Sunrise averts NYSE de-listing
Earnings were reduced by $173 million for the period, which was fraught with accounting errors but no signs of insider trading, stock-option backdating or inappropriate accounting, the Associated Press reported.
While the new figures show Sunrise raised its earnings figure for 2005 from $79.7 million ($1.67 per share) to $87.1 million ($1.82 per share), it also revealed that restated 2005 numbers plummeted, from earnings of $50.7 million ($1.12 per share) to $1.1 million ($0.03 per share).
Sunrise filed for an extension to file 2007 earnings and has until Sept. 17 to do so.
"Now that our restatement is complete, we have a solid foundation on which to move forward with our business," said Sunrise founder and CEO Paul Klaassen, who was replaced as board chairman last week as part of several announced governance changes. "With our recently- announced enhanced corporate governance, continued growth and reputation for championing quality of life for seniors and their families, we believe Sunrise is well positioned for the future."