Click here to close now.


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 and

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:

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

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.

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

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
"eFolder does a lot of different things but we protect data and we are focused on protecting data no matter where it resides," explained Carlo Tapia, Product Marketing Manager at eFolder, in this interview at Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
OpsHub, Inc. has announced enhanced support for DevOps and Migration for both Team Foundation Server and Visual Studio On-line in a heterogeneous environment. With added support for build and release entities in OpsHub Integration Manager (OIM) Microsoft customers can now leverage Visual Studio build and release services to manage DevOps processes in a heterogeneous environment. With the enhanced support customers can manage the DevOps process in Team Foundation Server while undertaking activit...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.