Sunrise Senior Living Inc. reports sharp drop in profit

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McLean-based Sunrise Senior Living Inc. reported profit fell more than 97 percent in the second quarter.

The company had earnings of $1.3 million during the quarter, or 2 cents per fully diluted share, down from $46.3 million, or 81 cents a share, during the same period last year.

Revenue for the second quarter totaled $322 million, as compared with $348.1 million for the second quarter 2010.

Sunrise’s second-quarter results included an $11.3 million gain on the fair value of equity interest relating to the company’s acquisition of AL US Development Venture LLC, which owns 15 senior living communities. Second-quarter 2010 results included a $52 million gain from German debt restructuring and a $12.7 million gain from the termination of certain management contracts.

Sunrise had $65.1 million of unrestricted cash as of June 30, and its consolidated debt was $565.5 million, up from $163 million on Dec. 31. The increase in consolidated debt is connected to the company’s acquisition of AL US.

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