SNRZ pre-reported but beat estimates soundly:
Sunrise Reports Record Revenue, EBITDA & Profits; Announces Continued Strong Occupancy at 95.6 Percent
FAIRFAX, Va., March 4 /PRNewswire/ -- Sunrise Assisted Living, Inc. (Nasdaq: SNRZ - news), a leading, national provider of assisted living for seniors, today reported a 62 percent increase in fourth quarter 1998 revenues to $49.2 million from $30.4 million for the same quarter last year, and a 109 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to $17.8 million from $8.5 million in the quarter ended Dec. 31, 1997. Depreciation and amortization for the quarter were $6 million, compared to $4.1 million for the same quarter last year. Net income for the fourth quarter 1998 was $7.4 million, or $0.36 per share (diluted), compared to net income of $2.2 million, or $0.11 per share (diluted), for the same quarter last year.
Sunrise full-year 1998 revenues were $170.7 million, up $80.8 million, or 90 percent, from $89.9 million in 1997. EBITDA for 1998 was $59.4 million, compared to $19.2 million for the same period last year. Depreciation and amortization for 1998 was $21.7 million, compared to $10.6 million for 1997. Net income for 1998 was $22.3 million, or $1.11 per share (diluted), compared to net income of $4 million, or $0.20 per share (diluted), for 1997.
''1998 was a very important year for the assisted living industry and for Sunrise, and we're proud that we met or exceeded the ambitious operations, financial and development goals we set for ourselves,'' said Paul J. Klaassen, Sunrise chairman and chief executive officer.
As of Dec. 31, 1998, the Company had $54 million in cash and cash equivalents and stockholders' equity of $227.7 million. The Company also currently has $175 million of unused credit lines.
Reports continued strong occupancy
Average resident occupancy for stabilized Sunrise communities during the fourth quarter remained at 95.6 percent for a second consecutive quarter, compared to 94.5 percent in the fourth quarter of 1997. The Company defines stabilized communities as those it has operated for at least one year or those that have reached 95 percent occupancy at the beginning of the quarter. The Company increased its owned and operated stabilized communities by 48 percent over the last year to 43 stabilized communities in the fourth quarter of 1998 from 29 stabilized communities in the fourth quarter 1997.
''We are pleased to again report among the highest occupancy rates in the industry,'' said David W. Faeder, Sunrise president and chief financial officer. ''Our continued strong resident occupancy along with the continued execution of our major metro market development strategy enabled Sunrise to report record performances for both the fourth quarter and for the year.''
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