July 23, 2014 9:13 PM ET

Healthcare Providers and Services

Company Overview of Sun Healthcare Group, Inc.

Company Overview

Sun Healthcare Group, Inc. and its subsidiaries provide health care services primarily for senior population in the United States. It operates skilled nursing centers, which offer daily nursing, therapeutic rehabilitation, social, housekeeping, nutrition, and administrative services for individuals requiring certain assistance for activities in daily living. The company also operates assisted living centers that provide minimal nursing assistance, housekeeping, nutrition, laundry, and administrative services for individuals requiring minimal assistance for activities in daily living; and independent living centers, which offer security, housekeeping, nutrition, and limited laundry services f...

18831 Von Karman

Suite 400

Irvine, CA 92612

United States

Founded in 1989

28,697 Employees

Phone:

949-255-7100

Fax:

949-255-7054

Key Executives for Sun Healthcare Group, Inc.

Chief Executive Officer and Director
Age: 57
Chief Financial Officer and Treasurer
Age: 46
Chief Operating Officer
Age: 64
Compensation as of Fiscal Year 2014.

Sun Healthcare Group, Inc. Key Developments

Sun Healthcare Group, Inc. Announces Executive Changes

On December 3, 2012, in connection with the closing of the Merger, Sun Healthcare Group, Inc. repaid to Credit Suisse AG all amounts due, approximately $89 million, under the Credit Agreement, dated as of October 18, 2010, among the company, the Lenders named therein and Credit Suisse, as Administrative Agent and Collateral Agent for the Lenders, as amended and the Credit Agreement was terminated. On December 3, 2012, pursuant to the terms of the previously-announced Agreement and Plan of Merger, dated as of June 20, 2012 by and among the company, Genesis HealthCare LLC and Jam Acquisition LLC, an indirect wholly owned subsidiary of Genesis, Genesis completed its acquisition of the company via the merger, effective as of December 1, 2012, of Merger Sub with and into the company, with the company continuing as the surviving entity and an indirect wholly owned subsidiary of Genesis. In connection with the Merger, all members of the company's Board of Directors (Gregory S. Anderson, Tony M. Astorga, Christian K. Bement, Michael J. Foster, Barbara B. Kennelly, William A Mathies and Milton J. Walters) resigned effective as of the effective time of the Merger, and the managers of Merger Sub immediately prior to the Merger, George V. Hager and Robert A. Reitz, became directors of the company immediately after the effective time of the Merger. In addition, in connection with the Merger, all of the officers of the company (including William A. Mathies, Chief Executive Officer, and L. Bryan Shaul, Chief Financial Officer) ceased to be officers of the company as of the effective time of the Merger and the following individuals, among others, became officers of the company after the Merger: George V. Hager, Jr. as Chief Executive Officer, Robert A. Reitz as Executive Vice President and Chief Operating Officer, and Thomas DiVittorio as Chief Financial Officer and Treasurer. Mr. Hager, age 56, has served as Chief Executive Officer of Genesis since 2003. Mr. Reitz, age 62, has served as Executive Vice President and Chief Operating Officer of Genesis since 2003. Mr. DiVittorio, age 44, has served as Senior Vice President and Chief Financial Officer of Genesis since 2008.

Sun Healthcare Group, Inc.(NasdaqGM:SUNH) dropped from NASDAQ Composite Index

Sun Healthcare Group, Inc. will be removed from NASDAQ Composite Index.

Sun Healthcare Group, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012

Sun Healthcare Group, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported total net revenue of $460.47 million against $468.68 million a year ago. Pre-tax income was $6.92 against pre-tax loss of $305.17 million a year ago. Income from continuing operations was $4 million against loss from continuing operations of $307.4 million a year ago. Net income was $1.29 million or $0.05 per diluted share against net loss of $309.41 million or $11.81 per diluted share a year ago. Adjusted EBITDAR was $56.87 million against $64.1 million a year ago. Adjusted EBITDAR normalized was $57.9 million against $64.1 million a year ago. Adjusted EBITDA was $20.22 million against $28.15 million a year ago. Adjusted EBITDA normalized was $21.26 million against $28.15 million a year ago. Normalized pre-tax income continuing operations was $7.96 million against $14.35 million a year ago. Normalized income from continuing operations was $4.62 million or $0.17 per diluted share against $9.4 million or $0.36 per diluted share a year ago. Net cash provided by operating activities was $26.37 million against $17.88 million a year ago. Capital expenditures were $6.72 million against $14.19 million a year ago. EBITDA was $20.03 million against LBITDA of $292.18 million a year ago. For the nine months, the company reported total net revenue of $1,376.11 million against $1,405.56 million a year ago. Pre-tax income was $14.84 against pre-tax loss of $269.6 million a year ago. Income from continuing operations was $8.82 million against loss from continuing operations of $286.31 million a year ago. Net income was $0.52 million or $0.02 per diluted share against net loss of $291.35 million or $11.19 per diluted share a year ago. Adjusted EBITDAR was $163.46 million against $196.36 million a year ago. Adjusted EBITDAR normalized was $166.33 million against $196.36 million a year ago. Adjusted EBITDA was $53.92 million against $88.96 million a year ago. Adjusted EBITDA normalized was $56.79 million against $88.96 million a year ago. Normalized pre-tax income continuing operations was $17.71 million against $49.92 million a year ago. Normalized income from continuing operations was $10.57 million or $0.40 per diluted share against $30.46 million or $1.17 per diluted share a year ago. Net cash provided by operating activities was $30.78 million against $49.31 million a year ago. Capital expenditures were $24.55 million against $32.35 million a year ago. EBITDA was $53.73 million against LBITDA of $231.67 million a year ago.

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