Assisted Living Concepts, Inc. (NYSE: ALC)
Highlights:
-- Percent of revenue from private pay grows to 93% in 2008 fourth
quarter
-- Adjusted EBITDAR as a percent of revenues increases to 29.4% in 2008,
from 28.2 % in 2007
-- Private pay occupancy in 2008 fourth quarter maintains third quarter
level
-- Approximately 80 expansion units on line at year end
Assisted Living Concepts, Inc. ("ALC") (NYSE: ALC) reported net
income of $3.0 million in the 2008 fourth quarter as compared to
net income of $4.1 million in the 2007 fourth quarter. Net income
declined primarily from an increase in residence lease expense. For
the 2008 year, ALC reported net income of $14.3 million as compared
to net income of $17.2 million in 2007.
Diluted earnings per common share for the fourth quarter of 2008
were $0.05 per share as compared to $0.06 per share for the fourth
quarter of 2007. Diluted earnings per common share for the 2008
year were $0.23 per share as compared to $0.25 per share for
2007.
"Private pay occupancy remained flat in the fourth quarter of
2008, despite the numerous economic headwinds," commented Laurie
Bebo, President and Chief Executive Officer of Assisted Living
Concepts, Inc. "We look forward to the new year with the opening of
the remaining expansion units helping to offset the soft economic
outlook."
Certain non-GAAP financial measures are used in the discussions
in this release in evaluating the performance of the business. See
attached tables for definitions of adjusted EBITDA and adjusted
EBITDAR, reconciliations of net income to adjusted EBITDA and
adjusted EBITDAR, calculations of adjusted EBITDA and adjusted
EBITDAR as a percentage of total revenues, and non-GAAP financial
measure reconciliation information.
As of December 31, 2008, ALC operated 216 assisted living
residences representing 9,154 units.
Quarters ended December 31, 2008, December 31, 2007, September
30, 2008
Revenues of $57.6 million in the fourth quarter ended December
31, 2008 increased $1.1 million or 2.0% from $56.5 million in the
fourth quarter of 2007 and decreased $0.8 million or 1.3 % from
$58.4 million in the third quarter of 2008.
Adjusted EBITDA for the fourth quarter of 2008 was $11.2
million, and 19.5% of revenues and
-- decreased $1.2 million or 9.9% from $12.5 million and 22.1% of
revenues in the fourth quarter of 2007; and
-- decreased $0.3 million or 2.7% from $11.6 million and 19.8% of
revenues in the third quarter of 2008.
Adjusted EBITDAR for the fourth quarter of 2008 was $16.3
million, and 28.2% of revenues and
-- increased $0.2 million or 1.3% from $16.0 million and declined from
28.4% of revenues in the fourth quarter of 2007; and
-- decreased $0.3 million or 1.8% from $16.6 million and decreased from
28.4% of revenues in the third quarter of 2008.
Fourth quarter 2008 compared to fourth quarter 2007
Revenues in the fourth quarter of 2008 increased from the fourth
quarter of 2007 primarily due to additional revenues from acquired
residences ($4.0 million) and higher average daily revenue as a
result of rate increases ($2.0 million), partially offset by the
planned reduction in the number of units occupied by Medicaid
residents ($2.8 million) and a reduction in the number of units
occupied by private pay residents ($2.1 million).
Adjusted EBITDA decreased in the fourth quarter of 2008
primarily due to an increase in residence lease expense ($1.4
million) and an increase in residence operations expenses excluding
the loss on property from hurricanes ($1.2 million), partially
offset by increased revenues discussed above ($1.1 million) and a
decrease in general and administrative expenses excluding non-cash
equity based compensation ($0.3 million). Adjusted EBITDAR
increased for the reasons discussed above for adjusted EBITDA
excluding the increase in residence lease expense ($1.4 million).
