared to $37,212,000 a year ago. Adjusted CFFO per share increased 17.8% to $1.99 per share, compared to $1.69 per share in 2012. Basic and diluted loss per common share from continuing operations was $3.04 against $1.73 a year ago. Operating income was $604,430,000. Adjusted EBITDA was $388,914,000 compared to $275,406,000 a year ago. Adjusted EBITDAR was $531,412,000 compared to $389,788,000 a year ago. Adjusted EBITDAR was increased $141.6 million, or 36.3% compared to last year same period primarily driven by the increase in community operating income. CFFO per share was $1.40 against $1.37 a year ago. For the quarter, the company reported impairment of long-lived assets of $8,227,000. For the first quarter of 2014, the company expects interest expense – GAAP to be in the range of $70,000,000- $72,000,000 and total depreciation and amortization to be in the range of $45,600,000- $47,200,000.

Emeritus Names Tammy Cain as Executive Director

Emeritus Senior Living has named Tammy Cain as Executive Director of the company's newest senior living community, Emeritus at Wildwood. This new community will open its doors in Fall 2014. Most recently, Cain served as Senior Executive Director for Emeritus, assisting several communities in the central Florida area.

 

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