Post-acute provider Sunrise Senior Living, McLean, Va., filed its 2007 financial statements with the Securities and Exchange Commission, in which the company reported a net loss of $70.3 million for that year, compared with a restated net income of $15.3 million in 2006. Total revenue for 2007 was $1.652 billion, up slightly from the $1.651 billion in restated revenue for 2006. For the first and second quarters of 2008, Sunrise said it expects to record $22 million in charges for the discontinuation of its condominium projects, and $23 million in charges for legal and accounting fees related to its accounting review and investigations. It expects to file its first-quarter financials by Aug. 20 and its second-quarter results by Sept. 10.
Last year, Sunrise said its board of directors had decided to explore strategic alternatives, including a possible sale of the company, to enhance shareholder value. In its July 31 filing, however, Sunrise said there can be no assurance that the exploration of strategic alternatives will result in any sale transaction. The company also outlined a strategic plan, which it said includes focusing on the core business of building and operating assisted living and memory-care communities to drive profitability, and strengthening the companys existing portfolios to minimize exposure to future losses. -- by Jessica Zigmond
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