The owner and operator of assisted living residences for older adults reports second quarter operating income of $434,000, compared to a net operating loss of $6.1 million in the year-earlier period.
For the six months ended June 30, the company is reporting a net loss of $7.6 million, or 44 cents a diluted share,on revenue of $67.3 million. The first six months of 1999 resulted in a net loss of $16.7 million, or 97 cents a diluted share, on revenue of $55.1 million.
The company's six month operating income was $462,000, compared to an operating loss of $10.4 million in 1999.
As of June 30, 2000, Assisted Living Concepts had 185 assisted living residences included in its operations with an average occupancy rate of approximately 80.0% and an average monthly rental rate of approximately $1,993 per unit.
In late July, the company finalized an agreement with U.S. Bank whereby U.S. Bank agreed to modify and waive certain financial covenants for the second and third quarters. In exchange, Assisted Living provided three previously unencumbered Washington state properties as additional collateral.
The agreement also provides for the release of $1.8 million of cash collateral currently held by U.S. Bank upon the satisfaction of certain conditions, which the company believes will be completed during August 2000.
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