Click here to close now.

SYS-CON MEDIA Authors: Bob Gourley, Mike Kavis, Elizabeth White, John Treadway, SmartBear Blog

News Feed Item

Leisureworld Senior Care Corporation Reports 2014 First Quarter Financial Results

MARKHAM, ONTARIO -- (Marketwired) -- 05/13/14 -- Leisureworld Senior Care Corporation (TSX: LW) ("Leisureworld" or "the Company") today announced its financial results for the first quarter ended March 31, 2014. Interim Financial Statements and Management's Discussion and Analysis are available on the Company's website at www.leisureworld.ca and www.sedar.com.

First Quarter Highlights


--  Operating Funds from Operations (1) per share diluted were up 16%.
--  Executed debt strategy with a bond refinancing, extending weighted
    average term of debt from 3.1 years to 5.5 years and reducing weighted
    average interest rate from 4.53% to 3.86%.
--  Improvement in same property NOI of 5%.

Lois Cormack, President and CEO of Leisureworld said, "We are very pleased with our performance during the first quarter of 2014. Despite the severe winter weather conditions impacting our operating costs and our occupancy, our operating results are showing strong improvements over the previous year."

Financial and Operating Highlights for March 31:


----------------------------------------------------------------------------
                                                       Quarter      Quarter
                                                         ended        ended
                                                     March 31,    March 31,
$000s except occupancy, per share and ratio data          2014         2013
----------------------------------------------------------------------------
Average total occupancy (LTC)                             98.5%        98.7%
----------------------------------------------------------------------------
Average private occupancy (LTC)                           98.7%        98.7%
----------------------------------------------------------------------------
Average occupancy (retirement)                            82.7%        75.1%
----------------------------------------------------------------------------
Income before other expenses and the provision for
 (recovery) of income taxes                         $   15,304   $   10,801
----------------------------------------------------------------------------
Net Loss                                            $  (18,064)  $   (1,362)
----------------------------------------------------------------------------
Net Operating Income (NOI) 2                        $   19,528   $   13,970
----------------------------------------------------------------------------
Operating Funds from Operations (OFFO) 1, 2         $    9,364   $    6,226
----------------------------------------------------------------------------
OFFO per share diluted                              $    0.248   $    0.213
----------------------------------------------------------------------------
Adjusted Funds from Operations (AFFO) 2             $   11,704   $    8,180
----------------------------------------------------------------------------
AFFO per share diluted                              $    0.308   $    0.279
----------------------------------------------------------------------------
AFFO per share basic                                $    0.323   $    0.279
----------------------------------------------------------------------------
Dividends declared per share                        $    0.225   $    0.225
----------------------------------------------------------------------------
Payout Ratio 3                                            69.7%        80.6%
----------------------------------------------------------------------------

1. As a result of adopting the REALpac FFO definition for presentation purposes in the first quarter of 2014, the Company has introduced the new measure of operating funds from operations ("OFFO"), which is equivalent to its historical presentation of funds from operations ("FFO").

2. Net operating income (loss) ("NOI"), funds from operations ("FFO"), operating funds from operations ("OFFO") and adjusted funds from operations ("AFFO") are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. NOI, FFO. OFFO and AFFO are supplemental measures of a company's performance and Leisureworld believes that NOI, FFO, OFFO and AFFO are relevant measures of its earnings performance and its' ability to pay dividends on the Company's common shares. The IFRS measurement most directly comparable to FFO, OFFO and AFFO is net income (loss).

3. Payout Ratio is calculated using the basic AFFO per share divided by the dividends declared per share for the respective periods.

First Quarter 2014

For the three months ended March 31, 2014, NOI was $19.5 million, up $5.6 million over the $14.0 million earned in the first quarter of 2013. On a same-asset basis, NOI improved 3% in the long term care business, 13% in the retirement home business and remained stable in home care.

