Sunrise Senior Living Inc., at risk of losing its New York Stock Exchange listing because of delinquent financial reports, has filed its 2006 report after an investigation into accounting errors.
Its stock will not be delisted by the NYSE as a result.
The McLean, Va.-based company, which manages about 450 retirement communities, including 12 in Maryland, had 2006 net income of $20.4 million, or 40 cents per share, compared to restated 2005 net income of $87.1 million, or $1.82 per share.
Sunrise ousted three top executives in December following an internal investigation that uncovered what the company called inappropriate accounting. Sunrise said accounting restatements for 1996 through 2005 cut its net income by $173 million.
Sunrise still has not filed its financial reports for 2007.
Sunrise stock (NYSE: SRZ) rose $1.21 to $21.66 per share in afternoon trading. Its stock has lost 46 percent of its value in the last year.
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