Residence operations expenses decreased primarily from a reduction
in labor and food expenses associated with lower occupancy,
partially offset by less favorable experience in our self-insurance
programs as compared to the prior year. General and administrative
expenses decreased primarily from a decrease in salaries and bonus
expenses. Residence lease expense increased primarily from the
January 1, 2008, acquisition of the operations of BBLRG, LLC, doing
business as CaraVita.
Fourth quarter 2008 compared to the third quarter 2008
Revenues in the fourth quarter of 2008 decreased from the third
quarter of 2008 primarily due to the planned reduction in the
number of units occupied by Medicaid residents ($0.5 million) and
decreases in rates ($0.3 million).
Decreased adjusted EBITDA and adjusted EBITDAR in the fourth
quarter of 2008 as compared to the third quarter of 2008 resulted
primarily from decreased revenues as discussed above ($0.8
million), partially offset by a decrease in residence operations
expenses excluding the loss on property from hurricanes ($0.3
million) and general and administrative expenses excluding non-cash
equity based compensation ($0.2 million). Residence operations
expenses decreased primarily from seasonal decreases in utility
expenses and favorable experience in our self-insurance programs.
General and administrative expenses decreased primarily because our
all-company annual conference occurred in the third quarter of
2008.
Years ended December 31, 2008 and December 31, 2007
Revenues of $234.1 million in 2008 increased $4.7 million or
2.1% from $229.3 million in 2007.
Adjusted EBITDA for 2008 was $49.0 million, and 20.9% of
revenues and decreased $1.3 million or 2.5% from $50.3 million and
21.9% of revenues in 2007.
Adjusted EBITDAR for 2008 was $68.9 million, and 29.4% of
revenues and increased $4.3 million or 6.7% from $64.6 million and
28.2% of revenues in 2007.
2008 year compared to 2007 year
Revenues in 2008 increased from 2007 primarily due to additional
revenues from acquired residences ($18.3 million), higher average
daily revenue as a result of rate increases ($12.1 million), and
one additional day in 2008 due to leap year ($0.6 million),
partially offset by a reduction in the number of units occupied by
private pay residents ($9.8 million), the planned reduction in the
number of units occupied by Medicaid residents ($15.9 million), and
the absence of revenue from leasing ALC's corporate office ($0.6
million) in 2008 only.
Adjusted EBITDA decreased for 2008 as compared to 2007 primarily
from an increase in residence lease expense ($5.6 million) and an
increase in residence operations expenses excluding the loss on
property from hurricanes ($0.8 million), partially offset by higher
revenues as discussed above ($4.7 million) and a decrease in
general and administrative expenses excluding non-cash equity based
compensation ($0.4 million). Adjusted EBITDAR increased as a result
of the reasons discussed above for adjusted EBITDA excluding the
increase in residence lease expense ($5.6 million). Residence
operations expenses increased primarily from acquisitions,
partially offset by a reduction in labor and food expense
associated with lower occupancy. Residence lease expenses increased
primarily from the CaraVita acquisition.
Share repurchase program
On August 6, 2008, ALC's Board of Directors authorized an
increase in its Class A common stock repurchase program by $15
million bringing the total authorization to $80 million. In the
fourth quarter of 2008, ALC repurchased approximately 1.4 million
shares of its Class A common stock at an aggregate cost of
approximately $5.9 million and an average price of $4.24 per
share.
Expansion Program Update
We had completed, licensed, and begun accepting new residents in
approximately 80 units under our expansion program by the end of
the fourth quarter of 2008. Construction continues on the remaining
expansion units in our program to add 400 units to existing owned
buildings. Weather issues, primarily related to heavy rains and
flooding in the Midwest and hurricanes in the Texas and Louisiana
regions, obtaining regulatory approvals, and other unforeseen
circumstances have resulted in delays. We are currently targeting
completion of 170 units in the first quarter of 2009, 100 in the
second quarter, 25 units in the third quarter, and the remaining 25
in the fourth quarter. To date, cost estimates remain consistent
with our original estimates of $125,000 per unit.
