MADISON, Wis., May 24, 2013 (GLOBE NEWSWIRE) — Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) today announced a net loss available to common equity of .5 million, or .82 per common share, for the three months ended March 31, 2013. This compares to a net loss available to common equity of .1 million, or .71 per common share and .4 million, or .35 per common share, for the three months ended December 31, 2012 and March 31, 2012, respectively. For the fiscal year ended March 31, 2013, net loss available to common equity was .1 million, compared to .4 million in the prior year.

Financial Highlights

• AnchorBank, fsb (the “Bank) remains adequately capitalized¹ for the eleventh consecutive quarter.
• Tier 1 leverage and total risk-based capital ratios of 4.53 percent and 9.02 percent each decreased by 31 basis points during the quarter but increased 2 and 60 basis points, respectively, over the past twelve months.
• Total assets fell during the past twelve months, decreasing by 1.9 million or 15.1 percent to .4 billion at March 31, 2013.
• Non-performing loans decreased 18.8 percent to 8.8 million at March 31, 2013 from 6.4 million at December 31, 2012 and 47.2 percent from 4.9 million at March 31, 2012.
• Net charge-offs decreased by .1 million in the current quarter to .6 million from .7 million in the quarter ending December 31, 2012.
• Gross return on mortgage banking totaled .3 million in the current quarter, a decrease of .5 million, or 32.1 percent, from .8 million in the preceding quarter; and .5 million lower than the .8 million reported in the same period a year ago.
• Cost of funds declined 4 basis points to 1.35 percent in the quarter ending March 31, 2013 compared to 1.39 percent in the preceding quarter, and declined 37 basis points compared to 1.72 percent in the year ago quarter as the Bank continued to carefully manage deposit pricing.
• Deposit mix improved again this quarter as lower cost checking, savings, money market and escrow funds represent 67.5 percent of total deposits at March 31, 2013, up from 64.7 percent at December 31, 2012 and 57.2 percent at March 31, 2012.

______________

¹ Under standard regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.

Bank Capital Ratios

The Bank’s tier 1 leverage and total risk-based capital ratios of 4.53 percent and 9.02 percent at March 31, 2013 each decreased by 31 basis points compared to December 31, 2012. The ratios declined as tier 1 and total risk-based capital fell 8.2 percent and 7.7 percent, respectively, during the quarter primarily due to the net loss in the period totaling .3 million. Adjusted total assets and risk-weighted assets of .4 billion and .4 billion, respectively, at March 31, 2013 decreased 1.9 percent and 4.4 percent, respectively, during the quarter benefitting the capital ratios. Lower adjusted and risk-weighted asset totals reflect a .7 million decrease in net loans held for investment during the period. 

While the Bank remains adequately capitalized, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:

• The Corporation currently owes 6.3 million of loan principal to various lenders led by U.S. Bank under a credit agreement that matures June 30, 2013. In addition, accrued but unpaid interest and fees totaling .2 million associated with this obligation are also due and payable at maturity.
• The Corporation issued 0 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury’s Capital Purchase Program (“CPP”). As permitted under the CPP program, the Corporation has deferred 16 quarterly preferred stock dividend payments to the Treasury; resulting in total unpaid dividends of .3 million, including compounding.  
• While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.

The Corporation continues to work with Sandler O’Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.

Financial Results

Financial results for the fourth quarter ended March 31, 2013, include:

• Net interest margin improved to 2.62 percent for the three months ended March 31, 2013, from 2.35 percent for the same period in the previous year. Interest income decreased .4 million or 19.3 percent for the three months ended March 31, 2013, as compared to the same period in the prior year. This change was primarily due to a decline in average balances in the loan portfolio as principal repayments again outpaced new loan origination activity. Interest expense decreased .4 million or 35.7 percent for the three months ended March 31, 2013, as compared to the same period in the prior year, due to a planned reduction in high yield certificates of deposit. As a result, the cost of deposits declined from 0.83% to 0.34% when compared to the prior year quarter. 
• The provision for credit losses decreased .8 million to .8 million for the three months ended March 31, 2013 compared to .6 million in the same period in the previous year. The improvement reflected the relatively steady quarter-over-quarter decrease in non-performing loans since June 2010.
• Non-interest income totaled .5 million, down .5 million compared to the same period in the previous year. The decrease was primarily due to lower gains on the sale of residential mortgage loans and a cash surrender value adjustment on bank-owned life insurance policies. 
• Total non-interest expense increased by .3 million to .5 million from .2 million in the same period in 2012. The unfavorable variance was primarily due to higher OREO expenses reflecting an increase in the valuation allowance on repossessed property. Other non-interest expense also increased as realized and unrealized losses on the repurchase of serviced loans spiked during the current quarter.

