Assisted living and dementia care services provider Emeritus Corp. said Monday its fourth-quarter loss widened despite higher revenue, as expenses increased and the average occupancy rate slipped.
For the three months ended Dec. 31, the company posted a loss of $30.5 million, or 78 cents per share, compared with a loss of $25.8 million, or 66 cents per share, in the 2007 fourth quarter.
Revenue rose 11 percent to $203.6 million, from $183.6 million in the prior-year period.
Analysts polled by Thomson Reuters, on average, expected a loss of 56 cents per share, on revenue of $197.4 million.
Emeritus said about $11 million of the revenue increase reflected higher monthly revenue per occupied unit. Overall, that measure increased by 6 percent, to $3,498 per occupied unit, from $3,300 in the 2007 fourth quarter.
But average occupancy slipped to 86.4 percent from 87.7 percent
Operating expenses rose 8 percent to $196.9 million, with most of the increase coming in community operations, as the number of facilities Emeritus operates rose to 268 from 244 in prior year. The increase came despite a $3.1 million decline in the cost of self-insurance.
For the year, Emeritus lost $104.8 million, or $2.68 per share, compared with losses of $48.7 million, or $1.80 per share, in 2007.
Emeritus shares closed down 13 cents at $6.20 before the results were released.
source: yahoo
For the three months ended Dec. 31, the company posted a loss of $30.5 million, or 78 cents per share, compared with a loss of $25.8 million, or 66 cents per share, in the 2007 fourth quarter.
Revenue rose 11 percent to $203.6 million, from $183.6 million in the prior-year period.
Analysts polled by Thomson Reuters, on average, expected a loss of 56 cents per share, on revenue of $197.4 million.
Emeritus said about $11 million of the revenue increase reflected higher monthly revenue per occupied unit. Overall, that measure increased by 6 percent, to $3,498 per occupied unit, from $3,300 in the 2007 fourth quarter.
But average occupancy slipped to 86.4 percent from 87.7 percent
Operating expenses rose 8 percent to $196.9 million, with most of the increase coming in community operations, as the number of facilities Emeritus operates rose to 268 from 244 in prior year. The increase came despite a $3.1 million decline in the cost of self-insurance.
For the year, Emeritus lost $104.8 million, or $2.68 per share, compared with losses of $48.7 million, or $1.80 per share, in 2007.
Emeritus shares closed down 13 cents at $6.20 before the results were released.
source: yahoo
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