Financing Activities and Liquidity
At December 31, 2008 ALC maintained a strong liquidity position
with cash of approximately $19 million and undrawn lines of $41
million. Expenses during the fourth quarter included $120 thousand
of costs associated with a financing proposal that was not
completed. ALC continues to seek additional financing on
unencumbered properties.
Investor Call
ALC has scheduled a conference call later this morning, February
24, 2009 at 10:00 a.m. (Eastern Time) to discuss financial results
for the fourth quarter. The toll-free number for the live call is
888-428-4476, or international 651-291-0618. A taped rebroadcast
will be available approximately three hours following the live call
until midnight on March 24, 2009. To access the rebroadcast of the
call, dial 800-475-6701, or international 320-365-3844 and use the
access code 984774.
About Us
Assisted Living Concepts, Inc. and its subsidiaries operate 216
assisted living residences with capacity for over 9,000 residents
in 20 states. ALC's assisted living facilities typically consist of
40 to 60 units and offer residents a supportive, home-like setting
and assistance with the activities of daily living. ALC employs
approximately 4,650 people.
Forward-looking Statements
Statements contained in this release other than statements of
historical fact, including statements regarding anticipated
financial performance, business strategy and management's plans and
objectives for future operations including managements expectations
about improving occupancy and private payer mix, are
forward-looking statements. These forward-looking statements
generally include words such as "expect," "point toward," "intend,"
"will," "indicate," "anticipate," "believe," "estimate," "plan,"
"strategy" or "objective." Forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied. In addition to
the risks and uncertainties referred to in the release in
connection with forward-looking statements, other risks and
uncertainties are identified in ALC's' filings with United States
Securities and Exchange Commissions and include, but are not
limited to, the following: changes in the health care industry in
general and the long-term senior care industry in particular
because of political and economic influences; changes in general
economic conditions, including changes in the availability of
credit at reasonable rates; changes in regulations governing the
industry and ALC's compliance with such regulations; changes in
government funding levels for health care services; resident care
litigation, including exposure for punitive damage claims and
increased insurance costs, and other claims asserted against ALC;
ALC's ability to maintain and increase census levels; ALC's ability
to attract and retain qualified personnel; the availability and
terms of capital to fund ALC's capital expenditures; changes in
competition; and demographic changes. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
ALC's forward-looking statements. All forward-looking statements
contained in this report are necessarily estimates reflecting the
best judgment of the party making such statements based upon
current information. ALC assumes no obligation to update any
forward-looking statement.
ASSISTED LIVING CONCEPTS, INC.
Condensed Consolidated Statements of Income
(In thousands, except earnings per share)
Three Months Ended
December 31, Year Ended
(Unaudited) December 31,
--------------------- ---------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues $ 57,617 $ 56,502 $ 234,085 $ 229,347
Expenses:
Residence operations
(exclusive of depreciation
and amortization and
residence lease expense
shown below) 38,329 36,875 152,851 151,684
General and administrative 3,251 3,584 12,789 13,073
Residence lease expense 5,006 3,556 19,900 14,310
Depreciation and amortization 4,775 4,554 18,710 17,642
Transaction costs -- -- -- 56
---------- ---------- ---------- ----------
Total operating expenses 51,361 48,569 204,250 196,765
---------- ---------- ---------- ----------
Income from operations 6,256 7,933 29,835 32,582
Other expense:
Interest income 143 240 630 1,718
Interest expense (1,876) (1,854) (7,727) (6,809)
---------- ---------- ---------- ----------
Income before income taxes 4,523 6,319 22,738 27,491
Income tax expense (1,493) (2,264) (8,415) (10,312)
---------- ---------- ---------- ----------
Net income $ 3,030 $ 4,055 $ 14,323 $ 17,179
========== ========== ========== ==========
Weighted average common shares:
Basic 60,825 65,875 62,428 68,172
Diluted 61,457 66,532 63,084 68,863
Per share data:
Basic earnings per common
share $ 0.05 $ 0.06 $ 0.23 $ 0.25
========== ========== ========== ==========
Diluted earnings per
common share $ 0.05 $ 0.06 $ 0.23 $ 0.25
========== ========== ========== ==========
Adjusted EBITDA (1) $ 11,248 $ 12,487 $ 49,026 $ 50,280
========== ========== ========== ==========
Adjusted EBITDAR (1) $ 16,254 $ 16,043 $ 68,926 $ 64,590
========== ========== ========== ==========
(1) See attached tables for definitions of adjusted EBITDA and adjusted
EBITDAR and reconciliations of net income to adjusted EBITDA and
adjusted EBITDAR.