“We are pleased to report our eleventh consecutive quarter of capital ratios above the threshold to be considered adequately capitalized,” stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. ”We are also encouraged by a favorable trend in the net interest margin as this ratio has been moving higher over the past several quarters reflecting the impact of lower non-performing loans and continued pricing discipline on deposits. Despite lower asset totals again this quarter, we are continuing to make progress on implementing strategies to improve Bank financial results by slowing asset runoff to further improve our net interest margin,” Bauer added.

Credit Quality

Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due falling again this quarter to .4 million as of March 31, 2013 from .6 million at December 31, 2012 and .6 million at March 31, 2012. Non-performing loans of 8.8 million at March 31, 2013 were lower than the preceding quarter and the year ago quarter, decreasing .6 million and 6.1 million, respectively. The impact of these trends contributed significantly to the lower provision for credit losses in the current quarter. Despite the decrease in provision for credit losses in the current quarter compared to the prior year quarter, the allowance for loan loss at 67.19 percent of non-performing loans at March 31, 2013 rose sharply compared to 57.23 percent at December 31, 2012. Other real estate owned, net of valuation allowance, also decreased during the quarter to .3 million, falling .7 million during the quarter but only .5 million lower than a year ago reflecting the somewhat irregular financial statement impact of the resolution process for non-performing loans.

Mortgage Banking

Gross returns on residential mortgage banking totaled .3 million for the quarter ending March 31, 2013 compared to .8 million in both the preceding and year ago quarters. Lower returns in the quarter ending March 31, 2013 were largely due to a decrease in gain on sale of mortgages over the comparable prior periods, reflecting narrowing margins on the sale of production into the secondary market and a drop in origination volume during the period. OMSR (impairment) / recovery quarterly results improved primarily as a result of the increase  in mortgage market interest rates as the current quarter reflected a 9 basis point increase in the 10-year Treasury rate. OMSR results are highly sensitive to changes in mortgage market interest rates as mortgage holders tend to hold onto mortgages when rates rise. Loan servicing results also reflect the impact of rising interest rates as OMSR amortization expense decreased compared to the year ago period. Residential mortgage origination volume fell to 9.3 million in the current quarter compared to 3.3 million in the preceding quarter and 4.2 million in the year ago quarter as the uptick in interest rates during the quarter has served to dampen industry-wide customer demand for this product.

About Anchor BanCorp Wisconsin Inc.

Anchor BanCorp Wisconsin Inc.’s stock is traded in the over-the-counter market under the symbol ABCW. AnchorBank, fsb (the “Bank”), the wholly owned subsidiary, has 55 offices. All are located in Wisconsin.

Forward-Looking Statements

This news release contains certain forward-looking statements, as that term is defined in the U.S. federal securities laws. In the normal course of business, we, in an effort to help keep our shareholders and the public informed about our operations, may from time to time issue or make certain statements, either in writing or orally, that are or contain forward-looking statements. Generally, these statements relate to business plans or strategies, projected or anticipated benefits from acquisitions or dispositions made by or to be made by us, projections involving anticipated revenues, earnings, liquidity, profitability or other aspects of operating results or other future developments in our affairs or the industry in which we conduct business. Although we believe that the anticipated results or other expectations reflected in our forward-looking statements are based on reasonable assumptions, we can give no assurance that those results or expectations will be attained. You should not put undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to update them in light of new information or future events, except to the extent required by federal securities laws. Please refer to our Annual Report for the fiscal year ending March 31, 2013 on Form 10-K, as filed with the Securities and Exchange Commission, for a more comprehensive discussion of forward-looking statements and the risks and uncertainties associated with our business.

