MENOMONEE FALLS, WI -- (Marketwire) -- 03/14/13 -- Assisted Living Concepts, Inc. ("ALC") (NYSE: ALC) reported a net loss of $2.6 million in the fourth quarter of 2012 as compared to net income of $7.3 million in the fourth quarter of 2011.
During the fourth quarters of both 2012 and 2011, ALC recorded One-Time Items described below. Excluding the One-Time Items, our net loss in the fourth quarter of 2012 would have been $0.8 million as compared to net income of $6.3 million in the fourth quarter of 2011.
Revenues in the fourth quarter of 2012 were $57.0 million as compared to revenues of $58.9 million in the fourth quarter of 2011.
"In the fourth quarter of 2012, we increased our number of units rented by 131, a significant improvement from recent history," commented Dr. Charles "Chip" Roadman, our President and Chief Executive Officer. "Our continued progress in the regulatory arena combined with quality initiatives were instrumental measures in attaining this improvement."
For the year ended December 31, 2012, ALC reported a net loss of $26.1 million as compared to net income of $24.4 million in the year ended December 31, 2011.
Excluding the One-Time Items described below, net income for the years ended December 31, 2012 and 2011 would have been $7.7 million and $22.1 million, respectively.
Diluted earnings per common share for the fourth quarter and the year ended December 31, 2012 and 2011 were:
Quarter ended Year ended December 31, December 31, 2012 2011 2012 2011 --------- --------- --------- ---------Diluted earnings/(loss) per common share $ (0.11) $ 0.31 $ (1.14) $ 1.05Pro forma diluted earnings/(loss) per common share excluding One-Time Items $ (0.03) $ 0.27 $ 0.34 $ 0.95
One-Time Items (net of tax) in the quarter and year ended December 31, 2012 included:
1. Charges related to the purchase of 12 previously leased properties from Ventas Realty, Limited Partnership and MLD Delaware Trust relating to the write off of $0.2 million and $22.4 million related to a litigation settlement and a lease termination fee for the quarter and year ended December 31, 2012, respectively, a $5.2 million write-off of an operating lease intangible, and $0.6 million of transaction costs, partially offset by $0.6 million of rental savings for the year ended December 31, 2012.
2. The write-off of construction costs associated with expansion projects that management has determined will not be completed. ($0.0 million and $0.3 million for the quarter and year ended December 31, 2012).
3. Expenses incurred in connection with an internal investigation, litigation related to the Ventas transaction, public relations and quality committee projects. ($1.1 million and $3.1 million for the quarter and year ended December 31, 2012, respectively).
4. The write down of long-lived assets determined to be impaired ($2.1 million for the year ended December 31, 2012).
5. The write-off of deferred financing in connection with the amended U.S. Bank credit facility ($0.7 million in both the quarter and year ended December 31, 2012).
6. Income recorded in connection with the sale of investments ($0.1 million in both the quarter and year ended December 31, 2012).
