Sunrise reports smaller loss for first quarter of 2010
Sunrise Senior Living Inc. disclosed on Monday that it lost $16 million in the first quarter of 2010. That compares to a wider loss of $18 million in the first quarter of last year.
The net loss was $0.29 per fully diluted share in the first quarter. That compares with a loss of $0.36 per fully diluted share in 2009, according to the company's report. During the first quarter of 2010, operating revenue at the senior living company fell to $355.2 million, down from $374.7 million during the same time in 2009.
“In this quarter we continued our operations and balance sheet restructuring efforts to move us toward strengthening our core business results while reducing corporate risk,” said Sunrise CEO Mark Ordan. “Our progress in both areas reinforces our optimism about the future.”
In related news, the United States District Court for the Eastern District of Virginia on Friday dismissed all claims against Sunrise filed by HCP Inc., which owns four assisted living facilities managed by Sunrise.