Sunrise Senior Living, Inc. (NYSE: SRZ), with headquarters in Tysons Corner, continued the trend of fluctuating quarterly results. Operating revenue was reduced to $322.0 Million in the quarter versus $348.1 Million in the same period last year.
The senior community operator managed to post a net income of $1.8 Million ($0.02 cents per diluted share) but that was down drastically from the $46.3 Million ($0.81 cents per diluted share) profit delivered in the second quarter ended June 30, 2010.
Mark Ordan, chief executive officer of Sunrise Senior Living stated "We are pleased with our second quarter performance which shows continued strength in occupancy, rate and operating results. We are also pleased with our continuing progress in achieving our strategic goals. While our second quarter sequential occupancy dropped by 50 basis points from the first quarter to the second quarter, we have seen renewed strength in recent weeks."
Sunrise Senior Living was greatly affected by the housing bust and recent recession, the company has developed several active and assisted senior living communities including condominiums. The company currently has approximately 31,000 units.
Cash and cash equivalents were maintained at $65.1 Million at the end of June 2011 versus $66.7 Million at the end of June 2010.
On August 1, 2011, Sunrise Senior Living notified investors that operating results would be affected by the Center for Medicare & Medicaid Services mandate to reduce payments to skilled nursing facilities by $3.87 Billion in fiscal year 2012.