HealthSouth Corp., Birmingham, Ala., said it will not file its first-quarter results on time and expects to report a loss of about $361 million. In a Securities and Exchange Commission filing, HealthSouth cited financial control and organizational issues stemming from its previous massive accounting fraud as reasons for the delay and said the loss relates to early repayment of debt from its recapitalization in March. The company said in a news release it will use the five-day extension permitted by the SEC and report results for the period ended March 31, 2006 on May 15.
Meanwhile, Sunrise Senior Living, McLean, Va., another post-acute provider, also said it will not file its first-quarter results on time. Sunrise, which provides independent-living, assisted-living, skilled-nursing and rehabilitative-care services in North America and Europe, said in an SEC filing that it is reviewing its accounting methods for allocation of profits and losses related to the number of joint ventures in which Sunrise is a minority partner. The company said the filing was due May 10 and it would file results after the accounting review is completed. When Sunrise announced the postponed filing in a news release, the company said it did not expect the outcome of the review to affect earnings guidance for 2006 or 2007. -- by Jessica Zigmond