Sunrise to restate earnings for seven-year period
Sunrise Senior Living Inc. plans to restate its financial results for the years 1999 through 2005. Earnings are expected to fall by about $100 million for that period.The McLean, VA-based operator of nursing homes and assisted-living facilities said it will release 2005 results before the end of the year. After that, the company will file for the first three quarters of 2006 and will raise its prior forecasts for 2006 and 2007 due to revisions, according to the company announcement.
Sunrise also reported preliminary third quarter results. It said quarterly revenue under management increased to $547 million in the third quarter of 2006, compared to $541 million in the previous third quarter.