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Sunrise Senior Living, Friday posted disappointing revenue under management, sending shares down 4 percent.
The company, which is the subject of a government probe into insider trading, stock options and accounting, as expected, did not report full second-quarter results as its financials are still under review. The company is in the midst of restating results for 2003 through 2005.
Sunrise , the biggest U.S. owner of assisted-living facilities, posted selected preliminary results, including an 8.2 percent increase in revenue under management to $581.9 million.
Jefferies analyst Frank Morgan said in a research report that results fell short, noting that expenses grew faster than revenues. In communities owned for more than a year, expenses grew 6.3 percent, while same-community revenue rose only 5.3 percent.
At the end of the quarter, Sunrise said it had $210 million in cash and cash equivalents and about $115 million in debt, excluding the impact of consolidation of certain ventures that could arise from its accounting review.
"Because the company's restatement of its financial statements has not been completed, Sunrise is unable at this time to provide a reasonable estimate of either its second-quarter 2007 or second-quarter 2006 results of operations," the company said in a press release.
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