New Senior Investment Group Inc. (SNR) saw its loss widen to $20.24 million, or $0.25 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.96 million, or $0.21 a share. Revenue during the quarter grew 12.83 percent to $118.46 million from $104.98 million in the previous year period.
Cost of revenue rose 16.74 percent or $9.35 million during the quarter to $65.19 million. Gross margin for the quarter contracted 184 basis points over the previous year period to 44.96 percent.
Total expenses were $114.85 million for the quarter, up 11.21 percent or $11.58 million from year-ago period. Operating margin for the quarter expanded 141 basis points over the previous year period to 3.04 percent.
Operating income for the quarter was $3.61 million, compared with $1.71 million in the previous year period.
Revenue from real estate activities during the quarter increased 12.83 percent or $13.47 million to $118.46 million.
Income from operating leases during the quarter was almost stable at $28.24 million, when compared with the previous year period.
Income from management fees during the quarter increased 17.58 percent or $13.49 million to $90.22 million.
"New Senior delivered solid earnings results this quarter, with AFFO per basic share up 4% over the third quarter of 2015," New Senior chief executive officer Susan Givens said. "We also made continued progress on our asset disposition strategy with the recent sale of 2 properties for $23 million. We continue to pursue selective, non-core asset sales in an effort to enhance the overall quality of our portfolio."
Operating cash flow improves significantlyNew Senior Investment Group Inc. has generated cash of $79.69 million from operating activities during the nine month period, up 47.80 percent or $25.77 million, when compared with the last year period. The company has spent $16.44 million cash to meet investing activities during the nine month period as against cash outgo of $1,233.32 million in the last year period.
The company has spent $106.74 million cash to carry out financing activities during the nine month period as against cash inflow of $1,109.95 million in the last year period.
Cash and cash equivalents stood at $73.40 million as on Sep. 30, 2016, down 53.23 percent or $83.53 million from $156.93 million on Sep. 30, 2015.
Total assets declined 6.16 percent or $188.30 million to $2,866.96 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,263.88 million as on Sep. 30, 2016, up 1.38 percent or $30.75 million from year-ago.
Return on assets moved up 3 basis points to 0.10 percent in the quarter. Return on equity for the quarter stood at negative 3.36 percent as compared to a negative 2.18 percent for the previous year period.
Debt remains almost stableTotal debt was at $2,146.29 million as on Sep. 30, 2016, up 0.90 percent or $19.11 million from year-ago. Shareholders equity stood at $603.08 million as on Sep. 30, 2016, down 26.64 percent or $219.04 million from year-ago. As a result, debt to equity ratio went up 97 basis points to 3.56 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