For more information, contact
Emily Campbell, VP - Marketing & Communications
(608) 252-1436

GlobeNewswire: Latest Articles

—“Importante iniciativa abre una enorme zona de libre comercio

 en beneficio de los habitantes de nuestros países”—

—“Colombia tiene gran futuro,

y nos llena de orgullo contribuir al progreso de este dinámico país”—

—Grupo Salinas construye la red de fibra óptica más importante

 de América Latina en Colombia—

Ciudad de México, 2013-05-24 22:40 CEST (GLOBE NEWSWIRE) – Grupo Salinas (www.gruposalinas.com) conjunto de empresas dinámicas, de alto crecimiento, con tecnología de punta, y fuertemente comprometidas con la modernización de los países en que operan, anunció hoy que su Presidente y Fundador, Ricardo Salinas (www.ricardosalinas.com), participó en el Encuentro Empresarial de la Alianza del Pacífico, en la ciudad de Cali, en Colombia.

En el evento, líderes empresariales dialogaron con los Jefes de Estado de las cuatro naciones que conforman la Alianza —México, Colombia, Perú y Chile— y representantes de otros países observadores. 

En este marco, el señor Salinas tuvo la oportunidad de intercambiar importantes ideas con líderes políticos y empresariales, y conocer alternativas de comercio e inversión; en entrevista radiofónica, comentó que la Alianza es una “Importante iniciativa que abre una enorme zona de libre comercio en beneficio de los habitantes de nuestros países”.

A pregunta expresa sobre el país anfitrión, comentó que “Colombia tiene gran futuro, y nos llena de orgullo contribuir al progreso de este dinámico país”.  Azteca, compañía de Grupo Salinas, construye en Colombia la red de fibra óptica más importante de América Latina, con una extensión de 19,000 kilómetros, a lo largo de 753 municipios que representan alrededor de 80% del territorio del país. 

Dichos municipios recibirán servicios de conectividad de clase mundial, lo que incidirá positivamente en el bienestar de las familias y la productividad de los negocios. Grupo Salinas tiene el firme compromiso de apoyar los proyectos que mejoran la calidad de vida de la base de la pirámide socioeconómica de las comunidades en que opera.   

Perfil de Grupo Salinas Grupo Salinas (www.gruposalinas.com), un grupo de empresas dinámicas, con fuerte crecimiento y tecnológicamente avanzadas, enfocadas en crear valor para el inversionista, contribuir a la construcción de la clase media en las comunidades en que opera, y mejorar a la sociedad a través de la excelencia.  Creado por el empresario mexicano Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas provee un foro para el intercambio de ideas y mejores prácticas administrativas entre los distintos equipos de dirección de las empresas que lo conforman. Estas empresas incluyen: TV Azteca (www.tvazteca.com.mx ; www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) y Grupo Iusacell (www.iusacell.com).  Cada una de las compañías de Grupo Salinas opera en forma independiente, con su propia administración, consejo y accionistas.  Grupo Salinas no tiene participaciones en acciones.  Las compañías que lo componen comparten una visión común, valores y estrategias para lograr un rápido crecimiento, resultados superiores y un desempeño de clase mundial.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=18938 

         Información a Prensa: Daniel McCosh; (5255) 1720-0059; dmccosh@gruposalinas.com.mx

GlobeNewswire: Latest Articles

NEW YORK, May 24, 2013 (GLOBE NEWSWIRE) — On May 9, 2013, Scott+Scott, Attorneys at Law, LLP filed the first securities class action complaint against Ventrus Biosciences, Inc. (“Ventrus” or the “Company”) on behalf of the putative class of investors who purchased or otherwise acquired Ventrus common stock (Nasdaq:VTUS) between December 17, 2010 and June 25, 2012, inclusive (the “Class Period”). The action, pending in the United States District Court for the Southern District of New York, seeks remedies under the Securities Exchange Act of 1934.

Investors who purchased Ventrus common stock during the Class Period and wish to serve as a lead plaintiff in the action must move the Court no later than July 8, 2013. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member in the lawsuit against Ventrus. If you wish to view the class action complaint against Ventrus, discuss this action, or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.

There is no cost or fee to you.

Based in New York, New York, Ventrus is a development stage pharmaceutical company which is focused on late-stage prescription drugs for the treatment of gastrointestinal disorders, specifically hemorrhoids, anal fissures, and fecal incontinence. Ventrus’ lead products are topical treatments for hemorrhoids, which target a specific serotonin receptor.