ASSISTED LIVING CONCEPTS, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
December 31,
--------------------
2008 2007
--------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $ 19,905 $ 14,066
Investments 3,139 5,252
Accounts receivable, less allowances of $689 and
$992, respectively 2,696 2,908
Prepaid expenses, supplies and other receivables 3,463 5,089
Deposits in escrow 2,343 2,482
Income tax receivable 3,147 --
Deferred income taxes 4,614 4,080
--------- ---------
Total current assets 39,307 33,877
Property and equipment, net 422,791 395,141
Goodwill 16,315 19,909
Intangible assets, net 13,443 827
Restricted cash 4,534 8,943
Cash designated for acquisition -- 14,864
Other assets 2,231 2,680
--------- ---------
Total Assets $ 498,621 $ 476,241
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 13,574 $ 7,800
Accrued liabilities 17,898 17,951
Deferred revenue 6,739 6,346
Accrued income taxes -- 198
Current maturities of long-term debt 19,392 26,543
Current portion of self-insured liabilities 300 300
--------- ---------
Total current liabilities 57,903 59,138
Accrual for self-insured liabilities 1,176 941
Long-term debt 136,890 103,176
Deferred income taxes 11,811 9,008
Other long-term liabilities 11,102 9,444
Commitments and contingencies
--------- ---------
Total Liabilities 218,882 181,707
--------- ---------
Preferred stock, par value $0.01 per share,
25,000,000 shares authorized, no shares issued and
outstanding, respectively -- --
Class A Common Stock, par value $0.01 per share,
400,000,000 authorized, 52,296,246 and 56,131,873
issued and outstanding, respectively 595 595
Class B Common Stock, par value $0.01 per share,
75,000,000 authorized, 7,736,398 and 8,727,458
issued and outstanding, respectively 100 100
Additional paid-in capital 313,647 313,548
Accumulated other comprehensive (loss) income (1,989) 103
Retained earnings 33,641 19,318
Treasury stock at cost, 9,591,993 and 4,691,060
shares, respectively (66,255) (39,130)
--------- ---------
Total Stockholders' Equity 279,739 294,534
--------- ---------
Total Liabilities and Stockholders' Equity $ 498,621 $ 476,241
========= =========
ASSISTED LIVING CONCEPTS, INC.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
----------------------------
2008 2007 2006
-------- -------- --------
OPERATING ACTIVITIES:
Net income $ 14,323 $ 17,179 $ 9,009
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 18,710 17,642 16,699
Amortization of purchase accounting
adjustments for:
Leases and debt (248) (1,076) (527)
Below market resident leases -- (39) (1,187)
Provision for bad debts (303) 94 214
Provision for self-insured liabilities 435 78 415
Payments of self-insured liabilities (200) (308) (271)
Loss on sale or disposal of fixed assets 196 -- --
Loss on impairment of long-lived assets,
including impairments in discontinued
operations -- -- 5,018
Equity-based compensation expense 99 -- --
Change in fair value of derivative (655) -- --
Deferred income taxes 5,878 1,334 335
Changes in assets and liabilities:
Accounts receivable 515 1,555 (1,258)
Supplies, prepaid expenses and other
