CAREMATRIX CORPORATION
Consolidated Statement of Operations
|
|
|
|
Year Ended
December 31, |
|
|
|
|
|
|
1999 |
|
1998
Restated |
|
| Revenue |
| Residence operations |
|
|
|
|
|
$181,101,462 |
|
$120,880,218 |
| Development fees |
|
|
|
|
|
3,827,669 |
|
15,081,123 |
| Total revenue |
|
|
|
|
|
184,929,131 |
|
135,961,341 |
| Operating Expenses |
| Facility operating expenses |
|
|
|
|
|
130,582,190 |
|
79,643,232 |
| Facility lease expense |
|
|
|
|
|
20,654,176 |
|
16,957,753 |
| General and administrative |
|
|
|
|
|
24,621,524 |
|
19,362,355 |
| Aset impairment and other charges |
|
|
|
|
|
48,028,047 |
|
-- |
| Depreciation and amortization |
|
|
|
|
|
12,856,878 |
|
5,681,865 |
| Total expenses |
|
|
|
|
|
236,742,815 |
|
121,645,205 |
|
| Earnings (loss)
from operations |
|
|
|
|
|
(51,813,684) |
|
14,316,136 |
|
| Other income (expense): |
| Interest and other income |
|
|
|
|
|
1,674,390 |
|
6,353,923 |
| Interest expense |
|
|
|
|
|
(13,488,805) |
|
(7,577,255) |
| Total other income (expense) |
|
|
|
|
|
(11,814,415) |
|
(1,223,332) |
|
| Earnings (loss) before income taxes,
cumulative effect of accounting change and preferred dividends |
|
|
|
|
|
(63,628,099) |
|
13,092,804 |
| Provision for income taxes |
|
|
|
|
|
1,552,304 |
|
5,368,050 |
| Earnings (loss) before
cumulative effect of accounting change and preferred
dividends |
|
|
|
|
|
(65,180,403) |
|
7,724,754 |
| Cumulative
effect of accounting change, net of taxes of $374,562 |
|
|
|
|
|
-- |
|
539,004 |
| Preferred dividends |
|
|
|
|
|
7,150 |
|
10,050 |
| Net earnings (loss) |
|
|
|
|
|
$(65,187,553) |
|
$7,175,700 |
|
|
|
|
|
|
|
|
|
| Basic shares outstanding |
|
|
|
|
|
17,952,521 |
|
17,632,278 |
| Basic earnings (loss) per share
before cumulative effect of accounting change |
|
|
|
|
|
$(3.63) |
|
$.44 |
| Loss per share of cumulative effect
of accounting change |
|
|
|
|
|
-- |
|
(0.03) |
| Basic earnings (loss) per share |
|
|
|
|
|
(3.63) |
|
.41 |
| Diluted shares outstanding |
|
|
|
|
|
17,952,521 |
|
18,136,382 |
|
| Diluted earnings (loss) per share
before cumulative effect of accounting change |
|
|
|
|
|
$(3.63) |
|
$0.43 |
|
| Loss per share of cumulative effect
of accounting change |
|
|
|
|
|
-- |
|
$0.03 |
|
| Diluted earnings (loss) per common
share |
|
|
|
|
|
$(3.63) |
|
0.40 |
|
|