The securities class action charges that, throughout the Class Period, Ventrus misled investors concerning the Company’s lead product iferanserin (VEN 309) (“VEN 309″). Ventrus described VEN 309 as a new chemical entity for the topical treatment of symptomatic internal hemorrhoids. The Company stated that in seven clinical studies between 1993 and 2003, VEN 309 demonstrated good tolerability and no severe adverse events while showing statistically significant improvements in bleeding, itchiness, and pain.

Specifically, during the Class Period, Ventrus touted that it was in frequent and ongoing communications with the FDA, that clinical end points for the VEN 309 trial had been agreed to by the FDA, and that the prior results from Phase II trials of VEN 309 demonstrated the product’s clinical efficacy. The Company represented its prior Phase IIb studies in Germany as evidence of VEN 309’s efficacy and as support for its claims that FDA approval would be achieved. These false and misleading statements artificially inflated, maintained, and increased the price of Ventrus’ common stock, which traded as high of .25 during the Class Period.

On June 25, 2012, Ventrus shocked the market when it issued a press release announcing that VEN 309 failed its Phase III trial before the FDA, and that the Company would suddenly abandon further development of VEN 309, including any further attempt to obtain FDA approval. In response to this news, the price of Ventrus common stock plummeted over 50% – to .02 per share on June 25, 2012, resulting in millions of dollars in losses to Ventrus shareholders.

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.

 

Michael Burnett
Scott+Scott LLP
(800) 404-7770
(860) 537-5537
, or

GlobeNewswire: Latest Articles

Audited financial statement, the Auditor’s opinion, Comply/Explain Report on Good corporate governance principles.

The document formatting. Auditor’s opinion of Latvian language change with the Auditor’s opinion in English.

 Information prepared member of Council A.Smiltniece, info@rrr.lv

GlobeNewswire: Latest Articles

This IT Notice is aimed at Genium INET users on the Fixed Income Markets.

The member extranet http://nordic.nasdaqomxtrader.com/memberextranet/genium_inet/ is always updated with the latest Genium INET related documentation.

As from June 17, 2013 Open Auctions will again be available for the Fixed Income auction markets through FIX.

External Test Systems

The Genium INET External Test Environment 3 is upgraded to support Open Auctions.

For technical questions, please contact techincalsupport@nasdaqomx.com

+46 8 405 6750

For business related questions, please contact Poul.erik.egeberg@nasdaqomx.com

+45 33 77 0361

GlobeNewswire: Latest Articles

AB LESTO has prepared and presents the social responsibility report of 2012 (please see attached).

         Renata Gaudinskaitė, phone: + 370 254 4502

GlobeNewswire: Latest Articles

Company Expects to Emerge From Chapter 11 Within Next Two Weeks
Debt Reduced by Approximately Half
Company to Receive 0 Million in Exit Financing

GREENVILLE, Wis., May 23, 2013 (GLOBE NEWSWIRE) — School Specialty, Inc. (OTCQB:SCHSQ) announced today that the U.S. Bankruptcy Court for the District of Delaware entered an order confirming the Company’s Second Amended Joint Plan of Reorganization (the Plan). School Specialty expects the Plan to become effective within the next two weeks.

School Specialty’s President and CEO Michael P. Lavelle, said, “We are pleased to receive Court approval of our Plan of Reorganization and look forward to exiting Chapter 11 within the next two weeks. We have used the past four months to continue transforming our company by strengthening our capital structure, enhancing our financial flexibility and improving the quality and efficiency of our operations to deliver better value for our customers. I am grateful for the hard work and dedication of our employees who have helped make this restructuring a success, and the continued support of our suppliers and business partners. Today, School Specialty is much better positioned as an industry leader to satisfy the needs of our customers with outstanding customer care and enhance our brands and product offerings.”

Under the Plan, School Specialty will reduce its total debt obligations by half and enable the Company to secure 0 million in new financing.

Existing common stock will be extinguished under the Plan, and no distributions will be made to holders of the Company’s current equity. New common stock with voting rights will be issued to the Company’s current noteholders and Ad Hoc DIP lenders. School Specialty expects to continue to comply with public reporting requirements as designated by the U.S. Securities and Exchange Commission, although the new company does not expect initially to be listed on a stock exchange.