receivables 1,626 1,507 (3,564)
Deposits in escrow 139 (62) 290
Accounts payable 230 2,666 107
Accrued liabilities (53) (363) (1,167)
Deferred revenue 393 5,080 480
Income taxes payable/ receivable (2,669) 597 (999)
Changes in other non-current assets 4,858 1,849 (7,264)
Other long-term liabilities 1,658 1,379 2,649
Current due to Extendicare -- -- 76
-------- -------- --------
Cash provided by operating activities 44,932 49,112 19,055
-------- -------- --------
INVESTING ACTIVITIES:
Payment for acquisitions (14,546) (24,444) (4,619)
Cash designated for acquisition 14,864 (14,864) --
Payments for new construction projects (21,333) (3,904) (3,338)
Payments for purchases of property and
equipment (17,764) (12,457) (12,832)
Proceeds from sales of property and
equipment -- -- 79
-------- -------- --------
Cash used in investing activities (38,779) (55,669) (20,710)
-------- -------- --------
FINANCING ACTIVITIES:
Capital contributions from Extendicare -- 74 43,678
Purchase of treasury stock (27,125) (39,130) --
Proceeds on borrowings on revolving credit
facility 37,000 42,000 --
Repayment of interest bearing advances to
Extendicare -- -- (25,200)
Repayment of mortgage debt (19,215) (6,573) (2,312)
Proceeds from mortgage debt 9,026 4,301 --
Payment of deferred financing fees -- -- (999)
-------- -------- --------
Cash (used in) provided by financing
activities (314) 672 15,167
-------- -------- --------
Increase (decrease) in cash and cash
equivalents 5,839 (5,885) 13,512
Cash and cash equivalents, beginning of year 14,066 19,951 6,439
-------- -------- --------
Cash and cash equivalents, end of year $ 19,905 $ 14,066 $ 19,951
======== ======== ========
ASSISTED LIVING CONCEPTS, INC.
Financial and Operating Statistics
All residences Three Months Ended
----------------------------------------
December 31, September 30, December 31,
2008 2008 2007
------------ ------------ ------------
Average Occupied Units by Payer Source
Private 5,499 5,498 5,316
Medicaid 602 677 1,032
------------ ------------ ------------
Total 6,101 6,175 6,348
============ ============ ============
Occupancy Mix by Payer Source
Private 90.1% 89.0% 83.7%
Medicaid 9.9% 11.0% 16.3%
Percent of Revenue by Payer Source
Private 93.0% 92.0% 88.1%
Medicaid 7.0% 8.0% 11.9%
Average Revenue per Occupied Unit Day by Payer Source
Private $ 105.90 $ 106.19 $ 101.75
Medicaid $ 72.99 $ 74.72 $ 70.97
Combined $ 102.65 $ 102.74 $ 96.75
Occupancy Percentage 67.2% 68.0% 74.4%
All residences Year Ended
--------------------------
December 31, December 31,
2008 2007
------------ ------------
Average Occupied Units by Payer Source
Private 5,527 5,297
Medicaid 728 1,357
------------ ------------
Total 6,255 6,654
============ ============
Occupancy Mix by Payer Source
Private 88.4% 79.6%
Medicaid 11.6% 20.4%
Percent of Revenue by Payer Source
Private 91.7% 85.0%
Medicaid 8.3% 15.0%
Average Revenue per Occupied Unit Day by Payer Source
Private $ 106.15 $ 100.61
Medicaid $ 72.61 $ 69.11
Combined $ 102.24 $ 94.19
Occupancy Percentage 68.9% 79.1%
ASSISTED LIVING CONCEPTS, INC.
