Sunrise Senior Living, McLean, Va., filed its form 10-K with the Securities and Exchange Commission for 2006, and has completed its anticipated financial restatement and accounting review. The restatement reduced the companys net income by about $173 million, after-tax, for all periods affected, including 1996 through 2005.
Earlier this month, Sunrise said it had expected a reduction in net income for those periods to be about $140 million, an increase from the $130 million estimate it projected last November. For 2006, Sunrise reported revenue of $1.65 billion and net income of $20.4 million. Sunrise also said its shares will continue to trade on the New York Stock Exchange.
A company news release said that if Sunrise does not file its 2007 form 10-K by Sept. 17, 2008, the NYSE may allow the companys common stock to continue to be listed for up to an additional six-month trading period; however, the exchange may begin suspension and delisting procedures if it determines that an additional trading period is not appropriate. -- by Jessica Zigmond