Lavelle added, “Throughout this process, we continued to focus on our business and customers. We are excited about our new Delta FOSS 3^rd Edition in Science for K-6 and customized Science program for the upcoming Texas state adoption. Our digital applications now create blended curriculum options in Science, Reading and Math Intervention, and in Health and Wellness. This fall, we are introducing a new mobile digital application for student planners. Adding to our classroom furniture offerings, we now own the full distribution rights for the well-known Royal Brand Seating brand. Our Educational Resources also include facility and classroom supplies; Sax art education, Sportime physical education and early childhood products; the Abilitations line for special needs students, as well as other teacher resources. We emerge from this transition well-equipped to continue providing our customers with the industry’s broadest range of supplemental educational and instructional products and equipment for the upcoming fall school season and for the long term.”

Additional information concerning the restructuring is available on the Company’s website at www.schoolspecialty.com. Claims and distributions information and a copy of the Plan and Disclosure Statement are available at www.kccllc.net/schoolspecialty or by calling (+1-877) 709-4758.

Statement Concerning Forward-Looking Information

Any statements made in this press release about future financial condition, results of operations, expectations, plans, or prospects, constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “should,” “plans,” “targets” and/or similar expressions. These forward-looking statements are based on School Specialty’s current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the factors described in Item 1A of School Specialty’s Annual Report on Form 10-K for the fiscal year ended April 28, 2012, which factors are incorporated herein by reference. Except to the extent required under the federal securities laws, School Specialty does not intend to update or revise the forward-looking statements.

About School Specialty, Inc.

School Specialty is a leading education company that provides innovative and proprietary products, programs and services to help educators engage and inspire students of all ages and abilities to learn. The company designs, develops, and provides preK-12 educators with the latest and very best curriculum, supplemental learning resources, and school supplies. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential. For more information about School Specialty, visit www.schoolspecialty.com.

Investor Contact:
School Specialty, Inc.
Elizabeth Higashi, CFA
(920) 243-5392

Media Contact:
Kekst and Company
Kimberly Kriger
(212) 521-4800

GlobeNewswire: Latest Articles

NEW YORK, May 23, 2013 (GLOBE NEWSWIRE) — Globe Specialty Metals, Inc. (Nasdaq:GSM) announced that its Board of Directors authorized a quarterly dividend of .0625 per share payable on June 28, 2013 to shareholders of record at the close of business on June 10, 2013.

About Globe Specialty Metals

Globe Specialty Metals, Inc. is among the world’s largest producers of silicon metal and silicon-based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company is headquartered in New York City. For further information please visit our web site at www.glbsm.com.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the current expectations and assumptions of Globe Specialty Metals, Inc. (the “Company”) regarding its business, financial condition, the economy and other future conditions.

Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; increases in the cost of raw materials or energy; competition in the metals and foundry industries; environmental and regulatory risks; ability to identify liabilities associated with acquired properties prior to their acquisition; ability to manage price and operational risks including industrial accidents and natural disasters; ability to manage foreign operations; changes in technology; and ability to acquire or renew permits and approvals.

Any forward-looking statement made by the Company or management in this release speaks only as of the date on which it or they make it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, unless otherwise required to do so under the law or the rules of the NASDAQ Global Market.

Globe Specialty Metals, Inc.
Joseph Ragan, 212-798-8123
Chief Financial Officer
Email:

GlobeNewswire: Latest Articles

IRVINE, Calif., May 23, 2013 (GLOBE NEWSWIRE) — Certain subsidiaries of Sabra Health Care REIT, Inc. (“Sabra,” the “Company” or “we”) (Nasdaq:SBRA) completed the issuance of 0 million aggregate principal amount of 5.375% senior notes due 2023 (the “2023 Notes”). Sabra expects to use a portion of the net proceeds of the offering to redeem 3.8 million of the 8.125% senior notes due 2018 (the “2018 Notes”) of certain of its subsidiaries. The 2018 Notes permit us to redeem up to 35% of the outstanding 2018 Notes with an amount equal to the net cash proceeds of certain equity offerings, including the March 2013 offering of our Series A Cumulative Redeemable Preferred Stock. On May 23, 2013, the issuers of the 2018 Notes issued a notice of redemption for 3.8 million of the 2018 Notes, providing for a redemption price of 108.125% of the principal amount being redeemed, plus accrued and unpaid interest thereon to the date of redemption. Sabra expects to use the remainder of the net proceeds from the offering of the 2023 Notes of approximately .6 million to fund future possible acquisitions and for general corporate purposes.  

