Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its fourth quarter and full year 2011 results.
Operating Summary for the Full Year 2011 Compared to the Full Year 2010
- Total revenues increased $247.7 million, or 24.6%, to $1.255 billion
- Adjusted EBITDAR increased $60.9 million, or 21.3%, to $346.4 million
- CFFO, as adjusted, increased $10.4 million, or 19.4%, to $64.0 million
- Same community average monthly revenue per occupied unit improved by 1.2% to $3,829
- Same community average occupancy increased 10 basis points to 87.8%
- Same community operating margin was 34.2% compared to 35.2%
Operating Summary for Fourth Quarter 2011 Compared to Fourth Quarter 2010
- Total revenues increased $40.4 million, or 14.2%, to $324.1 million
- Adjusted EBITDAR increased $7.7 million, or 9.5%, to $88.5 million
- CFFO, as adjusted, was $15.1 million compared to $16.3 million in the prior year period
- Same community average monthly revenue per occupied unit improved by 0.6% to $3,831
- Same community average occupancy increased 30 basis points to 88.0%
- Same community operating margin for Q4 2011 was 34.0% compared to 35.8%
Granger Cobb, President and Chief Executive Officer commented, “In 2011, we continued to increase our key cash flow metrics, despite persistent economic headwinds. We are well-positioned with our current cost structure and controls, as well as our nationwide footprint, to grow margin as we benefit from favorable supply/demand characteristics and a shift to increased utilization of post-acute services.”2011 Annual Consolidated Results Total operating revenues increased by $247.7 million, or 24.6%, to $1.255 billion for the year ended December 31, 2011, compared to $1.007 billion in 2010. The total revenue increase consisted primarily of $225.7 million from the acquisition of communities (net of dispositions), $12.0 million, or an increase of 1.3%, from the Company’s portfolio of 262 communities operated during both periods, and $9.2 million from an increase in management fees primarily from the addition of the Sunwest Joint Venture communities in August 2010.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV