Assisted Living Concepts, Inc. (“ALC”) (NYSE:ALC), an operator of 216 assisted living units, reported net income of $3.9 million in the second quarter of 2009 compared to net income of $4.3 million in the second quarter of 2008. Diluted earnings per common share of $0.33 per share in the second quarter of 2009 compared to $0.34 per share in the second quarter of 2008.
Additional Highlights from the quarter include:
- June 30, 2009 private pay occupancy exceeds April 1, 2009 private pay occupancy by 92 units
- Average private pay occupancy declines by 22 units from first quarter 2009 but trends up throughout the
- Adjusted EBITDAR as a percent of revenues increases to 32.2% in the second quarter of 2009, up from 28.5% in the first quarter of 2009 and 30.9% in the second quarter of 2008
- 299 expansion units on line by June 30, 2009
- Completed $14.0 million, 6.5%, five year mortgage financing
For the first six months of 2009, ALC reported a net loss of $7.9 million compared to net income of $8.3 million in the first six months of 2008. Excluding an impairment charge related to the non-cash, non-recurring write-off
of goodwill of $14.7 million recorded in the first quarter of 2009, net income for the first six months of 2009 would have been $6.8 million. Diluted earnings (loss) per common share for the six months ended June 30, 2009
and 2008 were ($0.66) and $0.65, respectively. Excluding the impairment charge, diluted earnings per share for the six months ended June 30, 2009 would have been $0.57 per share.
“I am very pleased with our second quarter performance,” commented Laurie Bebo, President and Chief Executive Officer of Assisted Living Concepts, Inc. “An upward trend in occupancy and careful expense management led us to impressive EBITDAR margins and gave us a strong starting point for the third quarter.”
As of June 30, 2009, ALC operated 216 assisted living residences comprising 9,375 units.
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