Financial and Operating Statistics
Same residence basis* Three Months Ended
----------------------------------------
December 31, September 30, December 31,
2008 2008 2007
------------ ------------ ------------
Average Occupied Units by Payer Source
Private 5,018 5,017 5,316
Medicaid 602 677 1,032
------------ ------------ ------------
Total 5,620 5,694 6,348
============ ============ ============
Occupancy Mix by Payer Source
Private 89.3% 88.1% 83.7%
Medicaid 10.7% 11.9% 16.3%
Percent of Revenue by Payer Source
Private 92.4% 91.4% 88.1%
Medicaid 7.6% 8.6% 11.9%
Average Revenue per Occupied Unit Day by Payer Source
Private $ 106.43 $ 106.51 $ 101.75
Medicaid $ 72.99 $ 74.72 $ 70.97
Combined $ 102.85 $ 102.73 $ 96.75
Occupancy Percentage 65.9% 66.7% 74.4%
Same residences basis* Year Ended
--------------------------
December 31, December 31,
2008 2007
------------ ------------
Average Occupied Units by Payer Source
Private 4,999 5,297
Medicaid 728 1,357
------------ ------------
Total 5,727 6,654
============ ============
Occupancy Mix by Payer Source
Private 87.3% 79.6%
Medicaid 12.7% 20.4%
Percent of Revenue by Payer Source
Private 91.0% 85.0%
Medicaid 9.0% 15.0%
Average Revenue per Occupied Unit Day by Payer Source
Private $ 106.83 $ 100.61
Medicaid $ 72.61 $ 69.11
Combined $ 102.48 $ 94.19
Occupancy Percentage 67.9% 79.1%
* Same residence basis excludes the impact of residents added from the
acquisition of the 185 unit Dubuque, Iowa residence on July 20, 2007
and the 541 unit CaraVita operations on January 1, 2008, and includes
changes in these acquisitions' occupancy since their respective dates
of acquisition.
Weighted Average Basic and Diluted Shares
The basic weighted average number of shares of common stock is
based upon the number of shares of Class A and Class B common stock
of ALC outstanding. For purposes of determining the diluted
weighted average number of shares, the Class B shares were deemed
to have been converted into Class A shares at the 1 to 1.075
conversion rate applicable to the Class B common stock. This
resulted in an additional 0.7 million shares included in the fully
diluted weighted average number of shares outstanding in the
quarter and year ended December 31, 2007 and 0.6 million shares
included in the quarter and year ended December 31, 2008 .
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDAR
Adjusted EBITDA is defined as net income from continuing
operations before income taxes, interest expense net of interest
income, depreciation and amortization, equity based compensation
expense, transaction costs and non-cash, non-recurring gains and
losses, including disposal of assets and impairment of long-lived
assets and loss on refinancing and retirement of debt. Adjusted
EBITDAR is defined as adjusted EBITDA before rent expenses incurred
for leased assisted living properties. Adjusted EBITDA and adjusted
EBITDAR are not measures of performance under accounting principles
generally accepted in the United States of America, or GAAP. We use
adjusted EBITDA and adjusted EBITDAR as key performance indicators
and adjusted EBITDA and adjusted EBITDAR expressed as a percentage
of total revenues as a measurement of margin.
We understand that EBITDA and EBITDAR, or derivatives thereof,
are customarily used by lenders, financial and credit analysts, and
many investors as a performance measure in evaluating a company's
ability to service debt and meet other payment obligations or as a
common valuation measurement in the long-term care industry.
Moreover, ALC's revolving credit facility contains covenants in
which a form of EBITDA is used as a measure of compliance, and we
anticipate EBITDA will be used in covenants in any new financing
arrangements that we may establish. We believe adjusted EBITDA and
adjusted EBITDAR provide meaningful supplemental information
regarding our core results because these measures exclude the
effects of non-operating factors related to our capital assets,
such as the historical cost of the assets.
We report specific line items separately, and exclude them from
adjusted EBITDA and adjusted EBITDAR because such items are
transitional in nature and would otherwise distort historical
trends. In addition, we use adjusted EBITDA and adjusted EBITDAR to
assess our operating performance and in making financing decisions.