During the quarter, the Company completed a bond refinancing. Leisureworld Senior Care LP, a subsidiary of the Company, issued $322 million of aggregate principal amount of 3.474% Series B Senior Secured Debentures with a maturity date of February 3, 2021 ("Series B Debentures"). The proceeds from the issuance of Series B Debentures were used to repay all of the outstanding 4.814% Series A Senior Secured Debentures due November 24, 2015 ("Series A Debentures"), and all associated fees and expenses. This refinancing extended the weighted average term to maturity of Leisureworld's long-term debt (including its outstanding convertible debentures) from 3.1 to 5.5 years, and reduced its weighted average interest rate from 4.53% to 3.86%.

This bond refinancing impacted the first quarter 2014 results due to the redemption premium paid to redeem the Series A Debentures being categorized as an expense for accounting purposes (no impact on OFFO or AFFO), and the fact that the Series A Debentures and Series B Debentures were both outstanding for a 21-day period in February, 2014 resulting in additional interest expense (impacts all measures).

Looking Ahead

"We operate four business lines, spanning the spectrum of seniors' living," said Ms. Cormack. "With the rapidly growing seniors' population, strong demand for seniors' services outside of hospitals and high barriers to entry in all of our businesses, Leisureworld is well-positioned for organic and external growth."

Conference Call

Lois Cormack, President and CEO, and Tim McSorley, CFO (Interim), will host a conference call for the investment community on Wednesday, May 14, 2014 at 9:00 a.m. (ET). The call-in numbers for participants are 416-340-8527 or 800-565-0813. A webcast of the call will be accessible via Leisureworld's website at: www.leisureworld.ca/Investors/Events-Presentations.aspx.

A replay of the call will be available until May 28, 2014. To access the replay, dial 905-694-9451 or 800-408-3053 (pass code: 3110744). The webcast will be archived on Leisureworld's website.

About Leisureworld

Leisureworld Senior Care Corporation is one of Canada's largest operators of seniors' housing and the largest licensed long-term care provider in Ontario. Leisureworld has 7,500 employees and owns and operates 35 long-term care homes across Ontario with 5,733 beds. Leisureworld also owns and operates 10 retirement residences, representing 1,065 suites, in Ontario and British Columbia. Under its management services division, Leisureworld provides management and consulting services to long-term care homes and retirement residences in Ontario. Leisureworld subsidiaries include Preferred Health Care Services, an accredited provider of professional nursing and personal support services. For more information, please visit Leisureworld's website at www.leisureworld.ca.

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting Leisureworld's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of Leisureworld as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

Contacts:
Leisureworld Senior Care Corporation
Lois Cormack
President and Chief Executive Officer
(905) 415-7612

Leisureworld Senior Care Corporation
Tim McSorley
Chief Financial Officer (Interim)
(905) 477-4006 ext. 2089
www.leisureworld.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at 16th Cloud Expo, Haseeb Budhani, CEO and Co-founder of Soha, will share five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the frict...
SYS-CON Media announced today that John Treadway’s blog has exceeded 475,000 page views. John Treadway, Vice President at Cloud Technology Partners, has surpassed 475,000 page views on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, Microservices Journal, and several others. His blog home page at SYS-CON can be found at JohnTreadway.SYS-CON.com.
SYS-CON Events announced today that Column Technologies, a global technology solutions company, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a leader in application performance and infrastructure management for commercial and federal markets. The company is headquartered in the United States, with a diverse and talented team of more than 350 employees around th...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
SYS-CON Events announced today that Blue Box has been named “Bronze Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Blue Box delivers Private Cloud as a Service (PCaaS) to a worldwide customer base. Built on a technology platform leveraging decades of operational expertise in cloud and distributed systems, Blue Box Cloud is a managed private cloud product available in both hosted and on-prem versions. Each Blue Box ...
SYS-CON Events announced today Sematext Group, Inc., a Brooklyn-based Performance Monitoring and Log Management solution provider, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), search analytics (S...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...