The issuance of the 2023 Notes and the redemption of a portion of the 2018 Notes will result in net additional cash expenditures for interest and the redemption premium of .8 million when compared to waiting to call the same amount of the 2018 Notes at the first call date of November 1, 2014 at 104.063%.  These transactions are expected to result in AFFO dilution of .01 in fiscal 2013, excluding the one-time redemption premium payment of .2 million and assuming the excess cash is invested by the end of the third quarter of 2013, and are expected to be .03 accretive in 2014 assuming the excess funds are invested prior to the beginning of 2014. After adjusting for the repayment of .3 million of mortgage debt subsequent to March 31, 2013, the issuance of the 2023 Notes and the redemption of a portion of the 2018 Notes, our weighted average interest rate on our total debt as of March 31, 2013 declines from 6.77% to 6.04% on a pro forma basis and the maturity date of 24% of our total outstanding debt at March 31, 2013 extends from 2018 to 2023. The excess cash of .6 million increases our pro forma liquidity as of March 31, 2013 to 1.8 million.  When combined with the additional borrowing capacity of .0 million under Sabra’s secured revolving credit facility and the potential for additional capital from the 0.0 million ATM program, the Company has access to capital of up to 7.8 million for future acquisition activities. 

 Sabra has updated its 2013 guidance to account for these transactions as well as actual activity through the first quarter as shown below. 

Commenting on the transactions, Rick Matros, Chairman and CEO said, “Our approach to the capital markets has been and continues to be opportunistic as evidenced by the 0 million add-on to the 2018 Notes we completed last summer and the preferred equity offering we completed earlier this year.  We continue to focus on proactive steps to improve our credit rating with the principal goal of achieving investment grade status. That will take time.  Given the current robust capital market environment, we were able to successfully complete the issuance of the 2023 Notes at a rate that historically has been reserved for investment grade companies. The preferred equity offering created the opportunity to claw back 35% of the 2018 Notes making it possible to issue the 2023 Notes on a basis that will be accretive to 2014 AFFO, the first full year it is in place, after investing the excess proceeds. We expect interest rates will increase over time, so we have positioned ourselves to have enough liquidity to grow the Company to the point where we believe we can make a strong case for the ratings agencies to upgrade our ratings and thereby allow us to continue to improve our cost of capital despite the potential for an increasing interest rate environment. We remain confident regarding our ability to deploy our capital consistent with our investment goals. We will continue to target high quality senior housing and post-acute assets as well as look to expand our development projects.”

2013 Outlook Update

The Company has updated its 2013 guidance to take into account the issuance of the 2023 Notes, redemption of 3.8 million of the 2018 Notes and investments through March 31, 2013 of .5 million. In addition, the updated 2013 guidance no longer contemplates an issuance of .0 to 0.0 million of equity securities in 2013.

For fiscal 2013 the Company expects FFO to range between .53 and .57 per diluted common share and Normalized FFO, after adjusting for the redemption premium, write-off of deferred financing costs and issuance premiums associated with the redemption of 3.8 million of the 2018 Notes, to range between .79 and .83 per diluted common share. The Company expects AFFO for fiscal 2013 to range between .42 and .46 per diluted common share and Normalized AFFO, after adjusting for the redemption premium, to range between .66 and .70 per diluted common share. The Company expects net income attributable to common stockholders for fiscal 2013 to range between .65 and .69 per diluted common share.

The Company’s guidance excludes the impact of investments that may be made during the remainder of 2013, which the Company expects to total between 0.0 million and 0.0 million for the full fiscal year,  a significant portion of which is expected to close in the latter part of the year and having a continued focus on senior housing and memory care facilities. These future investments in 2013 are expected to be funded first with available cash and then with borrowings available under the secured revolving credit facility.

Except as otherwise noted above, the foregoing projections reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments.

The table below sets forth Sabra’s updated 2013 full year guidance compared to its previously issued guidance:

ABOUT SABRA

Sabra Health Care REIT, Inc. (Nasdaq:SBRA), a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a “REIT”) that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. Sabra leases properties to tenants and operators throughout the United States.