In particular, we use adjusted EBITDA and adjusted EBITDAR in
analyzing potential acquisitions and internal expansion
possibilities. Adjusted EBITDAR performance is also used in
determining compensation levels for our senior executives. Adjusted
EBITDA and adjusted EBITDAR should not be considered in isolation
or as a substitute for net income, cash flows from operating
activities, and other income or cash flow statement data prepared
in accordance with GAAP, or as a measure of profitability or
liquidity. We present adjusted EBITDA and adjusted EBITDAR on a
consistent basis from period to period, thereby allowing for
comparability of operating performance.
Adjusted EBITDA and Adjusted EBITDAR Reconciliation Information
The following table sets forth a reconciliation of net income to adjusted
EBITDA and adjusted EBITDAR:
Three Months Ended Three Months Ended Year Ended
December 31, September 30, December 31,
------------------- ------------------ -------------------
2008 2007 2008 2007 2008 2007
-------- --------- --------- -------- --------- ---------
(In thousands, unaudited)
Net income $ 3,030 $ 4,055 $ 2,966 $ 4,225 $ 14,323 $ 17,179
Provision for
income taxes 1,493 2,264 1,819 2,594 8,415 10,312
-------- --------- --------- -------- --------- ---------
Income from
operations
before income
taxes 4,523 6,319 4,785 6,819 22,738 27,491
Add:
Depreciation
and
amortization 4,775 4,554 4,691 4,584 18,710 17,642
Interest
expense, net 1,733 1,614 1,869 1,405 7,097 5,091
Transaction
costs -- -- -- -- -- 56
Loss on
disposal of
assets 222 -- 160 -- 382 --
Non-cash
equity based
compensation (5) -- 60 (192) 99 --
-------- --------- --------- -------- --------- ---------
Adjusted EBITDA 11,248 12,487 11,565 12,616 49,026 50,280
Add: Lease
expense 5,006 3,556 4,987 3,595 19,900 14,310
-------- --------- --------- -------- --------- ---------
Adjusted
EBITDAR $ 16,254 $ 16,043 $ 16,552 $ 16,211 $ 68,926 $ 64,590
======== ========= ========= ======== ========= =========
The following table sets forth the calculations of adjusted EBITDA and
adjusted EBITDAR as percentages of total revenue:
Three Months Ended Three Months Ended Year Ended
December 31, September 30, December 31,
------------------ ------------------ ------------------
(Dollars amounts in thousands, unaudited)
----------------------------------------------------------
2008 2007 2008 2007 2008 2007
-------- -------- -------- -------- -------- --------
Revenues $ 57,617 $ 56,502 $ 58,367 $ 57,898 $234,085 $229,347
-------- -------- -------- -------- -------- --------
Adjusted EBITDA $ 11,248 $ 12,487 $ 11,565 $ 12,616 $ 49,026 $ 50,280
-------- -------- -------- -------- -------- --------
Adjusted
EBITDAR $ 16,254 $ 16,043 $ 16,552 $ 16,211 $ 68,926 $ 64,590
-------- -------- -------- -------- -------- --------
Adjusted EBITDA
as percent of
total revenues 19.5% 22.1% 19.8% 21.8% 20.9% 21.9%
-------- -------- -------- -------- -------- --------
Adjusted EBITDAR
as percent of
total revenues 28.2% 28.4% 28.4% 28.0% 29.4% 28.2%
-------- -------- -------- -------- -------- --------
For further information, contact: Assisted Living Concepts, Inc.
John Buono Sr. Vice President, Chief Financial Officer and
Treasurer Phone: (262) 257-8999 Fax: (262) 251-7562 Email: Email
Contact Visit ALC's Website @ www.alcco.com
Alcon (NYSE:ALC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alcon (NYSE:ALC)
Historical Stock Chart
From Jul 2023 to Jul 2024
