Emeritus Cuts FY13 Adj. CFFO View

(RTTNews) - Emeritus Corp. (ESC), a national provider of senior living services, announced a revision to 2013 guidance.

Looking ahead for the third quarter 2013, the company anticipates Adjusted Cash from facility operations to be in the range of $0.45 to $0.50 per share.

For 2013, the company now expects Adjusted Cash from facility operations or CFFO to be in the range of $1.95 to $2.05 per share, and Community, ancillary services, and management fee revenue of $1.90 billion to $1.95 billion. Earlier, the company had expected Adjusted CFFO to be in the range of $2.10 to $2.20 per share, and Community and management fee revenue of $1.85 billion to $1.90 billion.

For 2013, Routine capital expenditures is anticipated to be in the range of $28.0 million to $30.0 million. The company projects senior living general and administrative expenses as a percent of total senior living operated revenue of approximately 4.9%, excluding non-cash stock-based compensation expenses.

The company said it closed on a 38-community lease effective September 1, 2013. In addition, Nurse on Call has now completed the acquisition of a home healthcare license and related business in Arizona, in line with the Company's stated plan to expand its home healthcare services beyond Florida. These acquisitions are included in the guidance.

Granger Cobb, President and Chief Executive Officer, said, " Our underlying business fundamentals remain strong, and we continue to anticipate a year-over-year increase in cash from facility operations approaching 20%, but our previous guidance needs to be adjusted to reflect updated projections in the near term. Our ongoing business strategy remains unchanged - we will continue to focus on providing an exceptional customer experience to our residents and family members and delivering service of the highest quality."