Emeritus Corporation (NYSE: ESC), a national provider of assisted living and Alzheimer’s and related dementia care services to senior citizens, announced its second quarter 2009 results recently that showed a net loss for the second quarter was $7.1 million compared to a net loss of $25.2 million in the prior year quarter, an improvement of $18.1 million. Total revenue for the second quarter of 2009 increased 18.5% to $219.1 million compared to $184.9 million in the prior year quarter and total occupancy increased to 86.6% compared to 86.2% in the first quarter of 2009 and 86.5% in the prior year second quarter. Month-end occupancy on June 30, 2009 was 88.2%, compared to 87.8% on March 31, 2009 and average revenue per occupied unit on a total consolidated basis was approximately $3,650 for the second quarter of 2009, compared to $3,382 in the prior year quarter.
Second Quarter 2009 Operating Highlights
- Same store occupancy increased 120 basis points from the second quarter 2008, and increased 50 basis points sequentially;
- Total revenues increased 18.5% to $219.1 million from the second quarter 2008;
- Operating margins improved to 36.4% from 35.8% in the second quarter 2008;
- Operating income from continuing operations improved by $16.4 million from the second quarter 2008, and
- Cash flow from operations (CFFO) per share increased 100.0% to $0.34 from the second quarter 2008.
Mr. Granger Cobb, President and Co-CEO of Emeritus stated, “We were able to generate solid occupancy momentum as we focus on gaining market share. Importantly, we achieved this year-over-year growth while increasing our average rate and controlling costs. The consistent strength of our key operating metrics is further evidence of the need-driven demand for our services and our ability to meet that need in a cost effective manner.”
For the full earnings release, click here.