Extendicare REIT reported consolidated earnings results for the three and nine months ended September 30, 2009. Revenue of CAD 532.1 million in third quarter 2009, an increase of 8.5% (4.6% exclusive of the impact of foreign exchange) compared to CAD 490.2 million in third quarter 2008, due largely to achieving higher per diem rates in Medicare and Managed Care. EBITDA of CAD 71.1 million in third quarter 2009, an increase of 39.2% (33.7% exclusive of the impact of foreign exchange) compared to CAD 51.1 million in third quarter 2008, mainly due to cost controls. EBITDA margins improved to 13.4% in third quarter 2009 from 10.4% in third quarter 2008. AFFO from continuing operations improved 57.3% to CAD 30.2 million or CAD 0.414 per basic unit in third quarter 2009 from CAD 19.2 million or CAD 0.260 per basic unit in third quarter 2008. AFFO from continuing operations improved CAD 11.0 million, or 57.3%, to CAD 30.2 million or CAD 0.414 per basic unit in the 2009 third quarter from CAD 19.2 million or CAD 0.260 per basic unit in the 2008 third quarter. For the quarter, the company reported earnings from continuing operations before income taxes of CAD 42.6 million and net earnings of CAD 28.0 million or CAD 0.35 per diluted share and cash flow from operating activities of CAD 61.9 million and capital expenditures of CAD 20.9 million compared to earnings from continuing operations before income taxes of CAD 9.2 million and net earnings of CAD 3.6 million or CAD 0.05 per diluted share and cash flow from operating activities of CAD 40.1 million and capital expenditures of CAD 18.1 million for the same period a year ago. Revenue improved 15.3% to CAD 1,652.3 million in the first nine months of 2009 from CAD 1,432.5 million in the same 2008 period. However, exclusive of the positive impact of the weaker Canadian dollar, revenue grew CAD 67.2 million, or 4.7%, of which approximately CAD 50.5 million was due to growth in same-facility operations of 3.5%. This increase was primarily due to funding improvements, partially offset by lower U.S. occupancy levels. EBITDA for the first nine months of 2009 grew CAD 66.5 million, or 47.2%, to CAD 207.4 million from CAD 140.9 million in the same 2008 period, and as a percent of revenue improved to 12.6% from 9.8%. Exclusive of the positive impact of the weaker Canadian dollar of CAD 20.7 million, EBITDA improved CAD 45.8 million, or 32.5%, of which CAD 43.3 million was due to growth from same-facility operations in both the U.S. and Canadian operations. The company reported improved earnings from continuing operations in the first nine months of 2009 of CAD 62.7 million or CAD 0.82 per diluted unit compared to CAD 15.9 million or CAD 0.22 per diluted unit in the same 2008 period. AFFO from continuing operations improved CAD 30.7 million to CAD 82.2 million or CAD 1.127 per basic unit in the first nine months of 2009 from CAD 51.5 million or CAD 0.716 per basic unit in the same 2008 period, and exclusive of the impact of the weaker Canadian dollar, it improved by CAD 21.9 million, or 42.5%. Long-term debt, including current portion, was CAD 1,240.3 million at September 30, 2009, with no significant debt maturities until 2011, compared to CAD 1,332.8 million at December 31, 2008. The CAD 92.5 million decrease in long-term debt was mainly due to the impact of the stronger Canadian dollar of CAD 102.5 million. For the nine months, the company reported earnings from continuing operations before income taxes of CAD 102.9 million and net earnings of CAD 61.9 million or CAD 0.81 per diluted share and cash flow from operating activities of CAD 133.2 million and capital expenditures of CAD 53.6 million compared to earnings from continuing operations before income taxes of CAD 29.3 million and net earnings of CAD 17.8 million or CAD 0.25 per diluted share and cash flow from operating activities of CAD 58.8 million and capital expenditures of CAD 44.1 million for the same period a year ago. The company declared a cash distribution of CAD 0.07 per unit for the month of November 2009, which is payable to unitholders of record at the close of business on November 30, 2009, and will be paid on December 15, 2009.

Extendicare REIT, Q3 2009 Earnings Call, Nov-05 2009

Extendicare REIT expected to Report Fiscal Year 2009 Results on February 15, 2010. This event was calculated by Capital IQ (Created on October 21, 2009).