NEW YORK (Thomson Financial) - Sunrise Senior Living Inc. Monday said it
refiled its 2006 Form 10-K, which reduces the company's net income for all
affected periods, including 1996 through 2005, by an after-tax amount of $173
million.
The reduction includes real estate and other adjustments, as well as the
impact of a stock option adjustment.
Under the restated files, the company posted 2004 earnings of 3 cents a
share and 2005 earnings of $1.82 a share. Previously the company had reported
2004 earnings of $1.12 a share on 2005 earnings of $1.67 a share. Sunrise
reported earnings of 40 cents a share in 2006.
The McLean, Va.-based nursing home company said it was unable to file its
2007 Form 10-K on time and said it might not be able to by the Sept. 17 deadline
imposed by the New York Stock Exchange. If it doesn't file by the deadline, it
could be delisted from the exchange.
Sunrise said that after it files its 2007 Form 10-K, it would file its Form
10-Qs for 2008 and 2007, after which it will be current in its reporting.
Shares of Sunrise closed Thursday at $20.45. The stock is down about 49%
over the past 52 weeks.
Ryan Vlastelica
rv/tk1
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