This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Emeritus Announces Operating Results For First Quarter 2012

The table below shows the reconciliation of net loss to Adjusted EBITDA/EBITDAR for the three months ended March 31, 2012 and 2011 (in thousands):

     
Three Months Ended
March 31,
2012     2011
Net loss $ (19,395 ) $ (22,678 )
Depreciation and amortization 32,570 28,087
Interest income (104 ) (111 )
Interest expense 39,045 36,264
Net equity losses for unconsolidated joint ventures 392 374
Provision for income taxes 272 281
Amortization of above/below market rents 1,754 1,967
Amortization of deferred gains (269 ) (288 )
Stock-based compensation 2,845 2,343
Change in fair value of derivative financial instruments 211
Deferred revenue (299 ) 486
Deferred straight-line rent 1,202 2,492
Contract buyout costs 6,256
Impairment of long-lived assets 2,135
Gain on sale of investments (1,569 )
Acquisition, development, and financing expenses 321 513
Self-insurance reserve adjustments   397     32  
Adjusted EBITDA 61,077 54,449
Community lease expense, net   28,215     26,537  
Adjusted EBITDAR $ 89,292   $ 80,986  
 

The following table shows the reconciliation of net cash provided by (used in) operating activities to CFFO and CFFO as adjusted for self-insurance reserves relating to prior years, for the three months ended March 31, 2012 and 2011 (in thousands):

     
Three Months Ended
March 31,
2012     2011
Net cash provided by (used in) operating activities $ 26,192 $ (266 )
Changes in operating assets and liabilities, net (1,264 ) 15,768
Contract buyout costs 6,256
Repayment of capital lease and financing obligations (3,894 ) (3,395 )
Recurring capital expenditures (4,455 ) (4,322 )
Distributions from unconsolidated joint ventures, net   26     550  
Cash From Facility Operations 16,605 14,591
Self-insurance reserve adjustments, prior years   397     32  
Cash From Facility Operations, as adjusted $ 17,002   $ 14,623  
 
CFFO per share $ 0.37 $ 0.33
CFFO per share, as adjusted $ 0.38 $ 0.33
 

The Company defines recurring capital expenditures as actual costs incurred to maintain our communities for their intended business purpose and exclude expenditures for acquisitions, development, expansions and general corporate purposes.

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs