31 2008 for important risk factors that could cause results todiffer materially from those in any such forward-looking
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31, 2008 for important risk factors that could cause results todiffer materially from those in any such forward-looking statements. Given the fail-safe,mission critical nature of its products, Insitu must ensure a high levelproduct and software quality. With an initial goal of achieving CMMILevel 3, Insitu evaluated a variety of product lifecycle management (PLM)and application lifecycle management (ALM) solutions. is located in Bingen, Washington, and designs, develops andmanufactures unmanned aircraft systems for commercial and militaryapplications including integrated command, control, and video tools forIntelligence, Surveillance and Reconnaissance (ISR). WATERLOO, ONTARIO, May 08 (MARKET WIRE) -- MKS Inc., (MKS) (TSX: MKX) the global Application Lifecycle Management(ALM) technology leader, has released a new case study showcasing thesuccess that Insitu Inc., a wholly owned subsidiary of The BoeingCompany, has had in accelerating their adoption of the SEI CMMI(Capability Maturity Model Integration) and rapid achievement of CMMILevel 3 compliance through the use of MKS Integrity(TM).Insitu Inc. This portfolio includes consolidated communities, communities in ventures and communities managed for third-parties.(3)Community revenues include resident fees and ancillary services.
Community expenses include community and ancillary expenses.(4)Comparable community portfolio excludes six joint venture communities sold in April 2009.(5)Community operating expenses exclude management fees paid to Sunrise with respect to comparable-community ventures in order to make comparisons between consolidated and venture communities consistent.(6)The impact of the foreign exchange rate was calculated by applying the 2008 foreign exchange rates to Sunrise's Q1 2009 results.SOURCESunrise Senior Living, Inc.Meghan Lublin, Corporate and Investor Communications, +1-703-854-0299, SunriseSenior Living, Inc.. The Company assumes noobligation to update or supplement forward-looking statements that becomeuntrue because of subsequent events SUNRISE SENIOR LIVING, INC. There were also three consolidated communities sold or disposed and one management contract terminated in the first quarter.(2)The Comparable community portfolio consists of all communities that have been open and operating for at least 24 months as of January 1, 2009. A telephone replay of the call will beavailable until May 22, 2009 at 12 p.m. Although Sunrise believes the expectations reflected in suchforward-looking statements are based on reasonable assumptions, there can beno assurances that its expectations will be realized. Those interested may also go to the InvestorRelations section of Sunrise's Web site ( http://)to listen to the earnings call. ET on Friday, May8, 2009, to discuss the financial results for the first quarter of 2009 andthe other matters discussed in this press release.The call-in number for theconference call is 877-719-9796 or 719-325-4827 (from outside the U.S.).Callers should reference the "Sunrise Senior Living Q1 Earnings Call" or theparticipant passcode: 1059514.
Following the transition ofthesix Aston Gardens management contracts on April 30, 2009, Sunriseoperated 411 communities with a unit capacity of approximately 42,000.Sunrise's management believes that total comparable-community revenues,average daily revenue per occupied unit, average unit occupancy rates andtotal comparable-community expenses are useful indicators of trends inSunrise's management business.For additional details on Sunrise'scomparable-community operations data, please refer to the SupplementalInformation attached.Conference Call and WebcastSunrise will host a conference call and webcast at 9:00 a.m. Comparable community operating expense results for thequarter demonstrate Sunrise's system-wide focus on aggressivelymanaging all operating expenses, without compromising quality of care,to reflect current occupancy levels and to maximize communityprofitability.--In the first quarter of 2009, Sunrise opened nine new communities,witha combined capacity of approximately 854 units.As of March 31, 2009,Sunrise had 14 communities under construction, with capacity for anadditional 1,332 units.--As of March 31, 2009, Sunrise operated 417 communities located in theUnited States, Canada, the United Kingdom and Germany, with a unitcapacity of approximately 44,000 units. Excludingtheimpact of foreign exchange rates, comparable community operatingexpenses grew 3.6 percent.Excluding both the impact of the healthanddental credit and the foreign exchange rates, these operating expensesgrew 2.3%. Excluding the impact of foreign exchange rates, average dailyrevenue per occupied unit for the comparable community portfolioincreased 4.2 percent for the first quarter of 2009 as compared to thefirst quarter of 2008.--Comparable community operating expenses for the first quarter of 2009grew 1.4 percent over the first-quarter of 2008 to $390.3 million.Excluding a $4.6 million health and dental credit experienced in thefirst quarter of 2008, these operating expenses grew 0.2%.
For moreinformation on Stock Preacher, please visit: CRD#1603068.StockPreacher DisclosureStockPreacher is not a registered investment advisor and nothing containedin any materials should be construed as a recommendation to buy or sell anysecurities. We provide investors with an excellent first step intheir research and due diligence by providing daily trading ideas, andconsolidating the publicly available information available on them. Certain construction lenders have previously notifiedSunrise that they believe there are certain defaults under some of theexisting construction loans; however, with the exception of one project asdescribed below, all lenders continue to fund under their financingcommitments.In March 2009, a venture in which Sunrise has a 20-percent interest, receiveda notice of default from its lender for alleged violation of financialcovenants and other matters.Based on discussions with the lender, Sunrisebelieves the lender does not intend to provide further draws on theconstruction loan. LTD of Singapore acquired AheadMagnetics, Inc., of San Jose, Calif., there were a number of potentialbuyers to choose from, but "Ahead Magnetics has found a great platform tojoin, and Huritga acquired a great target with substantial potential withAhead Magnetics."Generational Equity helped Houstech, Inc., of Houston find and negotiate adeal with a private investor.
On March 31, 2009, Sunrise had 14 communities underconstruction in North America and the United Kingdom. Sunrise estimates itwill cost approximately $114.1 million to complete these 14 communities, andanticipates funding this cost with the proceeds of committed constructionfinancing.Assuming the lenders continue to fund financing commitments underexisting construction loans, Sunrise does not expect that it will need to makeany further equity contribution commitments for projects under construction asof March 31, 2009. Sunrise currently expects to record additional severance expense ofapproximately $4.5 million in 2009 as a result of this plan, which is expectedto be completed by early 2010.Development UpdateSunrise has no construction starts planned for 2009 in North America or theUnited Kingdom. Sunrise continues itsdiscussions with the lenders to its German communities with the objective ofsettling their claims against Sunrise, in order to allow Sunrise to exit theGerman market altogether.At the beginning of 2009, Sunrise stopped making payments under its guaranteeobligations relating to the Fountains portfolio. The $330.6 million of venturedebt is in default.Sunrise continues its discussion with the lenders to theFountains portfolio and its venture partner.The lender to Sunrise'sFountains venture had not yet agreed to Sunrise's request for a standstillagreement.Overhead Reduction PlanOn May 4, 2009, Sunrise announced it continues to reduce overhead spendingwith the objective of becoming a leaner organization.Sunrise expects torealize approximately $20 million of annual recurring savings from a reductionin non-care related administrative costs.As a result of the overheaddownsizing plan, Sunrise expects to reduce its annual recurring general andadministrative expenses to approximately $100 million, down from itspreviously budgeted annual recurring level of expenses of approximately $120million. In April 2009,Sunrise paid down part of its outstanding borrowings under its Bank CreditFacility, including a pay down of $20.8 million made on April 2, 2009 usingfederal income tax refunds received by Sunrise and a pay down of $1 millionmade on April 30, 2009 using proceeds from the sale of Aston Gardens asfurther described below. During the first quarter of2009, Sunrise recorded net income from discontinued operations of $14.0million primarily from the sale of Greystone.Also during the first quarter of 2009, a venture in which Sunrise is a20-percent member, sold three of its UK communities to a venture in whichSunrise has a 10-percent interest.

