U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): MAY 8, 2003
EMERITUS CORPORATION
(Exact name of registrant as specified in charter)
WASHINGTON 1-14012 91-1605464
(State or other jurisdiction) (Commission File Number) (IRS Employer
of incorporation) Identification No.)
Raymond R. Brandstrom
Vice President of Finance, Chief Financial Officer, and Secretary
Emeritus Corporation
3131 Elliott Avenue, Suite 500
Seattle, Washington 98121
(Address of principal executive offices) (Zip Code)
(206) 298-2909
(Registrant's telephone number, including area code)
ITEM 9. REGULATION FD DISCLOSURE
The information contained in this Item 9 of this Current Report on Form 8-K is
being furnished pursuant to "Item 12. Results of Operations and Financial
Condition" in accordance with SEC Release No. 33-8216. All information in the
press release is furnished but not filed.
On May 8, 2003, the Registrant issued a press release entitled "EMERITUS REPORTS
$1 MILLION IMPROVEMENT FOR FIRST QUARTER RESULTS". This press release is
attached as exhibit 99.2.3 to the Registrant's quarterly report on Form 10-Q
that was filed with the United State Securities and Exchange Commission on May
9, 2003.
In the press release, the Registrant disclosed information related to income
statement cash flows. Management believes that this information is useful for
investors because it is an easily understood, simple, and widely-used estimate
of the financial measure "Net cash provided by operating activities." In
addition, management believes that the income statement cash flows for the first
quarter are more reflective of the estimated yearly cash provided by (used in)
operating activities, when viewed on a quarter-by-quarter basis, due to the
relatively large sums invested in prepaid general, professional, liability, and
workers' compensation insurance as of March 31, 2003, which will be amortized to
expense over the remainder of the year.
The table below shows the reconciliation between the Net cash provided by
operating activities for the quarter ended March 31, 2003, as shown in the
Condensed Consolidated Statements of Cash Flows and the "income statement cash
flows" referred to in the press release:
Net cash provided by operating activities . . . . $ 228
Add: Changes in operating assets and liabilities 1,176
Amortization of deferred gains . . . . . . 99
Deduct:
Minority interests. . . . . . . . . . . . . . . . (50)
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Income statement cash flow. . . . . . . . . . . . $1,453
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
EMERITUS CORPORATION
By: /s/ Raymond R. Brandstrom
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Raymond R. Brandstrom
Vice President of Finance,
Chief Financial Officer,
and Secretary
Dated: May 12, 2003
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