FORWARD-LOOKING STATEMENTS SAFE HARBOR

Statements made in this release that are not historical facts are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These statements may be identified, without limitation, by the use of “expects,” “believes,” “intends,” “should” or comparable terms or the negative thereof. Forward-looking statements in this release include all statements regarding the expected impact of the issuance of the 2023 Notes and related use of proceeds, our expectations regarding future interest rates, our expectations regarding future credit ratings, and our expectations concerning our updated outlook for the full year 2013 and the assumptions made therein. Forward-looking statements in this release also include our expectations for the amount and timing of investments during 2013 as well as the types of properties we will invest in.

These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factors-many of which are out of the Company’s control and difficult to forecast-that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include but are not limited to: our dependence on Genesis HealthCare LLC, the parent company of Sun Healthcare Group, Inc., until we are able to further diversify our portfolio; our dependence on the operating success of our tenants; changes in general economic conditions and volatility in financial and credit markets; the dependence of our tenants on reimbursement from governmental and other third-party payors; the significant amount of and our ability to service our indebtedness; covenants in our debt agreements that may restrict our ability to make acquisitions, incur additional indebtedness and refinance indebtedness on favorable terms; increases in market interest rates; conditions in the capital markets and our ability to raise capital through equity financings; the relatively illiquid nature of real estate investments; competitive conditions in our industry; the loss of key management personnel or other employees; the impact of litigation and rising insurance costs on the business of our tenants; uninsured or underinsured losses affecting our properties and the possibility of environmental compliance costs and liabilities; our ability to maintain our status as a REIT; compliance with REIT requirements and certain tax matters related to our status as a REIT; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission (the “SEC”), especially the “Risk Factors” sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. We assume no, and hereby disclaim any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

This release includes the following financial measures defined as non-GAAP financial measures by the SEC: funds from operations (“FFO”), Normalized FFO, Adjusted FFO (“AFFO”), Normalized AFFO, and related per share measures (“Non-GAAP Financial Measures”). These measures may be different than non-GAAP financial measures used by other companies, and the presentation of these measures is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. generally accepted accounting principles. The Company believes that net income as defined by GAAP is the most appropriate earnings measure. The Company also believes that FFO as defined in accordance with the definition used by the National Association of Real Estate Investment Trusts (“NAREIT”), and AFFO (and related per share amounts) are important non-GAAP supplemental measures of operating performance for a real estate investment trust. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for real estate investment trusts that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. AFFO is defined as FFO excluding non-cash revenues (including, but not limited to, straight-line rental income adjustments and non-cash interest income adjustments), non-cash expenses (including, but not limited to, stock-based compensation expense, amortization of deferred financing costs and amortization of debt discounts and premiums), and acquisition pursuit costs. Normalized FFO represents FFO adjusted for the redemption premium, write-off of deferred financing costs and issuance premiums associated with the redemption of 3.8 million of the 2018 Notes. Normalized AFFO represents AFFO adjusted for the redemption premium associated with the redemption of 3.8 million of the 2018 Notes.

The Company considers Normalized FFO and Normalized AFFO to be a useful measure to evaluate the Company’s operating results excluding start-up costs and nonrecurring income and expenses. Normalized FFO and Normalized AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. The Company believes that the use of the Non-GAAP Financial Measures, combined with the required GAAP presentations, improves the understanding of operating results of real estate investment trusts among investors and makes comparisons of operating results among such companies more meaningful. The Company considers the Non-GAAP Financial Measures to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses related to sales of previously depreciated operating real estate assets and real estate depreciation and amortization, and, for AFFO and Normalized AFFO, by excluding non-cash revenues (including , but not limited to, straight-line rental income adjustments and non-cash interest income adjustments), non-cash expenses (including, but not limited to,  stock-based compensation expense, amortization of deferred financing costs and amortization of debt discounts and premiums) and acquisition pursuit costs, the Non-GAAP Financial Measures can help investors compare the operating performance of the Company between periods or as compared to other companies. While the Non-GAAP Financial Measures are relevant and widely used measures of operating performance of real estate investment trusts, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. The Non-GAAP Financial Measures also do not consider the costs associated with capital expenditures related to the Company’s real estate assets nor do they purport to be indicative of cash available to fund the Company’s future cash requirements. Further, the Company’s computation of the Non-GAAP Financial Measures may not be comparable to amounts reported by other real estate investment trusts that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define AFFO differently than the Company does.

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